f(x) Protocol vs Hyperliquid

Hyperliquid (HYPE) is 6893.5× the size of f(x) Protocol (FXN) by market capitalisation. Over the past 30 days, HYPE is ahead by 25.0 percentage points (FXN -31.0% against HYPE -6.0%). Their daily returns move loosely together (correlation 0.48 across 32 shared trading days). FXN has been the more volatile of the two, at 133% annualised against HYPE's 82%.

Correlation: 0.48
Size ratio: 1 : 6893.5
Ahead over 30 days: HYPE

f(x) ProtocolFXN

$18.3100

24h: -2.01%
Market cap: $3.01M
Volume 24h: $18,096
Volatility (ann.): 133%

HyperliquidHYPE

$86.7800

24h: +2.85%
Market cap: $20.72B
Volume 24h: $1.35B
Volatility (ann.): 82%

FXN 0.0%Share of the two combined market caps100.0% HYPE

Performance

FXNHYPE

7 days-10.28%+4.65%HYPE
30 days-30.99%-6.04%HYPE

Correlation

0.48over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4890d: insufficient data1y: insufficient data

Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.

Risk & extremes

Metric	FXN	HYPE
Max drawdown (400d)	-44.5%	-18.9%
Risk-adjusted return (90d)	-0.11	0.58

Relative strength over 90 days: HYPE outperformed FXN by 17.0% — measured on the FXN/HYPE ratio, so it holds regardless of market direction.

f(x) Protocol →Hyperliquid →