HotKeySwap vs Hyperliquid

Hyperliquid (HYPE) is 261232.7× the size of HotKeySwap (HOTKEY) by market capitalisation. Over the past 90 days, HYPE is ahead by 50.9 percentage points (HOTKEY -5.6% against HYPE +45.3%). Their daily returns move barely together (correlation 0.28 across 41 shared trading days). HOTKEY has been the more volatile of the two, at 95% annualised against HYPE's 81%.

Correlation: 0.28
Size ratio: 1 : 261232.7
Ahead over 90 days: HYPE

HotKeySwapHOTKEY

$0.000755

24h: +7.49%
Market cap: $71,764
Volume 24h: $9
Volatility (ann.): 95%

HyperliquidHYPE

$78.4600

24h: -8.56%
Market cap: $18.75B
Volume 24h: $1.24B
Volatility (ann.): 81%

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

Performance

HOTKEYHYPE

7 days-15.61%+3.87%HYPE
30 days-29.79%-11.01%HYPE
90 days-5.63%+45.28%HYPE

Correlation

0.28over 41 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3990d: 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	HOTKEY	HYPE
Max drawdown (400d)	-54.8%	-18.9%
Risk-adjusted return (90d)	-0.05	0.56

Relative strength over 90 days: HYPE outperformed HOTKEY by 58.0% — measured on the HOTKEY/HYPE ratio, so it holds regardless of market direction.

HotKeySwap →Hyperliquid →