HyperDex vs Hyperliquid

Hyperliquid (HYPE) is 12875.9× the size of HyperDex (HYDX) by market capitalisation. Over the past 30 days, HYDX is ahead by 87.6 percentage points (HYDX +76.3% against HYPE -11.3%). Their daily returns move barely in opposite directions (correlation -0.33 across 25 shared trading days). HYDX has been the more volatile of the two, at 862% annualised against HYPE's 82%.

Correlation: -0.33
Size ratio: 1 : 12875.9
Ahead over 30 days: HYDX

HyperDexHYDX

$0.001511

24h: +35.28%
Market cap: $1.49M
Volume 24h: $133,028
Volatility (ann.): 862%

HyperliquidHYPE

$80.1200

24h: -0.45%
Market cap: $19.12B
Volume 24h: $734.43M
Volatility (ann.): 82%

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

Performance

HYDXHYPE

7 days-26.12%+1.09%HYPE
30 days+76.27%-11.35%HYDX

Correlation

-0.33over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3390d: 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	HYDX	HYPE
Max drawdown (400d)	-79.7%	-18.9%
Risk-adjusted return (90d)	0.09	0.50

Relative strength over 90 days: HYDX outperformed HYPE by 102.9% — measured on the HYDX/HYPE ratio, so it holds regardless of market direction.

HyperDex →Hyperliquid →