Hyperliquid vs Canton

Hyperliquid (HYPE) is 5.2× the size of Canton (CC) by market capitalisation. Over the past 30 days, CC is ahead by 5.5 percentage points (HYPE -6.0% against CC -0.5%). Their daily returns move closely together (correlation 0.63 across 58 shared trading days). CC has been the more volatile of the two, at 126% annualised against HYPE's 82%.

Correlation: 0.63
Size ratio: 5.2×
Ahead over 30 days: CC

HyperliquidHYPE

$84.9300

24h: -0.40%
Market cap: $20.23B
Volume 24h: $1.37B
Volatility (ann.): 82%

CantonCC

$0.098138

24h: +0.48%
Market cap: $3.92B
Volume 24h: $14.94M
Volatility (ann.): 126%

HYPE 83.8%Share of the two combined market caps16.2% CC

Performance

HYPECC

7 days+4.65%-2.16%HYPE
30 days-6.04%-0.52%CC

Correlation

0.63over 58 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7090d: 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	HYPE	CC
Max drawdown (400d)	-18.9%	-30.6%
Risk-adjusted return (90d)	0.58	0.01

Relative strength over 90 days: HYPE outperformed CC by 45.3% — measured on the HYPE/CC ratio, so it holds regardless of market direction.

Hyperliquid →Canton →