xExchange vs Hyperliquid

Hyperliquid (HYPE) is 9874.0× the size of xExchange (MEX) by market capitalisation. Over the past 30 days, MEX is ahead by 32.1 percentage points (MEX +26.0% against HYPE -6.0%). Their daily returns move barely in opposite directions (correlation -0.15 across 32 shared trading days). MEX has been the more volatile of the two, at 2169% annualised against HYPE's 82%.

Correlation: -0.15
Size ratio: 1 : 9874.0
Ahead over 30 days: MEX

xExchangeMEX

$5.015e-7

24h: +1.49%
Market cap: $2.04M
Volume 24h: $3,404
Volatility (ann.): 2169%

HyperliquidHYPE

$84.5400

24h: -1.17%
Market cap: $20.18B
Volume 24h: $1.42B
Volatility (ann.): 82%

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

Performance

MEXHYPE

7 days-0.87%+4.65%HYPE
30 days+26.02%-6.04%MEX

Correlation

-0.15over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1590d: 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	MEX	HYPE
Max drawdown (400d)	-84.4%	-18.9%
Risk-adjusted return (90d)	0.02	0.58

Relative strength over 90 days: MEX outperformed HYPE by 39.9% — measured on the MEX/HYPE ratio, so it holds regardless of market direction.

xExchange →Hyperliquid →