Marginswap vs Hyperliquid

Hyperliquid (HYPE) is 374149.3× the size of Marginswap (MFI) by market capitalisation. Over the past 90 days, MFI is ahead by 39.6 percentage points (MFI +84.9% against HYPE +45.3%). Their daily returns move loosely in opposite directions (correlation -0.53 across 29 shared trading days). MFI has been the more volatile of the two, at 152% annualised against HYPE's 81%.

Correlation: -0.53
Size ratio: 1 : 374149.3
Ahead over 90 days: MFI

MarginswapMFI

$0.007070

24h: +12.61%
Market cap: $49,855
Volume 24h: $10
Volatility (ann.): 152%

HyperliquidHYPE

$77.7000

24h: -7.55%
Market cap: $18.65B
Volume 24h: $1.31B
Volatility (ann.): 81%

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

Performance

MFIHYPE

7 days-1.20%+3.87%HYPE
30 days+92.90%-11.01%MFI
90 days+84.92%+45.28%MFI

Correlation

-0.53over 29 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.5390d: 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	MFI	HYPE
Max drawdown (400d)	-81.5%	-18.9%
Risk-adjusted return (90d)	0.50	0.56

Relative strength over 90 days: MFI outperformed HYPE by 35.7% — measured on the MFI/HYPE ratio, so it holds regardless of market direction.

Marginswap →Hyperliquid →