Hyperliquid (HYPE) is 93471.3× the size of MerlinSwap (MP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.20 across 23 shared trading days). MP has been the more volatile of the two, at 133% annualised against HYPE's 81%.
MPHYPE
-0.20over 23 shared trading days
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.
| Metric | MP | HYPE |
|---|---|---|
| Max drawdown (400d) | -12.8% | -18.9% |
| Risk-adjusted return (90d) | 0.23 | 0.56 |
Relative strength over 90 days: MP outperformed HYPE by 25.2% — measured on the MP/HYPE ratio, so it holds regardless of market direction.