Hyperliquid (HYPE) is 838028.4× the size of O3 Swap (O3) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 29 shared trading days). HYPE has been the more volatile of the two, at 83% annualised against O3's 29%.
O3HYPE
-0.15over 29 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 | O3 | HYPE |
|---|---|---|
| Max drawdown (400d) | -6.5% | -18.9% |
| Risk-adjusted return (90d) | -0.12 | 0.40 |
Relative strength over 90 days: O3 outperformed HYPE by 10.5% — measured on the O3/HYPE ratio, so it holds regardless of market direction.