Opcode vs Hyperliquid

Hyperliquid (HYPE) is 565.4× the size of Opcode (OPCODE) by market capitalisation. Over the past 30 days, OPCODE is ahead by 3.8 percentage points (OPCODE -2.2% against HYPE -6.0%). Their daily returns move barely together (correlation 0.11 across 40 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against OPCODE's 7%.

Correlation: 0.11
Size ratio: 1 : 565.4
Ahead over 30 days: OPCODE

OpcodeOPCODE

$0.035772

24h: +0.00%
Market cap: $35.77M
Volume 24h: —
Volatility (ann.): 7%

HyperliquidHYPE

$84.6100

24h: -1.47%
Market cap: $20.23B
Volume 24h: $1.27B
Volatility (ann.): 82%

OPCODE 0.2%Share of the two combined market caps99.8% HYPE

Performance

OPCODEHYPE

7 days+0.00%+4.65%HYPE
30 days-2.25%-6.04%OPCODE

Correlation

0.11over 40 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1390d: 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	OPCODE	HYPE
Max drawdown (400d)	-2.3%	-18.9%
Risk-adjusted return (90d)	-0.34	0.58

Relative strength over 90 days: OPCODE outperformed HYPE by 6.2% — measured on the OPCODE/HYPE ratio, so it holds regardless of market direction.

Opcode →Hyperliquid →