Overcall vs Hyperliquid

Hyperliquid (HYPE) is 91343.5× the size of Overcall (OVER) by market capitalisation. Over the past 30 days, HYPE is ahead by 29.5 percentage points (OVER -35.5% against HYPE -6.0%). Their daily returns move barely in opposite directions (correlation -0.07 across 35 shared trading days). OVER has been the more volatile of the two, at 193% annualised against HYPE's 82%.

Correlation: -0.07
Size ratio: 1 : 91343.5
Ahead over 30 days: HYPE

OvercallOVER

$0.000643

24h: +1.39%
Market cap: $221,434
Volume 24h: $322
Volatility (ann.): 193%

HyperliquidHYPE

$84.6100

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

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

Performance

OVERHYPE

7 days-21.64%+4.65%HYPE
30 days-35.53%-6.04%HYPE

Correlation

-0.07over 35 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0290d: 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	OVER	HYPE
Max drawdown (400d)	-51.1%	-18.9%
Risk-adjusted return (90d)	-0.10	0.58

Relative strength over 90 days: HYPE outperformed OVER by 13.1% — measured on the OVER/HYPE ratio, so it holds regardless of market direction.

Overcall →Hyperliquid →