Paradex vs Hyperliquid

Hyperliquid (HYPE) is 3821.0× the size of Paradex (DIME) by market capitalisation. Over the past 30 days, HYPE is ahead by 29.3 percentage points (DIME -35.3% against HYPE -6.0%). Their daily returns move barely together (correlation 0.16 across 39 shared trading days). DIME has been the more volatile of the two, at 230% annualised against HYPE's 82%.

Correlation: 0.16
Size ratio: 1 : 3821.0
Ahead over 30 days: HYPE

ParadexDIME

$0.029732

24h: -2.91%
Market cap: $5.38M
Volume 24h: $38,011
Volatility (ann.): 230%

HyperliquidHYPE

$86.3200

24h: -1.76%
Market cap: $20.57B
Volume 24h: $1.32B
Volatility (ann.): 82%

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

Performance

DIMEHYPE

7 days-38.34%+4.65%HYPE
30 days-35.35%-6.04%HYPE

Correlation

0.16over 39 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1490d: 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	DIME	HYPE
Max drawdown (400d)	-56.2%	-18.9%
Risk-adjusted return (90d)	-0.14	0.58

Relative strength over 90 days: HYPE outperformed DIME by 26.1% — measured on the DIME/HYPE ratio, so it holds regardless of market direction.

Paradex →Hyperliquid →