ParaSwap vs Hyperliquid

Hyperliquid (HYPE) is 22836.1× the size of ParaSwap (PSP) by market capitalisation. Over the past 30 days, HYPE is ahead by 4.9 percentage points (PSP -10.9% against HYPE -6.0%). Their daily returns move barely together (correlation 0.09 across 29 shared trading days). PSP has been the more volatile of the two, at 175% annualised against HYPE's 82%.

Correlation: 0.09
Size ratio: 1 : 22836.1
Ahead over 30 days: HYPE

ParaSwapPSP

$0.000946

24h: +6.23%
Market cap: $883,675
Volume 24h: $12
Volatility (ann.): 175%

HyperliquidHYPE

$84.4300

24h: -1.20%
Market cap: $20.18B
Volume 24h: $1.36B
Volatility (ann.): 82%

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

Performance

PSPHYPE

7 days-11.15%+4.65%HYPE
30 days-10.90%-6.04%HYPE

Correlation

0.09over 29 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0990d: 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	PSP	HYPE
Max drawdown (400d)	-32.5%	-18.9%
Risk-adjusted return (90d)	-0.16	0.58

Relative strength over 90 days: HYPE outperformed PSP by 29.8% — measured on the PSP/HYPE ratio, so it holds regardless of market direction.

ParaSwap →Hyperliquid →