Perpetuals vs Tether

Tether (USDT) is 31112090.0× the size of Perpetuals (PERPS) by market capitalisation. Over the past 30 days, USDT is ahead by 17.6 percentage points (PERPS -17.6% against USDT -0.0%). Their daily returns move loosely together (correlation 0.43 across 24 shared trading days). PERPS has been the more volatile of the two, at 55% annualised against USDT's 1%.

Correlation: 0.43
Size ratio: 1 : 31112090.0
Ahead over 30 days: USDT

PerpetualsPERPS

$6.290e-6

24h: +9.09%
Market cap: $5,706
Volume 24h: $70
Volatility (ann.): 55%

TetherUSDT

$0.998974

24h: -0.04%
Market cap: $177.52B
Volume 24h: $66.46B
Volatility (ann.): 1%

PERPS 0.0%Share of the two combined market caps100.0% USDT

Performance

PERPSUSDT

7 days+4.13%+0.03%PERPS
30 days-17.61%-0.04%USDT

Correlation

0.43over 24 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	PERPS	USDT
Max drawdown (400d)	-24.6%	-0.2%
Risk-adjusted return (90d)	-0.22	0.03

Relative strength over 90 days: USDT outperformed PERPS by 7.0% — measured on the PERPS/USDT ratio, so it holds regardless of market direction.

Perpetuals →Tether →