SparkDEX vs Hyperliquid

Hyperliquid (HYPE) is 46589.2× the size of SparkDEX (SPRK) by market capitalisation. Over the past 30 days, SPRK is ahead by 17.0 percentage points (SPRK +10.9% against HYPE -6.0%). Their daily returns move closely together (correlation 0.65 across 23 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against SPRK's 49%.

Correlation: 0.65
Size ratio: 1 : 46589.2
Ahead over 30 days: SPRK

SparkDEXSPRK

$0.005432

24h: -0.54%
Market cap: $433,338
Volume 24h: $5,221
Volatility (ann.): 49%

HyperliquidHYPE

$84.3900

24h: -2.14%
Market cap: $20.19B
Volume 24h: $1.37B
Volatility (ann.): 82%

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

Performance

SPRKHYPE

7 days+0.41%+4.65%HYPE
30 days+10.92%-6.04%SPRK

Correlation

0.65over 23 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	SPRK	HYPE
Max drawdown (400d)	-10.2%	-18.9%
Risk-adjusted return (90d)	0.22	0.58

Relative strength over 90 days: SPRK outperformed HYPE by 6.6% — measured on the SPRK/HYPE ratio, so it holds regardless of market direction.

SparkDEX →Hyperliquid →