Spot vs Hyperliquid

Spot (SPOT) and Hyperliquid (HYPE) compared side by side. Over the past 30 days, HYPE is ahead by 27.5 percentage points (SPOT -33.5% against HYPE -6.0%). Their daily returns move barely in opposite directions (correlation -0.11 across 32 shared trading days). SPOT has been the more volatile of the two, at 135% annualised against HYPE's 82%.

Correlation: -0.11
Ahead over 30 days: HYPE

SpotSPOT

$0.118730

24h: +0.66%
Market cap: —
Volume 24h: $630
Volatility (ann.): 135%

HyperliquidHYPE

$84.6400

24h: -1.82%
Market cap: $20.26B
Volume 24h: $1.41B
Volatility (ann.): 82%

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

Performance

SPOTHYPE

7 days-23.92%+4.65%HYPE
30 days-33.50%-6.04%HYPE

Correlation

-0.11over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1190d: 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	SPOT	HYPE
Max drawdown (400d)	-38.4%	-18.9%
Risk-adjusted return (90d)	-0.25	0.58

Relative strength over 90 days: HYPE outperformed SPOT by 31.9% — measured on the SPOT/HYPE ratio, so it holds regardless of market direction.

Spot →Hyperliquid →