Tether vs Hyperliquid

Tether (USDT) is 8.8× the size of Hyperliquid (HYPE) by market capitalisation. Over the past 30 days, USDT is ahead by 6.0 percentage points (USDT -0.1% against HYPE -6.0%). Their daily returns move barely together (correlation 0.23 across 58 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against USDT's 1%.

Correlation: 0.23
Size ratio: 8.8×
Ahead over 30 days: USDT

TetherUSDT

$0.999001

24h: +0.03%
Market cap: $178.20B
Volume 24h: $50.05B
Volatility (ann.): 1%

HyperliquidHYPE

$84.8500

24h: +0.34%
Market cap: $20.29B
Volume 24h: $1.35B
Volatility (ann.): 82%

USDT 89.8%Share of the two combined market caps10.2% HYPE

Performance

USDTHYPE

7 days+0.03%+4.65%HYPE
30 days-0.08%-6.04%USDT

Correlation

0.23over 58 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0890d: 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	USDT	HYPE
Max drawdown (400d)	-0.2%	-18.9%
Risk-adjusted return (90d)	-0.03	0.58

Relative strength over 90 days: HYPE outperformed USDT by 32.2% — measured on the USDT/HYPE ratio, so it holds regardless of market direction.

Tether →Hyperliquid →