TrustSwap vs Hyperliquid

Hyperliquid (HYPE) is 5697.8× the size of TrustSwap (SWAP) by market capitalisation. Over the past 30 days, HYPE is ahead by 9.2 percentage points (SWAP -15.2% against HYPE -6.0%). Their daily returns move closely together (correlation 0.68 across 32 shared trading days). HYPE has been the more volatile of the two, at 82% annualised against SWAP's 56%.

Correlation: 0.68
Size ratio: 1 : 5697.8
Ahead over 30 days: HYPE

TrustSwapSWAP

$0.035742

24h: +0.32%
Market cap: $3.57M
Volume 24h: $27,602
Volatility (ann.): 56%

HyperliquidHYPE

$84.7300

24h: -1.69%
Market cap: $20.36B
Volume 24h: $1.41B
Volatility (ann.): 82%

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

Performance

SWAPHYPE

7 days-10.69%+4.65%HYPE
30 days-15.19%-6.04%HYPE

Correlation

0.68over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7190d: 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	SWAP	HYPE
Max drawdown (400d)	-23.0%	-18.9%
Risk-adjusted return (90d)	-0.30	0.58

Relative strength over 90 days: HYPE outperformed SWAP by 19.4% — measured on the SWAP/HYPE ratio, so it holds regardless of market direction.

TrustSwap →Hyperliquid →