HYPE / ETH Pair Trading

No exchange quotes HYPE / ETH directly, so there is no pair-level volume anywhere. EzPairs proxies the pair's tradeable size by the thinner of the two legs, which puts it at $286.4M of 24-hour volume and $1.21B of open interest in this snapshot. That is a proxy this site defines, not a figure reported by the venue.

Each track runs from −1 to +1 with a tick at zero, and is the same number as the figure beside it. Where nothing was measured there is no track.

Across the 89 daily returns those 90 closes produce, the two legs' returns moved in the same direction more often than not. This describes the window measured; correlation between two markets is not a fixed property and this figure is recomputed from new closes rather than carried forward.

At the most recent shared close the ratio sat close to its mean over the 90-day window. This is a description of where one observation fell inside a measured distribution. It is not a signal, it does not imply the ratio will move toward or away from that mean, and no part of this dataset tests whether this ratio mean-reverts.

Over the 90-day window, HYPE's annualised realised volatility was measured at 1.99 times ETH's. Equal notional on each leg therefore did not mean equal contribution to the pair's movement in that window: the base leg accounted for more of it.

Regressing HYPE's daily returns on ETH's over the same 90-day window gives a slope of 1.03. Beta and the volatility ratio answer different questions — the ratio compares how much each leg moved, the slope describes how much of the base leg's movement lined up with the quote leg's. Both describe the window measured.

Comparative statements above are recomputed from the committed market manifest and the published statistics dataset each time this page is built, and each carries the snapshot or the window it was derived from. Where a figure could not be measured, the comparison is omitted rather than estimated.

• Two positions, not one. A pair is a long HYPE perpetual and a short ETH perpetual held at the same time. Each is margined and each can be liquidated on its own. Holding both does not net the risk away.
• Two funding streams. Each leg accrues Hyperliquid funding hourly and independently, in opposite directions for a long and a short. The differential above is a reading of the gap between the two rates at one instant, not a running total.
• Different leverage caps. The venue caps HYPE at 10x and ETH at 25x. They differ, so the two legs are not subject to the same constraint.
• Depth is set by the thinner leg. There is no pair-level order book. Size available on the pair is bounded by whichever leg is thinner, which in this snapshot is $286.4M of 24-hour volume.
• The statistics are backward-looking. Correlation, volatility and the z-score above are computed from closed daily candles over the windows stated. They describe what those windows contained. They are not forecasts, and this site runs no test of whether any relationship here persists.