The pair trade involving a long position on $HYPE and a short position on BTC has outperformed a pure long $HYPE position against the USD this year. According to the chart, the HYPEUSDT/BTCUSDT pair is up +280.60%, while HYPEUSDT alone is up +178.36%. During the same period, BTCUSD and ETHUSD have seen negative returns of -26.80% and -41.52%, respectively.