# Hydration (HDX) — crypto price, market cap and strength versus Bitcoin

> Hydration trades at $0.0082 with a market capitalisation of $24.7M (rank 736). Over 90 days it is +139.1% against Bitcoin and sits above its 200-day average. DEX as a theme is +11.3% against Bitcoin over 13 weeks. Price readings run through 2026-07-31.

## Agent research brief

- What this coin is: Hydration (HDX), a DEX token of $24.7M at market-cap rank 736. On-chain activity is sourced from protocol + chain TVL.
- What the tape says: +139.1% versus Bitcoin over 90 days; above its 200-day average. DEX as a theme is +11.3% against Bitcoin over 13 weeks.
- What the evidence supports: 57/100 inside DEX on 95% evidence (90% of it native activity). Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
- What is missing: There is no valuation band for any coin on this site: historical market capitalisation is not held, so no PE-style range can be built. Hydration does publish network fees, protocol revenue, total value locked, dex volume.

Theme: DEX (/mla/crypto/sector/dex). Price 2026-07-31; market-cap snapshot 2026-07-04.

## Price, returns and risk

Hydration is -13% over one year, +120.8% over 90 days and +110.9% over 30 days. Annualised 30-day volatility is 83%. Its deepest fall from a high inside the last 90 days is 30%. It trades above its 200-day average, which is rising.

- Price: $0.0082
- Market cap: $24.7M (rank 736)
- Returns: 7d +36%; 30d +111%; 90d +121%; 180d +166%; 1y -13%
- RS versus Bitcoin, 90d: +139%
- 30-day volatility: 83% annualised; deepest 90-day fall 30%
- 200-day average: $0.0036, trading above it

## Protocol economics

Hydration publishes 4 of the six network-economics series this site tracks: network fees, protocol revenue, total value locked, dex volume. Network fees over the last four complete quarters is $1.6M. Network activity is evidence about the protocol, not earnings owed to the token. Readings run to the Q2 2026 quarter.

- Network fees: trailing four quarters $1.6M; change +19%; covered 9/20 quarters
- Protocol revenue: trailing four quarters $827.2K; change +19%; covered 9/20 quarters
- Total value locked: latest quarter $24.1M; change -86%; covered 12/20 quarters
- DEX volume: trailing four quarters $2.5B; change +54%; covered 11/20 quarters

## Research score

Hydration: 57/100 — Illiquid · research only; 34.8 + 16.4 + 2.5 + 3.3 = 57.0; evidence 95%; native evidence 90%; rank 4 of 33 rated DEX coins
Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
This weakens if: The read weakens if 90-day RS versus BTC falls below zero with two weekly closes below the 200-DMA, or native activity contracts for two complete calendar quarters.

No valuation band exists for any coin on this site: historical market capitalisation is not held, so no company-style valuation range can be built.

## DEX scorecard

Hydration is one of 48 DEX coins here, 33 of which carry enough evidence to be rated and ranked. Hydration ranks 4 of those 33 on 95% evidence. The table below is the theme's own scorecard, in its own order, with this coin marked.

- 1. PancakeSwap (CAKE): score 76.6; evidence 95%; Priority research · market gate closed
- 2. Curve DAO (CRV): score 65.6; evidence 95%; Constructive watch · market gate closed
- 3. DODO (DODO): score 57.3; evidence 50%; Tape-led · on-chain proof incomplete
- 4. Hydration (HDX) [this coin]: score 57; evidence 95%; Illiquid · research only
- 5. CoW Protocol (COW): score 56.5; evidence 48%; Illiquid · research only
- 6. Velodrome Finance (VELO): score 56.4; evidence 50%; Illiquid · research only
- 7. Frax (prev. FXS) (FRAX): score 54.8; evidence 50%; Illiquid · research only
- 8. Magma Finance (MAGMA): score 54.4; evidence 50%; Illiquid · research only
- 9. 1INCH (1INCH): score 54.2; evidence 55%; Tape-led · on-chain proof incomplete
- 10. Aster (ASTER): score 51; evidence 12%; Illiquid · research only
- 11. VVS Finance (VVS): score 50.6; evidence 42%; Illiquid · research only
- 12. Uniswap (UNI): score 49.6; evidence 51%; Mixed · market gate closed
- 13. Bancor Network (BNT): score 49; evidence 50%; Illiquid · research only
- 14. Sushi (SUSHI): score 48.2; evidence 95%; Mixed · market gate closed
- 15. Falcon Finance (FF): score 47.1; evidence 12%; Illiquid · research only
- 16. Pendle (PENDLE): score 46.4; evidence 95%; Mixed · market gate closed
- 17. Orca (ORCA): score 45.6; evidence 75%; Mixed · market gate closed
- 18. Momentum (MMT): score 44.5; evidence 33%; Illiquid · research only
- 19. Meteora (MET): score 44.3; evidence 65%; Illiquid · research only
- 20. Synthetix (SNX): score 43.3; evidence 50%; Tape-led · on-chain proof incomplete
- 21. 0x Protocol (ZRX): score 43.2; evidence 50%; Illiquid · research only
- 22. HumidiFi (WET): score 43.2; evidence 50%; Tape-led · on-chain proof incomplete
- 23. Raydium (RAY): score 42.1; evidence 95%; Lagging · market gate closed
- 24. Gnosis (GNO): score 41.4; evidence 55%; Illiquid · research only
- 25. dYdX (DYDX): score 41; evidence 55%; Tape-led · on-chain proof incomplete
- 26. Kyber Network Crystal (KNC): score 37.7; evidence 50%; Illiquid · research only
- 27. THORChain (RUNE): score 36.9; evidence 95%; Illiquid · research only
- 28. Baseline (B): score 36.8; evidence 55%; Tape-led · on-chain proof incomplete
- 29. WOO (WOO): score 36.1; evidence 50%; Illiquid · research only
- 30. Cetus Protocol (CETUS): score 35.7; evidence 50%; Illiquid · research only
- 31. Tokenlon (LON): score 35.1; evidence 50%; Illiquid · research only
- 32. CoinEx (CET): score 30.9; evidence 55%; Illiquid · research only
- 33. Osmosis (OSMO): score 26; evidence 95%; Illiquid · research only

## Limitations

- Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
- Market capitalisation is a dated snapshot, not a point-in-time historical supply series, so yields computed against it inherit that lag.
- No valuation band exists for any coin: historical market capitalisation is not held at all.
- Funding rates, open interest, liquidations, exchange flows, unlock schedules and developer activity are not held and are not inferred.
- The research score is relative to this coin's own theme only. It is not comparable across themes and is not an entry signal.

## FAQs

### What is Hydration (HDX)?

Hydration is a DEX cryptocurrency tracked here by price, market capitalisation and strength against Bitcoin, with on-chain activity from protocol + chain TVL. It is one of 48 DEX coins on this site. Readings are as of 2026-07-31.

### What is the market cap of Hydration?

Hydration's market capitalisation is $24.7M, ranking it 736 in the top-1,000 crypto universe. That figure is a dated snapshot from 2026-07-04, refreshed separately from the daily price series, so it can lag the price shown above.

### Is Hydration beating Bitcoin?

Hydration is +139.1% against Bitcoin over 90 days, and its own theme, DEX, is +11.3% over 13 weeks. It trades above its 200-day average as of 2026-07-31.

### Does Hydration have a P/E ratio?

No. There is no company-style P/E or PEG for a crypto token, and no valuation band is shown on this page because the data to build one honestly does not exist: historical market capitalisation is not held, only a current snapshot. Where a protocol publishes fees or revenue, this page shows the yield against that dated snapshot instead.

### What is Hydration's research score?

57/100 within DEX, ranked 4 of 33 rated DEX coins, on 95% evidence: 34.8 + 16.4 + 2.5 + 3.3 = 57.0. It is labelled “Illiquid · research only”. The score ranks research attention inside one theme, never portfolio action.

### How much Hydration history does this page show?

Five years of weekly closes where they exist, plus 20 complete calendar quarters of on-chain activity for the metrics Hydration actually publishes. Here that is network fees, protocol revenue, total value locked, dex volume.

### Does Hydration generate network fees?

Hydration's trailing twelve-month network fees is $1.6M, up 19% on the year-earlier period. Network activity is not token-holder earnings: whether it accrues to the token depends on the protocol's own burn, buyback and distribution rules.