Hyperliquid launched XMR/USDC perpetual contracts through a permissionless deployment, offering traders leveraged exposure to Monero without requiring spot market access.
The listing arrived as XMR reached an all-time high of $797 on January 14, capping a 65% monthly surge driven by increased privacy coin demand.
Monero currently trades around $700 with a $13 billion market capitalization, ranking among the top 15 cryptocurrencies despite losing spot trading access on most major exchanges.
The perpetual swaps enable up to 5x leverage through Felix Protocol's HIP-3 deployment, according to Monero community contributor XBToshi.
Derivatives Replace Spot Access
Monero's spot markets have largely disappeared following regulatory pressure and anti-money laundering concerns that prompted widespread exchange delistings throughout 2025.
Dubai's financial regulator banned privacy tokens including XMR on January 12, citing sanctions compliance risks, while major platforms like Coinbase never listed the asset.
Hyperliquid's futures offering allows traders to speculate on price movements through derivatives without holding the underlying token or requiring compliant spot infrastructure.
Trading volume increased 13% following the perpetual contract launch, demonstrating sustained interest despite the absence of spot liquidity on mainstream platforms.
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Technical Momentum Builds
Some technical analysts point to cup-and-handle chart patterns suggesting potential continuation toward $850-900 levels, though such projections remain speculative.
The rally coincided with governance turmoil at competing privacy coin Zcash, which saw capital rotation favoring Monero as investors sought alternative privacy-focused assets.
XMR has now surpassed Bitcoin Cash's market capitalization but remains well below Cardano's $14 billion valuation.
The derivatives-only trading environment creates a unique dynamic where price discovery occurs entirely through futures markets rather than traditional spot exchanges.
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