Hyperliquid Joins Monero Party as XMR Price Rockets 81% With No Spot Markets

Hyperliquid has added Monero (XMR) to its perpetual futures lineup, extending the life of a token that has been deplatformed almost everywhere else. XMR has had access to futures before — Binance and others offered exposure when the asset was not blacklisted by half the industry — but the context has shifted. Spot markets are gone.

Derivatives are all that is left, and traders are using them.

The price action speaks for itself: XMR is up 81.6% this month, trading above $742. It is now outpacing Bitcoin Cash and closing in on Cardano by market cap. There is no news, no roadmap and no major integration. It is just movement, likely triggered by enthusiasts rotating into privacy bets while the rest of the market stares at ETFs and meme coins.

Technical analysts on X have been promoting the “cup with handle” narrative, an old breakout pattern often associated with metal rallies. They are pointing to the $850-$900 zone as the next logical checkpoint.

Whether or not that is self-fulfilling, Hyperliquid’s listing just made that trade more accessible to those outside the U.S. compliance chokehold. Leverage with no spot exposure is the new playbook.

No spot, no problem

Monero cannot be bought on most major platforms anymore, but it can be traded, longed and shorted with size.

Futures allow traders to profit from volatility without holding the underlying asset, which is perfect for compliance-wary funds or high-frequency traders who want exposure without friction. In this context, derivatives do not just replace spot trading; they eliminate the need for it.