Hyperliquid Launches Pre-Market Trading for Monad Contracts

Hyperliquid launches MON-USD trading with leverage up to 3x.

The exchange Hyperliquid, known for its perpetual swaps, has initiated trading for MON-USD contracts.

Traders can open long and short positions with leverage up to 3x. Pre-market trading is conducted in the format of hyperps. 

According to the exchange’s website, such derivatives are independent of spot prices or index oracles, distinguishing them from traditional instruments.

MON is the native token of Monad. In February, the project launched a public test network.

The platform is positioned as a high-performance solution fully compatible with EVM, simplifying the transfer of applications developed for the Ethereum ecosystem.

In the initial hours post-launch, the MON market on Hyperliquid saw a trading volume of $22.2 million, with open interest exceeding $5 million. At the time of writing, the token is trading at $0.15, with a fully diluted valuation of the project at $15 billion.

Monad is actively preparing for an upcoming airdrop. The project’s official page on X indicates that the token distribution will occur soon. Judging by the number of comments on the post, interest in the project continues to grow.

airdrop claim loading
▓▓▓▓▓▓▓▓▓▓░░░ 80%

— Monad (mainnet arc) (@monad) October 6, 2025

Back in March, Hyperliquid delisted perpetual futures for the token JELLYJELLY due to price manipulation.