Hyperliquid Lists MON-USD Hyperps as Monad Airdrop Nears Completion

Decentralized perpetuals exchange Hyperliquid has officially listed MON-USD hyperps, opening pre-market trading for the native token of Monad, a next-generation Layer 1 blockchain built for full Ethereum Virtual Machine (EVM) compatibility. This listing enables traders to take long or short positions on MON, providing early market access ahead of the anticipated token airdrop.

Monad, designed for high-performance and seamless developer migration from Ethereum, has recently generated significant buzz across the crypto community. The project’s team has been teasing an “airdrop claim loading” feature that reached 98% completion as of October 8, hinting that an official airdrop launch may be imminent.

The MON-USD hyperp has already attracted impressive trading activity, with $28 million in volume recorded within 24 hours of launch on Hyperliquid. Based on the current $0.13 trading price, Monad’s fully diluted valuation (FDV) stands at approximately $13 billion, with a total of 100 billion MON tokens expected to be distributed through the airdrop.

The listing marks another milestone for decentralized derivatives platforms as they continue to attract users seeking faster execution and transparent on-chain trading experiences. As Hyperliquid expands its ecosystem with trending tokens like MON, it strengthens its position as a top player in the decentralized finance (DeFi) derivatives market.

Meanwhile, investor excitement continues to build, especially as analysts and industry figures like Matt Hougan highlight strong setups in leading blockchain ecosystems such as Solana, underscoring renewed market optimism for next-generation crypto assets.

With MON-USD trading live and the Monad airdrop on the horizon, both traders and developers are closely watching how this Layer 1 contender will position itself within the broader EVM-compatible ecosystem.