Hyperliquid, the decentralized perpetuals exchange, allowing traders to go long or short the token in a pre-market phase.

MON is the native token of Monad, a Layer 1 blockchain designed to be fully compatible with the Ethereum Virtual Machine (EVM) — a feature that makes it easier for developers to migrate their applications from Ethereum.

Both Hyperliquid’s announcement and Monad’s recent posts suggest that an airdrop may be imminent, with the project’s official teasing their “airdrop claim loading” feature reaching 98% on Oct. 8, on X.

Based on trading in the MON-USD hyperp, priced near $0.13, Monad’s fully diluted valuation (FDV) stands at approximately $13 billion, distributed through the airdrop.

The new MON market has already seen strong activity, recording $28 million in trading volume over the past 24 hours on the decentralized exchange.

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