XMR Drops 6.4% to $496: Hyperliquid Becomes Top OI Venue
XMR Pullback: From $531 High to $496
Monero gave back part of its recent rally, with the XMR price dropping 6.4% in 24 hours to $495.94 on Binance. The session high came in at $531.25 and the low at $484.22, a roughly 9% round trip. Binance alone turned over $71.9 million in the window. The move follows the push that carried the coin from the low-$460s to the $530 area over the past week, and the pullback so far looks like profit-taking on that run rather than a structural breakdown.
Hyperliquid Becomes the Top XMR OI Venue
Total XMR open interest sits at $305.6 million, down 3.97% over 24 hours. The striking part is where that OI now lives. Hyperliquid holds $98.3 million, or 32.2% of the total, and its position is actually up 0.47% in the same window. KuCoin, which led for much of the rally, has $78.5 million but cut 10.2%. Binance sits at $48.4 million, down 7.5%, and Bybit at $38.1 million, down 1.4%. The venue with the smallest 24-hour decline has quietly become the biggest one, a shift in where Monero perp traders are putting on size.
MEXC Adds While Others Trim
MEXC stands out on the other side of the ledger. Its XMR OI rose 10.3% over 24 hours and 8.7% in the last four, to $16.3 million, the only major venue actively adding during the dip. Funding rates tell a calmer story. Binance, Bybit and Gate all sit near 0.01%, and Hyperliquid is at 0.0026%. There is no panic premium building and no crowding into shorts, which suggests the decline is old longs trimming leverage rather than a fresh short wave.
What to Watch Next
KuCoin still controls a quarter of all Monero OI, and its 10% unwind is the biggest single drag on the total. If that continues, open interest keeps shrinking even if price stabilizes. On the upside, Hyperliquid's resilience means the perp crowd has not abandoned Monero, and flat funding leaves no squeeze fuel either way. The $484 low is the level to watch: a break below opens a faster drop toward $470, while a reclaim of $500 would put the $531 high back in play.
Data as of Beijing time 05:50 on Sep 2, 2026, sourced from Binance, Bybit, Hyperliquid, KuCoin, Gate, MEXC and other major exchanges.