XMR Rally to $462: KuCoin, Bybit Add OI as Binance Cuts
XMR climbs to $462 as spot demand outruns leverage
XMR traded at $462.4 on Binance at the time of writing, up 5.2% over 24 hours with a session range of $438.9 to $475.2. Bybit, Kraken, Gate and KuCoin all show the same tape, so the move is not a single-venue artifact. Monero's 24-hour high of $475 was printed during the same window that Bitcoin pushed toward $81,800 and then settled near $80,200, meaning XMR held its gains better than the majors during the pullback.
OI rotates: KuCoin and Bybit build, Binance and Hyperliquid trim
Total open interest across Monero derivatives sits at $245.7M, up 3.98% in 24 hours, but the composition changed. KuCoin added 6.3% to reach $61.9M and Bybit added 6.8% to $32.3M, while MEXC grew OI by 33.9% to $12.1M in the same window. On the other side, Binance cut 1% to $44.7M and Hyperliquid trimmed 1% to $71.2M. The two biggest venues now hold less relative weight, and mid-tier venues are carrying the new positioning.
Flat funding and missing liquidations point to spot buying
Funding on Monero sits at 0.01% on Binance, Bybit, KuCoin and MEXC, and 0.00125% on Hyperliquid. Near-zero funding means shorts are not being charged to hold, so this is not a squeeze building. XMR also fails to appear in the top-30 liquidation list over the past 24 hours while BTC and ETH combined for roughly $300M in forced liquidations. With almost no cascade pressure, the price move traces back to genuine buying rather than a short-covering snapback.
What to watch next
The useful signal is MEXC OI, which grew 33.9% in 24 hours, a pace far ahead of price. If KuCoin and Bybit keep adding while funding stays flat, the rally has room because leverage costs are not rising. If Binance and Hyperliquid flip to adding OI instead of trimming, that would mark bigger players joining. A break above the $475 high with rising volume would extend the trend; losing $439 would unwind the recent longs quickly.
Data as of 10:10 Beijing time, covering Binance, Bybit, KuCoin, Hyperliquid, MEXC, Gate, Kraken and other major exchanges.