Hyperliquid

Monero

bullish

Momentum

Dynamic

<ul>
 <li><strong>XMR reached $606.02 before retreating toward $592.70.</strong></li>
 <li><strong>Derivatives open interest rose 4.82% to $174.8 million.</strong></li>
 <li><strong>Positive Hyperliquid funding shows longs paying shorts.</strong></li>
 <li><strong>FCMP++ testing and regulatory developments provide broader context.</strong></li>
</ul>
<p>Monero’s latest advance is testing whether buyers can sustain prices above $600 while derivatives traders increase their exposure and incur the costs associated with leveraged long positions.</p>
<p>XMR reached an intraday high of $606.02 on October 19 before retreating to $592.70. The move followed a sustained recovery from approximately $350 in early August, leaving <strong><a href="https://ethnews.com/guides/how-to-buy-monero-xmr-privacy-coin-access-fees-and-platform-comparison/" rel="noopener noreferrer nofollow">Monero</a></strong> nearly 70% higher over roughly two and a half months.</p>
<p>Derivatives open interest climbed 4.82% over 24 hours to $174.8 million, according to the accompanying market-data snapshot. Funding data from Hyperliquid also showed a positive rate, indicating that long-position holders were paying short sellers on the platform.</p>
<p>Together, these figures reveal a market where bullish price momentum is attracting additional derivatives participation. They also introduce a financing consideration for traders attempting to maintain leveraged exposure near a resistance level that has repeatedly challenged the rally.</p>
<h2 id="funding-costs-add-pressure-near-600">Funding Costs Add Pressure Near $600</h2>
<p>Perpetual futures allow traders to maintain leveraged exposure without a fixed contract expiration date. Exchanges use periodic funding payments to help align perpetual prices with the underlying spot market.</p>
<p>At 06:15 UTC on October 19, Hyperliquid’s XMR perpetual contract carried a positive hourly funding rate of approximately 0.0013%, <strong><a href="https://hyperacademy.io/en/markets/xmr-perp? target=" rel="noopener noreferrer nofollow">according to HyperAcademy’s market-data page</a></strong>.</p>
<p>Positive funding means long traders pay short traders. It is consistent with demand for long exposure on the venue, although it does not identify the direction of every newly opened position.</p>
<p>The cost becomes more relevant as positions remain open.</p>
<p>For a trader holding $100,000 in notional XMR long exposure, an unchanged funding rate of 0.0013% per hour would imply approximately $1.30 in hourly funding payments.<br> Funding cost illustration</p>
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    XMR Perpetuals / Funding Illustration
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    $100,000 <span style="font-size: 14px; color: #a9b8ca; font-weight: 400;">long exposure</span>
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    Observed hourly funding rate: <strong style="color: #fff;">+0.0013%</strong>
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     Estimated hourly cost
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     $1.30
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     Estimated 24-hour cost
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     $31.20
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   Illustrative calculation assuming an unchanged hourly rate and constant notional exposure. Excludes trading fees, price changes and liquidation costs. Funding rates vary over time.
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<p>The implied daily cost is modest relative to the position’s notional value, but the calculation demonstrates how funding affects leveraged traders even when the underlying price remains unchanged.</p>
<p>The observed rate was not an extreme reading. More importantly, it represents one exchange at a particular moment, rather than a verified 24-hour market-wide average.</p>
<p>Derivatives Exposure Is Concentrated on Three Exchanges</p>
<p>The exchange distribution reveals where outstanding XMR contracts are concentrated.<br> Hyperliquid accounted for approximately $73.4 million of reported open interest, followed by Binance at $55.9 million and Bybit at $40.1 million.</p>
<p>Together, the three venues held approximately $169.4 million, representing 96.9% of the dataset.</p>
<h2 id="xmr-open-interest-by-trading-venue">XMR open interest by trading venue</h2>
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     Total reported open interest
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     $174.8M
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    ▲ 4.82% in 24h
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   <div style="display: flex; align-items: center; gap: 10px; padding: 11px 0; border-bottom: 1px solid #e0e7ef;"><span style="flex: 1; font-size: 14px; font-weight: 650;">Hyperliquid</span><br><strong style="font-size: 14px; white-space: nowrap;">$73.4M</strong>
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   <div style="display: flex; align-items: center; gap: 10px; padding: 11px 0; border-bottom: 1px solid #e0e7ef;"><span style="flex: 1; font-size: 14px; font-weight: 650;">Binance</span><br><strong style="font-size: 14px; white-space: nowrap;">$55.9M</strong>
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   <div style="display: flex; align-items: center; gap: 10px; padding: 11px 0; border-bottom: 1px solid #e0e7ef;"><span style="flex: 1; font-size: 14px; font-weight: 650;">Bybit</span><br><strong style="font-size: 14px; white-space: nowrap;">$40.1M</strong>
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   <div style="display: flex; align-items: center; gap: 10px; padding: 11px 0;"><span style="flex: 1; font-size: 14px; font-weight: 650;">Other reported venues</span><br><strong style="font-size: 14px; white-space: nowrap;">~$5.4M</strong>
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   Source: XMR open-interest <strong><a href="https://coinalyze.net/monero/open-interest/" rel="noopener noreferrer nofollow">statistics from Coinalyze</a></strong>, October 19, 2026. Rounded exchange figures. Shares refer only to venues covered by the dataset.
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<p>The concentration matters because leveraged positions can be sensitive to funding changes, margin requirements and liquidation activity on individual exchanges.</p>
<p>Hyperliquid alone represented approximately 42% of the reported total. A substantial adjustment in positioning on that platform could influence short-term volatility, particularly if it coincides with a sharp price movement.</p>
<p>However, open interest is not equivalent to borrowed capital. Liquidation exposure depends on individual traders’ leverage, collateral and entry prices.</p>
<p>The dataset also cannot establish that these three exchanges account for the same proportion of global Monero trading. Spot volume and derivatives open interest measure different activities.</p>
<h2 id="regulatory-changes-and-fcmp-testing-shape-the-broader-context">Regulatory Changes and FCMP++ Testing Shape the Broader Context</h2>
<p>Two developments provide relevant context for Monero’s recent trading, although neither has been established as the direct cause of the October 19 price movement.</p>
<p>On October 5, the U.S. Financial Crimes Enforcement Network announced the withdrawal of two proposed digital-asset rules. One concerned additional reporting and verification requirements for certain transactions involving unhosted wallets. The other proposed enhanced measures targeting convertible virtual currency mixing.</p>
<p><strong><a href="https://www.fincen.gov/news/news-releases/fincen-announces-withdrawals-proposed-digital-asset-related-rules?trk=public_post_comment-text&amp; target=" rel="noopener noreferrer nofollow">According to FinCEN’s official announcement</a></strong>, the agency withdrew the proposals after reviewing public comments.</p>
<p>The decision removes those proposed requirements from the U.S. rulemaking process. It does not exempt privacy-focused cryptocurrencies from existing anti-money-laundering obligations or establish that Monero will regain access to exchanges that previously restricted it.</p>
<p>That limitation is particularly relevant in Europe.</p>
<p>Kraken discontinued XMR trading for European Economic Area customers in October 2024, citing regulatory changes. The restriction applied to customers in the region, rather than establishing that Kraken’s XMR/USD market ceased operating globally.</p>
<p>Monero’s development activity provides a separate fundamental consideration.</p>
<p>The project is testing Full-Chain Membership Proofs (FCMP++) alongside Carrot, an upgraded wallet addressing protocol. FCMP++ is designed to strengthen transaction privacy by replacing the current limited ring-member approach with proofs covering a substantially larger anonymity set.</p>
<p>During the project’s October 6 research meeting, developers reported releasing the third beta stressnet version and advancing integration work needed to verify FCMP++ transactions at the consensus level.</p>
<p>The October 14 Monero Research Lab agenda continued to focus on implementation tasks, security reviews, audits and the network-upgrade schedule.</p>
<p>Stressnet progress represents a technical milestone, not a completed production-network upgrade. The timing and outcome of mainnet activation remain dependent on development and testing.</p>
<h2 id="xmr-price-outlook-600-test-puts-september-high-in-focus">XMR Price Outlook: $600 Test Puts September High in Focus</h2>
<p><strong><a href="https://www.tradingview.com/chart/Ds9qR56x/?symbol=COINBASE%3AAVAXUSD" rel="noopener noreferrer nofollow">Monero’s daily chart from TradingView</a></strong> shows an established uptrend, with a series of higher lows forming along an ascending support line since early August.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img src="https://ethnews.com/wp-content/uploads/2026/10/XMRUSD_2026-10-19_11-59-25-2-1024x798.webp" alt="Monero (XMR) daily price chart showing XMR at $592.70, trading above its 50-, 200-, and 365-day moving averages, with RSI at 64.81." width="696" height="542">
 <figcaption>
  Monero trades near $593, holding above its rising trendline and key moving averages as RSI signals bullish momentum
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</figure>
<p>At $592.70, XMR traded above its 50-day moving average of $540.58, while the 200-day and 365-day averages stood considerably lower at $407.88 and $402.01, respectively. The separation between the current price and these longer-term averages reflects the strength of the recent advance.</p>
<p>Momentum indicators also remain constructive. The 14-day Relative Strength Index (RSI) reached 64.81, above its signal average of 54.11 but below the conventional overbought threshold of 70.</p>
<p>The immediate technical test is the $600–$606 area. Monero briefly reached $606.02 on October 19 before retreating toward $593. Previous trading activity suggests selling interest around $600, although the latest daily candle had not closed when the chart was captured.</p>
<p>The more significant overhead resistance lies near $630–$635, where XMR established a prominent swing high in September. A sustained move beyond $606 could open the way for another test of that region, while a break above the September peak would provide stronger evidence of bullish continuation.</p>
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    XMR / USD · Technical Price Map
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    Monero Price Levels
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    Daily chart | October 19, 2026
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    Reference Price
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    $592.70
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    ▲ Resistance Levels
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      Immediate resistance
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      Current price test
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     $600–$606
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      September swing high
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      Major overhead resistance
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     $630–$635
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    ▼ Support Levels
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      Ascending trendline
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      Dynamic trend support
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     $550–$560
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      50-day moving average
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      Secondary trend support
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     $540.58
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      Relative Strength Index (14)
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      Positive momentum · Below overbought
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    <div style="font-size: 23px; font-weight: 800; color: #6751ac;">
     64.81
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    <div style="width: 64.81%; height: 100%; background: #8671c3; border-radius: 20px;"></div>
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<p>On the downside, the ascending trendline provides an initial support reference around $550–$560. The 50-day moving average at $540.58 sits below that area, offering another level to monitor if selling pressure increases.</p>
<p>For derivatives traders, the interaction between price and open interest is particularly relevant near these levels. A sustained advance accompanied by expanding positions could reinforce the rally, while a sharp rejection combined with position closures or liquidations could accelerate a pullback.</p>
<p>The key technical development is whether Monero can move beyond the September high, rather than simply trade above the psychological $600 mark. Until then, XMR remains in an upward trend but below its most prominent recent peak.</p>
<p>The post <a href="https://ethnews.com/monero-tests-600-as-positive-funding-signals-long-side-demand/" rel="noopener noreferrer nofollow">Monero Tests $600 as Positive Funding Signals Long-Side Demand</a> appeared first on <a href="https://ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

Monero Tests $600 as Positive Funding Signals Long-Side Demand

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