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Atis Shala
Atis is a senior analyst and community lead with four years of experience in crypto. He has a bachelor from the Rochester Institute of Technology.
Solana Now Leads Hyperliquid in Spot MON Trading Volume
The native token of the Monad network, MON, appears to be shifting its liquidity centre of gravity. In the Solana ecosystem, MON’s spot trading volume has surged, now surpassing the early benchmark set on Hyperliquid, a platform that initially dominated trading for MON.
According to publicly visible snapshots, MON/USDC spot trading on Solana reached approximately $28.04 million in the past 24 hours.
Meanwhile, data for MON on Hyperliquid reported an initial trading volume of around $24.2 million during its first hours of listing.
| Platform | Approximate 24h Volume |
| Solana (spot MON/USDC) | ~$28.04 million – screenshot shows $28,045,678.69. |
| Hyperliquid (pre-market/perp) | ~$24.2 million – as reported for UMON-USD on Hyperliquid. |
The side-by-side figures underline a critical inflection: while Hyperliquid served as an early venue for MON trading, the Solana spot market now appears to have taken the leading role, at least for this token. This shift signals broader implications. Liquidity moving into Solana’s ecosystem suggests that traders are gravitating toward the chain’s speed, efficiency and ecosystem infrastructure rather than concentrating solely on more specialised venues. For Monad’s team, this could mark the realisation of their ecosystem strategy: high-throughput chain, native utility token and deep liquidity.
Solana vs. Hyperliquid: The “Monad” Index
While Hyperliquid retains its strong standing, particularly in derivatives and leveraged trading, the fact that a token’s “go-to” venue for execution is changing reflects real market dynamics. For traders in MON, this may mean that Solana-based DEXs and aggregators are not just fringe venues but now key hubs of activity. Tighter spreads, deeper liquidity pools and more efficient execution might emerge as a consequence.
The $22-plus million volume on Solana is derived from a snapshot and may not capture all onchain flows. The Hyperliquid figure, too, comes from early listing metrics rather than a steady, long-term volume series. Furthermore, a single token’s shift does not guarantee that other tokens follow suit.
Still, in the case of MON the numbers speak: Solana’s spot market has overtaken Hyperliquid for now. Whether Solana holds this lead, or other chains catch up, remains to be seen. What is clear: the dawn of a new volume paradigm for MON has arrived, and ecosystem watchers should sit up and take notice.
