Hyperliquid lists 3x leverage perps for unlaunched Monad token

Hyperliquid has listed perpetual futures for the unlaunched Monad (MON) token, allowing traders to speculate ahead of its mainnet debut.

Decentralized derivatives exchange Hyperliquid has listed perpetual futures contracts for the Monad (MON) token, despite the token itself not yet having launched. According to Hyperliquid’s announcement , the listing came “by community request,” and traders can now long or short MON-USD hyperps with up to 3x leverage.

As for the actual token launch, multiple industry outlets had pointed to Sept. 30 as the expected date for the Monad token and mainnet launch. However, as of Oct, 8, the TGE is yet to occur, and the mainnet remains offline.

Given the late-July announcement from Monad’s co-founder, it appears the project is currently in the audit phase—the final step before mainnet deployment. Historical patterns from comparable Layer-1 networks such as Aptos, Sui, and Solana indicate that the audit-to-mainnet timeline typically spans around four months . If Monad’s audit indeed began in late July, the project’s mainnet launch may not arrive until November or later.

While this extends the waiting period, it also provides more time for users to deepen their engagement with the ecosystem and potentially influence their future airdrop eligibility. This can be done through Monad testnet, which went live in February.

Specific examples of engagement include interacting with ecosystem projects such as Kintsu, Magma, FastLane, Opinion Labs, aPriori, and Kuru, playing games like 2048, and using various testnet DApps. Users who hold a Full Access role on Discord may receive 5 MON on the testnet. Those holding at least 0.01 ETH on Ethereum Mainnet with an outgoing transaction may receive 2 MON, while all other testnet participants receive a smaller allocation of 0.05 MON.