Questions & answers

Beluga buys Monero. You can bridge XMR 1:1 to XMR2 on Hyperliquid and sell it into our standing USDC bid at up to 1.0% over the XMR/USDC market price, or swap XMR for Bitcoin directly on the exchange.

Yes. The exchange runs with real coins, and the XMR2 bridge and our XMR2 bid run on mainnet since 2026-11-10, with a Monero reserve proof every 5 minutes. Order limits are on Fees & limits.

No. There is no sign-up, no email and no identity check. An order needs only the addresses it pays to. Keep your order ID: it is the only way to look up an order.

Only for XMR2. If you simply exchange one coin for another, for example BTC to XMR, you just send from your wallet and receive in your wallet: no Hyperliquid account involved. Hyperliquid comes in only when you bridge XMR to XMR2, sell XMR2 into our bid, or redeem XMR2.

Any Monero wallet that can send to a subaddress (Feather, Cake Wallet, Monerujo, the official GUI or CLI) and, for exchanges, any Bitcoin wallet. For XMR2 you also need a Hyperliquid address you control. If you withdraw straight from an exchange, check that it can send to Monero subaddresses. Receive XMR2 on a Hyperliquid address you control, never on an exchange deposit address.

We need Monero for our own inventory. Instead of buying it on exchanges, we pay the premium directly to people who sell to us. The bid follows the market price. The premium on top is set dynamically, up to 1.0%; the current one is shown live on the Bridge tab.

A Hyperliquid spot token that represents Monero 1:1. Each XMR2 outside our own accounts is backed by one XMR in the vault. Depositing XMR issues XMR2 to your Hyperliquid address; redeeming XMR2 pays native XMR back.

• Open the Bridge, enter your Hyperliquid address and get a one-time deposit address.
• Send XMR. After 5 confirmations (about 10 minutes; 10 for 200 XMR or more) XMR2 lands on your address.
• Sell XMR2 into our bid on the XMR2/USDC spot market on Hyperliquid.
• Keep the USDC on Hyperliquid or withdraw it to Arbitrum (Hyperliquid charges 1 USDC).

The vault balance is verified against circulating XMR2 every 5 minutes, and issuing pauses automatically on any mismatch. We also publish a Monero reserve proof every 5 minutes that anyone can verify with check_reserve_proof. See Reserves.

XMR2 is sent once your deposit has 5 Monero confirmations, usually about 10 minutes (deposits of 200 XMR or more: 10, about 20 minutes). The deposit address is valid for 120 minutes after you create the order. A deposit seen before then is credited even if confirmations finish later.

Yes. All transfers to the address before it expires count as one deposit and are credited together.

Create a redemption with your Monero address. It gets its own Hyperliquid address: send XMR2 there in one transfer, from any account, within 120 minutes. We pay XMR minus the 1.0% fee as soon as the transfer shows up on Hyperliquid. Redeem only if you want native XMR back: the premium is earned by selling XMR2 into our bid, not by redeeming.

Hyperliquid's own app hides Monero tokens, and some other front ends show a different market under the XMR2 name. The market itself is open to everyone: XMR2/USDC is spot pair @1189, token ID 0x5f0c311fab64ce729122ed14d39c7332. Trade it through the Hyperliquid API or a front end that lists all spot markets, after checking the token ID (how). A one-click sell option on this site is planned.

Hyperliquid charges a one-time 1 USDC activation fee for a new address. It is a Hyperliquid fee, not ours.

Any pair of Bitcoin, Ethereum, Solana, Monero, and USDC, USDT or DAI on Ethereum, in both directions (stablecoin ↔ stablecoin excepted). The exchange guide has the full list.

You choose the pair and amount, enter your payout address, and send the exact amount to a one-time deposit address. We trade on Hyperliquid's order book on our side and send the proceeds to your address; you don't need a Hyperliquid account. Nothing stays with us: each order is paid out or refunded.

For Monero: the median of four independent prices: Hyperliquid's XMR/USDC perp price and the mid prices (halfway between best bid and ask) on KuCoin, Kraken and HTX; a single price that drifts away from the others is ignored. For the other coins: the average of Hyperliquid's oracle price, built from the major exchanges, and KuCoin's mid price. If the sources disagree by more than 1%, we pause quotes until they agree again, so you never get a stale price.

Next to our quote the widget shows Wagyu's live quote for the same amount, fetched from their public API by our server (your browser never contacts Wagyu). Wagyu charges the same headline fees (2% into Monero, 0% out of it); the difference you see is what reaches your wallet after all costs.

No. The quote is an estimate at the current market rate. The deposit amount is exact; the final exchange rate is calculated after 1 confirmation of your deposit.

It's optional, but recommended. If an exchange order has to be refunded, the coins go to the refund address you entered. Without one we return them to the sending address, which doesn't work if you sent from an exchange account; then we ask you for an address. Once saved, a refund address can't be changed.

• Bridge deposit (XMR → XMR2): 0%.
• Redemption (XMR2 → XMR): 1.0%.
• Exchange BTC → XMR: 2%. XMR → BTC: 0%.
• Network fees of the chain you send on are paid by your wallet. Hyperliquid's 1 USDC activation and withdrawal fees are Hyperliquid's.

Details on the Fees & limits page.

Exchange orders: at least $100 worth of the coin you send (at the live rate), at most 5 BTC, 180 ETH, 4,400 SOL or 650 XMR. Bridge deposits have no minimum or maximum. Redemptions above 250 XMR wait for a manual approval, which can add some time.

No. The quote shows our fee and the market rate it is applied to. The bridge has no spread at all: 1 XMR becomes 1 XMR2.

Nothing is lost. The subaddress stays in our wallet. Contact support with your order ID: we credit the deposit or return it to a Monero address you give us.

The deposit is still accepted and exchanged automatically. As for every exchange order, the final rate is calculated after 1 confirmation of your deposit. See Late deposits & recovery.

Unmatched transfers go to manual review and are returned to the sending Hyperliquid address on request. Contact support with the transfer hash.

A person checks the order, for example because a deposit is above the automatic limit or a payout couldn't be confirmed automatically. Keep your order ID; nothing is lost.

When an order can't be completed: a deposit that fails screening, a route that becomes unavailable, or a deposit we can't match. Completed orders aren't reversed. The rules are in the refund policy.

Payouts go to the address you entered, start automatically and can't be reversed on chain. Check the address before you create the order. If you notice a mistake before sending your deposit, simply let the order expire and create a new one.

Only what an order needs: the addresses you enter, the amounts, transaction IDs, timestamps and the order state. No names, no email, no IP addresses, no analytics, no cookies. See the privacy policy.

Yes, and we recommend it. Beluga runs as a Tor onion service. The page needs JavaScript for quotes and orders: Tor Browser's "Safer" level works, "Safest" doesn't.

Copies of swap sites swap the deposit address for their own. Only use our official addresses (beluga.to, [onion address]). Beluga never asks for your seed phrase or private keys, and never messages you first.

While XMR2 is outstanding, the backing XMR sits in our vault, so you rely on us to redeem it. We limit that risk with live verification, a reserve proof every 5 minutes and an automatic pause on any mismatch. Hyperliquid itself is a third-party platform with its own risks. The terms list the risks in full.

No. Your deposit is either executed or refunded. Worst case, it goes back to you.

Screening runs before execution. A failed check normally enters the refund flow; it can require a refund address and further checks. The compliance policy describes legal restrictions and exceptions.

Sanctioned persons, residents of comprehensively sanctioned territories, and anyone under 18. See section 1 of the compliance policy.

Yes. Everything this site does is a plain JSON API: quotes, deposits, redemptions, order status and reserves. See the API reference.

Yes. Contact support with your expected volume.