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How it works
What happens to your coins in each product, where Hyperliquid comes in, and how prices are set.
The exchange: coin in, coin out
You send one coin and receive another at your own address. You never touch Hyperliquid: we trade there on our side.
Bitcoin → Monero
- Quote and orderYou pick the amount and enter your Monero address, optionally a Bitcoin refund address. The order gets a one-time Bitcoin deposit address.
- DepositYou send the exact amount. The final exchange rate is calculated once it has 1 Bitcoin confirmation.
- TradeWe sell the Bitcoin for USDC on Hyperliquid's order book and buy the Monero side.
- PayoutXMR goes from our vault to your address, minus our 2% fee.
Monero → Bitcoin
- Quote and orderYou pick the amount and enter your Bitcoin address. The order gets a one-time Monero subaddress.
- DepositYou send XMR. It counts after 10 Monero confirmations (about 20 minutes).
- TradeWe buy Bitcoin with USDC on Hyperliquid and withdraw it from there.
- PayoutBTC arrives at your address. Our fee in this direction is 0%.
Ethereum, Solana, USDC, USDT and DAI work the same way as Bitcoin, and coin-to-coin swaps (for example Bitcoin → Solana) go straight to your address. Guide: Exchange.
The bridge: XMR ⇄ XMR2
XMR2 is a spot token on Hyperliquid that represents Monero 1:1. It lets you sell Monero to Hyperliquid's USDC buyers, including our standing bid.
- Deposit XMREnter your Hyperliquid address and send XMR to the one-time subaddress you get.
- Vaulted 1:1After 5 confirmations (10 for deposits of 200 XMR or more) the XMR sits in our vault and the same amount of XMR2 is sent to your address.
- Sell or holdSell XMR2 into our bid at up to 1.0% over the XMR/USDC market price, or anywhere else on the XMR2/USDC book. Or keep it.
- Redeem any timeSend XMR2 back and receive XMR, minus the 1.0% redemption fee.
Guides: Bridge XMR → XMR2, Sell XMR2 for USDC, Redeem XMR2 → XMR.
Where Hyperliquid comes in
| You want to… | Hyperliquid account needed? |
|---|---|
| Swap BTC for XMR or XMR for BTC | No, just your wallets |
| Bridge XMR to XMR2 | Yes, to receive XMR2 |
| Sell XMR2 for USDC | Yes, you trade on Hyperliquid |
| Redeem XMR2 for XMR | Yes, you send XMR2 from it to the redemption's own address |
How prices are set
- Exchange: our fee is applied to the market rate: 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; for the other coins the mean of Hyperliquid's oracle price and KuCoin's mid price. While the sources differ by more than 1% we don't quote. The quote is an estimate; the deposit amount is exact, and the final rate is set once your deposit is confirmed (for Bitcoin: at 1 confirmation).
- Bid: our USDC bid for XMR2 sits above the XMR market price (the same median of Hyperliquid, KuCoin, Kraken and HTX) and follows it. The premium on top is set dynamically, up to 1.0%; the current one is live on the Bridge tab and in
GET /api/compare. Its size is limited by a daily budget. - Bridge: no price at all. 1 XMR is 1 XMR2.
What keeps it safe
- Never held: every deposit is either executed or refunded.
- Screening first: addresses on transparent chains are screened before anything executes. See the compliance policy.
- Isolated keys: the keys sit in a separate, isolated service that checks every deposit and payout on chain itself before it acts. The website can't move funds.
- Live verification: vault XMR vs circulating XMR2 every 5 minutes, automatic pause on any mismatch, public reserve proof every 5 minutes. See Reserves & proof.