
Is the $XMR run still healthy? Our screen says yes: Hyperliquid funding runs ~+11% a year, all-venue perp volume sits at 2.0x spot, and price holds above the 90-day midpoint at $606. What flips it is perp volume breaking above 2x spot. Hashrate is 6.52 GH/s with new supply fixed at 0.84% a year, and the all-time high of $797.73 from January sits 24% above us. The upside is scale: $ZEC's $19.4B market cap is 1.70x $XMR's $11.4B, two privacy coins trading at very different sizes. Desk is long from $585, disclosed.

