Pump.fun adds leveraged perpetual futures via Hyperliquid

Pump.fun, the Solana memecoin launchpad, has switched on leveraged perpetual futures trading inside its app, with the heavy lifting done by the Hyperliquid exchange. Early reports put the maximum leverage at 40x on bitcoin and 25x on ether, according to Bankless, turning a platform built for launching joke tokens into a front door for one of crypto's riskiest products.

How the integration works

Pump.fun plugs in through Hyperliquid's builder codes, a system that lets outside apps send users' signed orders into Hyperliquid's order books and keep a slice of the fees. In practice:

• Hyperliquid's HyperCore engine matches orders and handles margin, funding payments, liquidations and settlement. Positions and collateral live on Hyperliquid.
• Pump.fun describes itself in its terms as a software interface, not a counterparty.
• Prices and liquidation levels shown in the app may differ from where Hyperliquid actually executes, the terms warn, and open positions can remain on Hyperliquid if access through Pump.fun ends.

Fees and restrictions

According to Pump.fun's terms, updated on October 17 and reported by crypto.news, the app charges a builder fee of up to 0.10% of each order's notional value — on opening, adding to or closing a position — plus up to 0.25% on transfers through its in-app bridge, on top of the bridge operator's own charges.

The perpetuals are off-limits to people in the United States and Ontario, as well as sanctioned parties and anyone acting for them.

Why it matters

Perpetuals data first appeared in Pump.fun's API around October 9, and the launch builds on the HyperEVM spot trading the app added in August. It also shows how Hyperliquid is becoming back-end plumbing for consumer apps: rival launchpad FOMO introduced Hyperliquid-powered perps in June. Bankless notes the timing is notable, as Pump.fun briefly out-earned Hyperliquid on a weekly basis in late September — and is now sending its traders straight to Hyperliquid's books.

High-leverage products are spreading fast on Solana; Jupiter's experimental 1,000x YOLO product did $1 billion of volume on day one, while Hyperliquid-based venues such as Hypercall are adding options. If you are new to on-chain trading, start with our explainer on what DeFi is.