Pump.fun perps: Launchpad Adds 40x BTC via Hyperliquid
Pump.fun perps are live via Hyperliquid builder codes: early reports say 40x BTC and 25x ETH, with a builder fee up to 0.10% per order on top of Hyperliquid fees.
- Bankless (Oct 16): Pump.fun routes orders through Hyperliquid builder codes; perps data first appeared in Pump.fun's API around Oct 9; the product is off-limits in the U.S. and Ontario.
- Pump.fun fees page (updated Oct 17): up to 0.10% of notional per perps order plus up to 0.25% per bridge transfer; Hyperliquid's own trading, funding, and activation fees apply on top.
- CoinGecko (~06:02 UTC Oct 18): PUMP about $0.00429 (−6.6% 24h); HYPE about $78.49 (−1.5% 24h).
in this block
Pump.fun perps are live: the memecoin launchpad now lets users trade leveraged perpetual futures inside its app, with Hyperliquid's HyperCore engine doing the matching, margin, and liquidations behind the scenes. Early reports put max leverage at 40x on BTC and 25x on ETH, and Pump.fun's own fee page now lists a "Perpetuals Feature" with a builder fee of up to 0.10% per order.
What actually happened
Pump.fun announced on X that it is launching crypto perpetual futures powered by Hyperliquid, according to CryptoBriefing. Bankless reports the integration uses Hyperliquid's builder codes, a system that lets outside apps send user orders into Hyperliquid's books and collect a cut of the fees. HyperCore, Hyperliquid's core trading layer, handles order matching and liquidations.
This is not the first link between the two. Pump.fun added HyperEVM support on August 26 for USDC-denominated spot trading. CryptoBriefing also notes that rival launchpad FOMO introduced Hyperliquid-based perps back in June, so Pump.fun is entering a lane a competitor already occupies, just with a much bigger user base.
Posts on X describe additional markets beyond BTC and ETH, including some altcoins and stock indexes at lower leverage. We did not verify the full list, so the 40x BTC and 25x ETH figures from Bankless and CryptoBriefing are the ones we stand behind.
How Pump.fun perps fees stack
Pump.fun's fee page is the most concrete primary document. Under "Perpetuals Feature," it says Pump.fun charges a builder fee of up to 0.10% of the notional value of each order, including orders that open, add to, or close a position. You approve that fee by signature the first time you use the feature, and it shows as a separate line before each order.
Moving money to or from Hyperliquid through the in-app bridge carries an extra fee of up to 0.25% per transfer, on top of the bridge operator's own fees. Hyperliquid's trading fees, funding payments, and one-time account activation fee are charged separately by Hyperliquid. The page also states that the new app Platform Fee on regular trades does not apply to perps orders. We covered that separate fee change in Pump.fun app fees.
On 40x, a 0.10% builder fee per order is about 4% of your margin every time you open or close a full position.
That math is worth sitting with. Fees are charged on notional, not on margin. Open and close a fully levered position once and you have paid the builder fee twice before Hyperliquid's own fees and funding.
Why it matters
Bankless points out the irony: Pump.fun briefly out-earned Hyperliquid on a weekly basis in late September, and now it is routing its traders straight into Hyperliquid's order books. CryptoBriefing adds that Pump.fun passed Hyperliquid in 30-day revenue by early October. In the builder-code era, frontends and venues are rivals and partners at the same time.
For Hyperliquid, it is another consumer app treating HyperCore as backend infrastructure. That concentration cuts both ways: if HyperCore has an outage, every app built on it feels it at once. For context on Hyperliquid's own token mechanics, see our HYPE AQAv2 buyback piece.
The memecoin angle
Why does a launchpad want perps? Because memecoin traders already behave like leverage traders: fast entries, fast exits, and a taste for big swings. Keeping them in the app when they want BTC or ETH exposure means fees stay with Pump.fun instead of leaking to a centralized exchange. Pump.fun perps are a retention play as much as a new product.
What to do as a reader
If you are a memecoin trader thinking about Pump.fun perps, start with the fee and liquidation math, not the leverage slider. Calculate the round-trip cost at your intended leverage, read the funding rate before opening, and remember liquidation on perps is far less forgiving than a spot memecoin going to zero slowly.
If you are in the U.S. or Ontario, the feature is not for you. Everyone else should check the fees page for updates, since Pump.fun says rates may change. Nothing here is investment advice.
Sources: Pump.fun fees page, Bankless report, and CryptoBriefing coverage.
Not financial advice. DYOR, ser.
