Pump.fun adds Hyperliquid perps to its app: up to 0.10% per order, no US users

Pump.fun, the Solana meme coin launchpad, now lets its users trade perpetual futures on Hyperliquid from inside its own app. Coindaro found no launch post or press release. The evidence for Pump.fun perps is the company’s fee page and its terms of use, both marked as updated on 17 October 2026. They set a builder fee of up to 0.10% of each order and a bridge fee of up to 0.25% per transfer, and they bar anyone in the United States, its territories or the Canadian province of Ontario from the feature. Bankless reported the move on 16 October, Crypto.news and Bitcoin.com News on 17 October.

Pump.fun does not run a derivatives exchange of its own. Section 30B of the terms describes an interface: the app builds the messages a user signs, checks the signatures and passes them on to Hyperliquid, which matches orders, holds margin, settles funding payments and liquidates positions. “We do not act as counterparty to, and are not a party to, any Perpetual Contract,” the terms say.

That split matters for anyone reading the headline numbers. The leverage on offer, up to 40x on bitcoin, comes from Hyperliquid’s market settings. Pump.fun’s terms let it restrict markets and cap leverage at any time, but they publish no figures. And the fees Pump.fun collects sit on top of what Hyperliquid and the bridge operator charge.

Pump.fun perps fees: up to 0.10% per order, 0.25% per bridge transfer

The fee page, marked “Last Updated: 17 October 2026”, is the closest thing to an official statement. It says Pump.fun charges “a builder fee of up to 0.10% of the notional value of each order you submit”. The fee covers orders that open, add to or close a position. Users approve it by signature the first time they use what the page calls the Perpetuals Feature, and it appears as a separate line before an order is confirmed.

Notional value means the full size of the position, not the margin put up. A trader who posts $250 and opens a $10,000 position at 40x pays the builder fee on $10,000.

Moving money in and out has its own cost. Pump.fun takes up to 0.25% on each transfer to or from Hyperliquid through the bridge built into the app, on top of the bridge operator’s own fees. The page warns that the two may be shown together as a single bridge-fee figure.

Several charges are not Pump.fun’s at all. The fee page lists them as third-party costs:

• Hyperliquid’s trading fees and funding payments, charged by Hyperliquid.
• The bridge operator’s fees, charged by the operator.
• Hyperliquid’s one-time account activation fee, deducted from the first deposit.

One line works in the trader’s favour. Pump.fun’s usual Platform Fee on web and app trades, 0.45% for a wallet without a referral code and 0.40% with one according to the same page, is switched off for these orders:

“The Platform Fee does not apply to orders submitted through the Perpetuals Feature.” (Pump.fun fee page, updated 17 October 2026)

Crypto.news and Bitcoin.com News both worked through the maximum rates: a $10,000 order costs $10 in builder fee, and a $1,000 bridge transfer costs $2.50. Actual rates may be lower, since the page only gives ceilings. It gives no separate start date for the perpetuals fees.

How the integration works: Pump.fun interface, Hyperliquid engine

The plumbing is a Hyperliquid feature called builder codes, as Bankless reported on 16 October. Builder codes let an outside app route its users’ orders into Hyperliquid’s order books and keep a share of the fees. HyperCore, the trading engine of Hyperliquid, does the matching and runs the liquidations.

Hyperliquid’s documentation on builder codes fills in the mechanics. The user sends an ApproveBuilderFee action, signed by their main wallet rather than an agent or API wallet, which sets the maximum fee a given builder address may charge. The approval can be revoked at any time. Builder fees are capped at 0.1% on perpetuals and 1% on spot. A builder must hold at least 100 USDC in perps account value, and it collects its fees through Hyperliquid’s usual referral reward claim.

Pump.fun’s 0.10% is therefore the highest builder fee Hyperliquid allows on perpetuals. It cannot go higher without a change on Hyperliquid’s side.

Access can end, too. If Pump.fun restricts or ends a user’s access, or withdraws the feature, open positions and collateral stay on Hyperliquid under its rules, liquidations included. The user then has to manage them on Hyperliquid directly or through another interface, and Pump.fun has no duty to close them.

This is not HIP-3, Hyperliquid’s standard for permissionless market deployment, under which builders launch perpetual markets of their own. Nothing in the fee page, the terms or the coverage says Pump.fun deploys its own markets. It is also unrelated to Perps.fun, a separate project.

The 40x leverage cap belongs to Hyperliquid

Leverage figures circulated before the terms appeared. Crypto.news, citing reporting by CoinLaw on 16 October, wrote that a Pump.fun data response identified on 9 October listed up to 40x for bitcoin and 25x for ether. CoinLaw cautioned that the data alone did not show whether users could place orders. Bankless also dates the first perps data in Pump.fun’s API to around 9 October.

Those figures match Hyperliquid’s own market settings. Its public API, queried at about 04:50 UTC on 18 October, listed maximum leverage of 40x for BTC, 25x for ETH, 20x for SOL, and 10x each for HYPE and PUMP, Pump.fun’s own token.

What Pump.fun allows inside its app is a separate question. Section 30B says it may add, remove or restrict markets and limit leverage or order types at any time, without naming any. The company has not said which of the 178 active perpetual markets in Hyperliquid’s API it shows, or whether meme coins are among them. For scale, Hyperliquid’s mark prices at 04:50 UTC on 18 October were about $81,760 for bitcoin, $2,417 for ether and $103.9 for SOL.

US users and Ontario residents are shut out

Perpetuals are a Restricted Feature under the terms, closed to anyone located in or resident in the United States, including its territories and possessions, or in Ontario. It is also closed to people in prohibited or sanctioned jurisdictions, people on sanctions lists, people restricted under Hyperliquid’s own terms, people in “other jurisdictions” Pump.fun may designate, and anyone acting for them. The conduct rules forbid using VPNs, proxies or geolocation spoofing to get around such controls.

No reason is given for the US and Ontario exclusions. Section 30B.11 does state that no Pump entity is registered as a derivatives intermediary, and that Pump.fun does not clear or settle trades.

What European readers can and cannot conclude

France, Italy and the rest of the European Union are not named in the perpetuals restrictions. The only EU and UK references in the terms concern sanctions. Not being named is not the same as being authorised: Pump.fun publishes nothing about a licence or registration in any EU country for this product, and its list of restricted places can grow at its discretion.

Readers in France and Italy can look Pump.fun up on the AMF’s and Consob’s public warning lists before using any platform that offers leverage. The terms themselves say losses on these contracts “may be sudden, substantial and may equal the entire collateral”. Nothing in this article is a recommendation to trade them.

Perpetual futures and liquidation, in plain terms

A perpetual future is a contract that tracks the price of an asset and never expires. To stop it drifting away from the spot price, traders on one side pay the other a small funding payment at regular intervals. When the contract trades above spot, longs usually pay shorts; below spot, the reverse.

Leverage means controlling a position larger than the money posted. A worked example, for illustration only: at 40x, $250 of margin supports a $10,000 bitcoin position. A 2.5% move against it, or $250, would erase the margin entirely.

Liquidation comes well before that. Hyperliquid’s liquidation rules set the maintenance margin at half the initial margin at maximum leverage, which is 1.25% for a 40x market. On the $10,000 position, that is $125. Once losses push the account’s equity below $125, Hyperliquid closes the position: a move of about 1.25%, roughly $1,000 on a bitcoin price near $81,760, and less once the $10 builder fee and Hyperliquid’s own trading fee are deducted.

When that happens, the collateral is gone. Coindaro’s glossary entry on liquidation explains the mechanism in more detail. Funding payments and the builder fee are charged whether the trade wins or loses, and funding adds up for positions held for days.

The bridge is the other moving part. Funds have to be moved as USDC from the user’s wallet to a Hyperliquid account, and back again to cash out. Each bridge crossing costs the Pump.fun fee and the operator fee, and adds a third-party contract to the route.

Pump.fun revenue held near $2 million a day before perps

DefiLlama’s revenue data, read at about 04:50 UTC on 18 October, show Pump.fun earning between $2.04 million and $2.29 million a day from 12 to 16 October. On 17 October, the day the perps terms went live, the figure was $1.70 million, 19.7% below the day before. That UTC day may still be partially counted.

The dip says little about perps. 17 October was a Saturday, and Hyperliquid’s own revenue fell harder on the same day, to $1.30 million from $2.42 million. Pump.fun publishes no perps volume, and nothing separates builder fees from its other income in the public data.

Revenue in DefiLlama’s count is the protocol’s own cut, which is why it is lower than gross fees. Other trackers count differently: Cryptoticker, on 10 October, reported $1.585 million of Pump.fun revenue for 9 October and $12.17 million over seven days.

On DefiLlama’s figures the two businesses earn almost the same over 30 days. Bankless reported that Pump.fun briefly out-earned Hyperliquid on a weekly basis in late September. The perps deal makes the two rivals for fees partners on every order: Hyperliquid collects its trading fees on each Pump.fun trade, and Pump.fun collects its builder fee on top.

PUMP buyback and burn: do builder fees count?

The revenue question matters to PUMP holders because of the buyback. On 28 April 2026, The Block reported, Pump.fun burned all the PUMP it had bought back until then, about $370 million worth and 36% of circulating supply. It moved to a buyback and burn run by a locked blockchain that runs exactly as written when it is called, holding and moving funds according to its code, without an intermediary able to change the outcome.">smart contract and funded by half of net revenue from the bonding curve, PumpSwap and Terminal, for one year.

Co-founder Alon Cohen said at the time, as quoted by The Block: “A large treasury gives us the flexibility to make big bets over the next 5-10 years”.

Perps are not on that list of revenue sources. Pump.fun has not said whether builder fees and bridge fees will join the buyback base. All the fee page settles is that the Platform Fee, its usual charge on trades, is not taken on perps orders.

Cryptoticker, in a piece dated 10 October and updated on 12 October, put PUMP’s total supply at 828.92 billion against a 1 trillion maximum, implying about 171 billion tokens burned, or 17.11%. It estimated the buyback at about $6.08 million over seven days, calculated as half of seven-day revenue rather than from confirmed purchases.

The token has slid over the same week. CoinGecko priced PUMP at $0.00433 at 04:51 UTC on 18 October, down 5.5% over 24 hours and 19.4% over seven days, and about 51% below its record of $0.00882 set on 14 September 2025.

What Hyperliquid gets: distribution through other apps

For Hyperliquid, Pump.fun is one more storefront. Builder codes let any app with an audience send order flow to its books without Hyperliquid having to win those users itself. Pump.fun brings a crowd that trades Solana meme coins and already holds a wallet in its app.

Hyperliquid’s public API, at about 04:50 UTC on 18 October, showed about $2.58 billion of perpetuals volume over the previous 24 hours and about $11.07 billion of open interest valued at mark prices. Bitcoin accounted for $898 million of that volume, ether $615 million and SOL $87 million. These are rolling 24-hour snapshots, not daily closes.

This is the second step in the relationship. In August Pump.fun added spot trading of HyperEVM tokens, the smart-contract side of Hyperliquid, against USDC; Crypto.news dates that to 26 August. Perps on HyperCore follow the same route.

Hyperliquid was in the news on 16 October too, in our report on Ripple Prime and Hyperliquid. Perpetual contracts on tokenized stocks, a separate story, are covered in our piece on tokenized stock perpetuals and the SEC.

Open questions and the next figures to watch

A lot about the feature is still unknown. There is no dated launch post, so it is not clear whether trading is open to every eligible user or being rolled out in stages. Pump.fun has not said which markets it shows, what leverage it permits, how many people use it or how much it has earned from builder fees.

For readers outside North America, the list of excluded places is the one to watch, since the terms let Pump.fun add jurisdictions at any time.

The first hard test will be DefiLlama’s Pump.fun revenue for the week of 19 to 25 October, set against the $14.51 million of the past seven days. Builder-fee dashboards on Hyperliquid may show Pump.fun’s order flow before the company does. The current buyback programme runs until around 28 April 2027.