Pump.fun Lists Hyperliquid Perpetuals With Fees of Up to 0.10% per Order
Pump.fun’s website lists a perpetuals section powered by Hyperliquid, but the available information does not confirm that users can place trades. A market table appeared during a review, while individual contract details did not load.
- According to Pump.fun’s terms, Hyperliquid handles trading, margin, funding, liquidations and settlement.
- Pump.fun lists fees of up to 0.10% per qualifying order and up to 0.25% per bridge transfer.
- Those rates are maximums, not confirmation that every user pays them.
- The terms restrict access for specified users in the United States and Ontario.
What is and isn’t confirmed
Perpetuals are futures contracts with no set expiry date. Pump.fun’s terms, updated Oct. 17, describe the service as a software interface that sends users’ signed trading instructions to Hyperliquid. Hyperliquid handles orders, margin, funding payments, liquidations and settlement. Pump.fun says it is not the counterparty to trades.
That explains how the companies say the service is structured, but it does not settle legal responsibility for every aspect of the product. A listing in the interface also does not prove trading is available. The market page displayed a table, but individual contract details did not load during the review. The available markets and their terms remain unverified.
Reporting dated Oct. 16 cited maximum leverage of 40 times for Bitcoin and 25 times for Ether. CoinLaw attributed the figures to Pump.fun application data identified on Oct. 9, including prices, funding rates, open interest and trading volumes. CoinLaw cautioned that the data alone did not show whether users could place orders. The reported leverage figures should not be treated as confirmed, usable limits.
How Pump.fun’s fees work
Pump.fun lists a builder fee of up to 0.10% of an order’s notional value, meaning the order’s value before leverage. The fee applies to orders that open a position, add to one or close it. Users approve the builder fee by signature the first time they use the service, and it appears separately before order confirmation.
At the maximum rate, a qualifying $10, 000 order would incur a $10 builder fee. That is an example for one order, not necessarily the total cost of opening or managing a position. Opening, adding to and closing a position can each involve a separate qualifying order. The published information does not say how partial fills or repeated submissions affect the charge.
Moving funds to or from Hyperliquid through the app’s bridge carries a separate Pump.fun fee of up to 0.25% per transfer. At the maximum rate, a $1, 000 transfer would incur a $2.50 Pump.fun fee, before any charge from the bridge operator. Pump.fun says the app may show its fee and the operator’s fee together as one amount.
Other costs apply separately. Hyperliquid charges trading fees, and funding payments may apply to perpetual positions. Funding is a payment between traders on opposite sides of a contract, and the rate can change. Hyperliquid also charges a one-time account activation fee, deducted from the first deposit. The available fee information does not state the amount.
Pump.fun’s general Platform Fee does not apply to perpetual orders. The platform lists that fee as 0.45% for wallets without a referral code and 0.40% for wallets using another user’s code. These rates are separate from the perpetual builder fee.
Leverage brings liquidation risk
Leverage lets traders control a position larger than the collateral they post, magnifying both gains and losses. At 40 times leverage, an adverse price move can put a position at risk quickly. But the leverage figure alone does not reveal a single liquidation threshold. That threshold depends on the position and the platform’s rules. Bitcoin volatility perpetuals are another example of derivatives being built on Hyperliquid.
Pump.fun’s terms warn that users can lose all posted collateral and that Hyperliquid may liquidate positions automatically. A front end can make a complex product easier to access, but it cannot remove the risk of rapid liquidation.
Who can use the feature?
Pump.fun’s terms prohibit specified people and entities in the United States, including its territories, and Ontario from using the perpetual feature. The restrictions also cover sanctioned parties and people acting on behalf of prohibited users. Anyone considering the service should check which terms apply to their location and circumstances.
Key questions and answers
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Who handles the perpetual trades?
Hyperliquid handles orders, margin, funding, liquidations and settlement. Pump.fun describes itself as the interface and says it is not the counterparty.
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What fees does Pump.fun list?
Up to 0.10% per qualifying order and up to 0.25% per bridge transfer. Hyperliquid and bridge-operator charges are separate.
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Are the reported leverage limits confirmed as available?
No. CoinLaw reported figures of 40 times for Bitcoin and 25 times for Ether based on application data, but said the data did not establish whether users could place orders.
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Can a leveraged position lose all its collateral?
Yes. Pump.fun’s terms warn that users can lose all posted collateral and that Hyperliquid may liquidate positions automatically.
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Is the feature available everywhere?
No. Pump.fun’s terms restrict specified users in the United States and its territories, and Ontario. They also restrict sanctioned parties and people acting for prohibited users.
