Markets · Derivatives
Pump.fun opens Hyperliquid perpetual futures to its memecoin traders
Pump.fun's updated terms let users outside the U.S. and Ontario send leveraged futures orders to Hyperliquid through its app, for a builder fee of up to 0.10% of each order.
Pump.fun, the memecoin launch app, has added a feature that sends its users' orders for leveraged perpetual futures to Hyperliquid, according to updated terms on its site (source 1). That puts leverage, and the risk of losing an entire stake, a tap away for traders who came to the app to buy meme tokens.
Pump.fun lets anyone create a token and trade it from a phone or browser. Hyperliquid is a separate blockchain-based exchange for derivatives, which Pump.fun's terms say no Pump entity "owns, operates or controls" (source 1). A perpetual future is a contract that tracks an asset's price with no expiry date, usually traded with leverage, meaning a small deposit controls a much larger position, so small price moves produce large gains or losses.
How it works
Pump.fun describes its role narrowly. The feature "is a software interface only," the terms say. "Every order, position, margin balance, funding payment, liquidation and settlement is created, matched, held, calculated and executed by Hyperliquid, not by us" (source 1). Pump.fun says it does not act as counterparty, that "no Pump Entity holds any key that can trade with, or withdraw, your collateral," and that it has "no ability to prevent, delay or reverse" a liquidation by Hyperliquid (source 1). Money moves to and from Hyperliquid through a third-party bridge, named in the terms as Relay (source 1).
The table sets out who handles each step and who charges for it.
| Step | Handled by | Fee charged by Pump.fun |
|---|---|---|
| Order entry and signing | Pump.fun app; user signs with own wallet key (source 1) | Builder fee of up to 0.10% of the notional value of each order (source 2) |
| Matching, margin, funding, liquidation | Hyperliquid (source 1) | None; Hyperliquid charges its own trading and funding fees (source 2) |
| Moving funds to or from Hyperliquid | Third-party bridge, Relay (source 1) | Up to 0.25% on each transfer, on top of the bridge operator's fees (source 2) |
In short, Pump.fun earns on every order and every transfer while leaving custody and execution to others.
What it costs
The fees page states the builder fee applies to each order "including orders that open, add to or close a position," and that users approve it by signature on first use (source 2). Hyperliquid's own fees, the bridge operator's fees and a one-time Hyperliquid account activation fee come on top (source 2). Pump.fun's usual 0.45% platform fee on spot trades, or 0.40% with a referral code, does not apply to perpetuals orders (source 2).
Who cannot use it
The feature is closed to anyone in or resident of the United States, including its territories, or the Canadian province of Ontario, as well as sanctioned jurisdictions (source 1). Pump.fun says it may use "geolocation, IP address, device, Wallet, transaction and other signals" to enforce those limits (source 1). The terms warn that these contracts "are leveraged derivative instruments" and that trading them "can result in the rapid loss of all of the collateral you post" (source 1).
What is not yet known
- How many Pump.fun users have traded perpetuals, or in what volume.
- Which markets and what maximum leverage are offered through the app.
- How much Pump.fun has earned from builder and bridge fees.
- Why both pages carry an Oct. 17 update date.
What it means
In Le Coin's view, the move turns a memecoin launchpad into a storefront for a derivatives exchange. Pump.fun takes a cut of each leveraged order while its terms push execution, custody and liquidation risk onto Hyperliquid and the user.
The terms do not say why the U.S. and Ontario are excluded, though they let Pump.fun restrict any contract it considers "may be a regulated instrument in a relevant jurisdiction" (source 1). In Le Coin's view, the exclusions suggest Pump.fun sees regulatory risk in those places, even as it describes itself as only an interface.
Sources
- Pump.fun, Terms of Use, Section 30B "Perpetuals Feature," page stamped "Last Updated: 17 October 2026," https://pump.fun/docs/terms-and-conditions, accessed 2026-10-16, 5:19 p.m. ET.
- Pump.fun, Fees page, page stamped "Last Updated: 17 October 2026," https://pump.fun/docs/fees, accessed 2026-10-16, 5:19 p.m. ET.
Holding the Corner.
Not financial advice.