Overview
- Pump.fun published a live perpetuals interface on Oct. 16–17 and confirmed product terms that route signed trading instructions to Hyperliquid for order matching, margin, funding and settlement.
- The platform posted fee ceilings that include a builder fee up to 0.10% per order and a bridge transfer fee up to 0.25% payable when moving assets to or from Hyperliquid.
- Reported maximum leverage stands at 40x for Bitcoin and 25x for Ether which means modest price moves can wipe out posted collateral and trigger automatic liquidations handled by Hyperliquid.
- Pump.fun explicitly bars users in the United States, its territories, and Ontario from using the perpetuals feature and warns of liquidation and infrastructure concentration risks from relying on Hyperliquid’s shared order books.
- Because Pump.fun taps Hyperliquid’s large on‑chain liquidity pools and funding‑rate feeds instead of building its own derivatives engine, watch for changes in open interest, funding rates, user losses from liquidations, and any response from rival apps or regulators.