Pump.fun Rolls Out Hyperliquid (HYPE) Perpetuals With a 0.10% Order Fee

Pump.fun Opens a Leverage Desk

Pump.fun pushed beyond its Solana meme coin roots on Saturday, October 17, switching on leveraged perpetual futures trading powered by Hyperliquid (HYPE). The launchpad built its name letting traders create and speculate on new Solana tokens, and it now runs a derivatives interface on top of Hyperliquid, the decentralized exchange (DEX) that specializes in these contracts, instruments allowing traders to speculate on cryptocurrency prices without owning the underlying asset or facing a fixed expiry date. For readers new to the mechanism, a perpetual contract rolls continuously and its price is held near spot through funding payments, with leverage set by the margin a trader posts. The service went live the same day it published updated terms. The fee schedule arrived with the launch. Pump.fun can take up to 0.10% of order value each time a trader opens, adds to or closes a position, and funds moved across the integration bridge can carry a further charge of up to 0.25%. Trading data from the new interface showed Bitcoin contracts offering as much as 40x leverage and Ethereum contracts up to 25x. For a platform whose income came from token issuance, the desk opens a second revenue line that does not depend on meme coin volume. The rollout lands while the Hyperliquid (HYPE) price trades well under its $97.99 record; closing that gap would take a 20.8% gain. Access is not universal, and the carve-outs are written into the terms rather than left to discretion. The updated terms bar traders in the United States, including its territories, and in Ontario from the new contracts. The restrictions took effect on October 17 alongside the rest of the fee schedule. Sanctioned jurisdictions and other prohibited persons are excluded as well, and the platform expressly bans the use of VPNs to get around the block.

Hyperliquid Runs the Market, Pump.fun Takes the Cut

Under the arrangement the two platforms split the work cleanly. Pump.fun provides the front end and account access; Hyperliquid handles everything beneath it: matching orders in its central limit order book, managing collateral, paying funding rates and closing out positions that fail. Funding rates, the periodic payments exchanged between long and short holders, keep the perp price tethered to spot. Users keep custody of their own wallets throughout, and even if access through Pump.fun goes down, positions remain reachable directly through Hyperliquid. No deposit sits in a Pump.fun account; the collateral lives on the DEX ledger. The charges stack in layers. A $10,000 order carries up to $10 in fees on the way in. A $1,000 bridge transfer can add up to $2.50 before any external network costs, and Hyperliquid's own trading fees plus third-party charges are billed separately on top. Every line item is published on the terms page Pump.fun updated on October 17. Leverage adds the second layer of risk. A comparatively small adverse move can exhaust a position's collateral, and once the maintenance threshold is breached, Hyperliquid closes the trade automatically, the standard exposure profile of margin trading. That liquidation engine was behind a recent $12.25M account wipeout on the venue, a reminder that size does not protect a position from the maintenance rule. Traders working through the How to Trade on Hyperliquid guide meet the same machinery whether they enter via the main app or the Pump.fun front end. Orders pay the 0.10% ceiling on entry, on every addition and again on exit, so a position built in stages accumulates charges. The geographic rules are enforced through the terms themselves. US users including those in American territories, Ontario residents, sanctioned jurisdictions and other prohibited persons are out, and the platform states outright that VPN workarounds are banned.

Revenue Without Running an Exchange

The design is the commercial point. Pump.fun gains fee income without operating a matching engine, a custody stack or a liquidation system, and Hyperliquid draws order flow from one of crypto's busiest retail front ends. The desk starts from a modest base: the token's spot ETF products recorded a $4.95 million daily net outflow in a recent session, against thinning daily volume on the venue. For traders, the offer is direct perps access wrapped in a layered fee bill, as much as 0.35% combined on a bridged, opened position before Hyperliquid's own charges, plus exposure that behaves like borrowing: a margin breach can erase the entire position. As of October 17, the desk is live, the fee terms are in force and the US and Ontario exclusions apply.