Pump.fun has introduced perpetual futures trading for Bitcoin and Ethereum, expanding its services beyond Solana memecoin launches. The new feature operates through Hyperliquid’s decentralized infrastructure, allowing eligible traders to open long or short positions without holding the underlying assets.

Leverage Limits and Product Details

Bitcoin perpetual contracts support leverage of up to 40 times, while Ethereum contracts reach a maximum of 25 times. These derivatives have no expiration date. Traders interact with a Perps section now available on the Pump.fun interface, which sits alongside the platform’s existing products.

The rollout follows the appearance of perpetual trading data in Pump.fun’s application programming interface on October 9, 2026. That data included prices, funding rates, trading volumes and open interest sourced from Hyperliquid’s HyperCore mainnet.

Division of Roles Between Platforms

Hyperliquid manages order execution, margin balances, funding payments, liquidations and settlement. Pump.fun supplies the user interface that forwards signed trading instructions. Updated terms published on October 17, 2026 state that Pump.fun does not serve as the counterparty. Trades use Hyperliquid’s existing order books rather than a separate derivatives engine built by Pump.fun.

Users may access any existing Hyperliquid positions through other compatible interfaces. Those positions remain subject to Hyperliquid’s margin requirements, funding payments and liquidation rules. Displayed prices, margin levels and liquidation thresholds on the Pump.fun interface may differ from Hyperliquid’s actual execution values. If access to the Pump.fun feature ends, open positions can continue on Hyperliquid.

The integration builds on an earlier connection. On August 26, Pump.fun added support for trading HyperEVM tokens against USDC. HyperEVM and HyperCore operate on the same blockchain.

Fee Structure

Pump.fun’s published schedule sets a builder fee of up to 0.10 percent of an order’s notional value. This charge applies to orders that open, increase or close a position. Users confirm the fee with a signature on first use, and the amount appears separately before confirmation. At the maximum rate, a $10,000 order incurs a $10 builder fee.

A separate bridge fee of up to 0.25 percent applies to transfers to or from Hyperliquid. This amount is charged in addition to any fees levied by the bridge operator. The application may display both bridge-related charges as a combined figure. At the maximum rate, Pump.fun’s portion of a $1,000 transfer equals $2.50 before third-party costs.

These rates are ceilings and do not necessarily apply to every transaction. Hyperliquid’s own trading fees, funding costs and a one-time account activation fee deducted from the first deposit remain separate. Pump.fun excludes perpetual orders from its standard Platform Fee, which stands at 0.45 percent for wallets without a referral code and 0.40 percent for those using another user’s code.

Access Restrictions and Risks

The perpetual futures feature is unavailable to users located in the United States, U.S. residents, entities incorporated or organized there, and users in Ontario. The ban also covers other restricted jurisdictions and sanctioned parties. Leveraged positions carry the risk of automatic liquidation. Traders can lose all posted collateral during sharp market moves.

Context of Platform Revenue

Before the derivatives launch, Pump.fun recorded weekly revenue of $15.16 million in late September, slightly above Hyperliquid’s $15.06 million. Those figures reflect the platforms’ prior activities. Pump.fun previously generated most of its revenue from token creation and memecoin trading fees. The new order and bridge charges create an additional potential revenue stream while routing activity to Hyperliquid’s order books.

At the end of August, Hyperliquid recorded approximately $12.43 billion in daily perpetual futures trading volume, supplying the liquidity that underpins the new product.