Pumpfun launches Hyperliquid perps with a separate trading fee

The integration brings long and short exposure to various asset classes into a single interface, with leveraged trading directly from a Pumpfun wallet. The feature uses isolated margin and applies a separate surcharge on top of Hyperliquid's standard fees, creating an additional cost layer for traders.

Pumpfun advertises access to over 300 Hyperliquid markets, allowing users to post position callouts that followers can tail to generate rewards for the original poster. While the trading feature is now live, access is restricted based on location, with explicit exclusions for users in the United States and other specified jurisdictions.

Leverage and margin specifics

The app offers varying leverage limits depending on the asset: up to 40x on Bitcoin, 25x on Ethereum, 20x on stocks like Tesla and Nvidia, and 50x on the S&P 500 index. Users can fund their trades using USDC or SOL from within the Pumpfun wallet and set take-profit and stop-loss orders either at position opening or afterward.

Pumpfun implements isolated margin for positions, meaning collateral is constrained to the specific asset being traded. This design ensures that liquidations in one asset don't affect other isolated positions or cross-margin arrangements. Traders can add or remove margin from isolated positions after opening them, with unrealized profits available as additional margin for that position.

Fee structure and funding costs

Pumpfun charges a builder fee of up to 0.05% of order notional value for opening, adding to, or closing positions. This fee is separate from Hyperliquid's standard charges and appears as a distinct line item before order confirmation. While the announcement states "No bridging required," the fee page allows transfers through an in-app bridge with charges up to 0.25% per transfer, plus the bridge operator's fees.

Users must approve the builder fee by signature when first using the perps feature. The platform exempts perpetuals orders from its ordinary platform fee but reserves the right to amend its fee schedule without advance notice. Hyperliquid's activation fee is deducted from the first deposit, and open positions face hourly funding payments between long and short sides.

Liquidation and access restrictions

Pumpfun warns that all posted collateral can be rapidly lost through liquidation, which follows Hyperliquid's mechanisms rather than the app's display. The platform notes that prices and liquidation levels shown are indicative, with actual execution using a mark price that combines external exchange data with Hyperliquid's order book state.

During high volatility or on highly leveraged positions, the mark price used for liquidation can differ significantly from the latest trade price displayed in the app. When equity falls below maintenance margin, Hyperliquid first attempts liquidation through market orders, potentially closing positions fully or partly. Isolated positions reaching backstop liquidation transfer their position and margin to the liquidator.

Eligibility for the perps feature is separate from general Pumpfun access and can change based on location or circumstances. The company reserves the right to assess access using geolocation, IP addresses, device information, wallets, and transaction signals, with its determination being final. The fee page also warns that displayed transaction charges may differ from those ultimately applied by smart contracts.