Key Takeaways
- • Pump.fun launched perpetual futures trading offering up to 40x leverage on Bitcoin and 25x leverage on Ethereum, executed through Hyperliquid's infrastructure.
- • Hyperliquid handles order execution, margin, funding, liquidations and settlement, while Pump.fun acts as an interface and states it is not the counterparty.
- • Pump.fun's published fee ceilings are a 0.10% builder fee per order and a 0.25% bridge fee per transfer, which are maximum rates rather than guaranteed charges.
- • The service excludes users in the United States, Ontario and other restricted jurisdictions.
- • PUMP token rose 3.92% to $0.004649 over 24 hours following the launch, per the primary report.
Summary
Pump.fun has launched a perpetual futures service that allows users to take long or short positions on Bitcoin and Ethereum without buying the underlying assets. According to the report, the Bitcoin contracts support leverage of up to 40x and the Ethereum contracts up to 25x. Perpetual futures are derivative contracts without an expiration date, and the feature appears as a new Perps section alongside Pump.fun's existing trading products.
The rollout follows the discovery of perpetual trading data in Pump.fun's application programming interface on October 9, 2026, which included prices, funding rates, trading volumes and open interest drawn from Hyperliquid's HyperCore mainnet. The service is built on Hyperliquid's existing order books rather than a separate Pump.fun derivatives engine. Hyperliquid handles order execution, margin balances, funding payments, liquidations and settlement, while Pump.fun supplies the interface for submitting trading instructions. Pump.fun's terms, updated October 17, 2026, describe software that forwards signed trading instructions to Hyperliquid, and the company says it does not serve as the counterparty. The integration builds on Pump.fun's August 26 addition of HyperEVM token trading against USDC.
Pump.fun's published schedule sets a builder fee of up to 0.10% of an order's notional value, applying to orders that open, increase or close a position, and a bridge fee of up to 0.25% per transfer to or from Hyperliquid, excluding the bridge operator's fees. At the maximum builder rate, a $10,000 order carries a $10 fee. Hyperliquid trading fees and funding costs are billed separately, and perpetual orders are excluded from Pump.fun's standard Platform Fee. The schedule also lists rates of 0.45% for wallets without a referral code and 0.40% for those using another user's code. Users in the United States, Ontario and other restricted jurisdictions are barred from the service.
For context, the report notes that Pump.fun recorded weekly revenue of $15.16 million in September, exceeding Hyperliquid's $15.06 million. These figures predate the perpetual integration and do not reflect service revenue. The report notes that Pump.fun's business previously relied heavily on memecoin trading, so the order and bridge charges represent a potential new revenue source.
The rollout follows the discovery of perpetual trading data in Pump.fun's application programming interface on October 9, 2026, which included prices, funding rates, trading volumes and open interest drawn from Hyperliquid's HyperCore mainnet. The service is built on Hyperliquid's existing order books rather than a separate Pump.fun derivatives engine. Hyperliquid handles order execution, margin balances, funding payments, liquidations and settlement, while Pump.fun supplies the interface for submitting trading instructions. Pump.fun's terms, updated October 17, 2026, describe software that forwards signed trading instructions to Hyperliquid, and the company says it does not serve as the counterparty. The integration builds on Pump.fun's August 26 addition of HyperEVM token trading against USDC.
Pump.fun's published schedule sets a builder fee of up to 0.10% of an order's notional value, applying to orders that open, increase or close a position, and a bridge fee of up to 0.25% per transfer to or from Hyperliquid, excluding the bridge operator's fees. At the maximum builder rate, a $10,000 order carries a $10 fee. Hyperliquid trading fees and funding costs are billed separately, and perpetual orders are excluded from Pump.fun's standard Platform Fee. The schedule also lists rates of 0.45% for wallets without a referral code and 0.40% for those using another user's code. Users in the United States, Ontario and other restricted jurisdictions are barred from the service.
For context, the report notes that Pump.fun recorded weekly revenue of $15.16 million in September, exceeding Hyperliquid's $15.06 million. These figures predate the perpetual integration and do not reflect service revenue. The report notes that Pump.fun's business previously relied heavily on memecoin trading, so the order and bridge charges represent a potential new revenue source.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.