Pump.fun Launches New Perpetual Futures Trading Platform
Pump.fun has unveiled a new perpetual futures trading platform, powered by Hyperliquid, featuring a fee structure that can reach as high as 0.10% per order. However, users in the United States and Ontario will face access restrictions. The updated terms of service, released on October 17, characterize the platform as an interface that transmits signed trading commands to Hyperliquid, which manages aspects such as order execution, funding, and settlements. Importantly, Pump.fun clarified that it does not assume the role of a counterparty in these transactions.
Platform Features and Fee Structure
On its main website, the platform has introduced a dedicated section for perpetual contracts alongside its previously available trading offerings. During a recent review, the platform showcased a market table on its accessible market page, though it was noted that the specifics for individual contracts did not load correctly.
In terms of leveraging options, a report dated October 16 indicated that users could potentially access leverage of up to 40 times for trading Bitcoin and 25 times for Ether. These leverage figures were derived from application data released on October 9, which also included details about market prices, funding rates, open interest, and trading volumes. This data, along with the recently published product details, marks the different phases of the platform’s rollout, but it is crucial to note that the application data does not confirm whether users can actually execute trades.
The fee structure on Pump.fun features a builder fee that could be as high as 0.10% of the notional value for each order, which encompasses actions like opening, adding to, or closing a position. Users are required to agree to this fee by signature upon their first usage of the service, with a separate prompt before confirming the order.
In addition to the builder fee, a secondary charge applies when funds are moved through the bridge available within the app, which is set at up to 0.25% for transfers to or from Hyperliquid, in addition to the fees charged by the bridge operator. The current fee schedule notes that these two bridge-related charges might be consolidated into a single displayed rate.
As for Hyperliquid, its trading and funding fees remain distinct from the Pump.fun charge, which is levied only once during account activation, deducted from the initial deposit.
Interestingly, perpetual orders are specifically excluded from the general Platform Fee, which is currently set at 0.45% for wallets lacking a referral code and slightly reduced to 0.40% for those linked to another user’s referral.
To exemplify this fee structure, a $10,000 order at the maximum fee would incur a $10 builder fee, while a $1,000 transfer could lead to a $2.50 charge. It’s important to clarify that these figures serve as ceiling rates, meaning not every order or transfer will necessarily meet these maximums.
Previous Offerings and Revenue Insights
Before this latest derivatives offering, Pump.fun had initially expanded into trading HyperEVM tokens against USDC on August 26, as previously reported by crypto.news. This was positioned as a near zero-cost trading opportunity, supplemented with referral incentives. However, the specific fees for that product were not explicitly outlined, indicating a difference in pricing structure compared to the new perpetual futures.
Moreover, Hyperliquid’s documentation connects HyperEVM to the HyperCore blockchain network, which oversees both spot and perpetual order books, confirming that transaction fees are paid in HYPE within this smart-contract environment. Reports from August highlighted a significant trading volume in perpetual contracts, indicating $12.43 billion in daily transactions and $82.47 billion over a week, as cited by DefiLlama. These figures reflect past trading activity rather than current liquidity or volumes.
Evaluating revenues prior to this integration, CoinGecko provided insights showing Hyperliquid with revenue figures of $429.04 million compared to Pump.fun’s $322.21 million by September 15, ranking them first and second respectively in terms of adjusted revenue contributions.
Pump.fun’s income mainly stemmed from trading fees and token launches on its Solana launchpad, while Hyperliquid’s revenue was derived from trading activities and community initiatives, including HYPE purchases through various community funds. These rankings, however, did not account for the comprehensive month of September, nor did they reflect variable revenues following the introduction of perpetual trading.
Regulatory Considerations and Future Developments
It’s pertinent to note that Pump.fun explicitly restricts the use of its perpetual trading feature for certain individuals and entities within the United States and Ontario, including sanctioned parties, and those acting on behalf of barred users. The terms issued warn users that leveraged positions carry significant risk, including the potential for total loss of collateral, and specify that Hyperliquid may enforce liquidation of positions automatically.
In related news, the Hyperliquid Policy Center submitted a filing on August 26 in collaboration with trade[XYZ], aiming to establish a regulated basis for energy perpetual contracts in the U.S., targeting commodities like West Texas Intermediate crude and natural gas. This submission was made in response to ongoing CFTC evaluations of continuous energy futures and sought to demonstrate that existing regulatory frameworks could suffice without necessitating new laws. According to their filing, trade[XYZ] has been active on the Hyperliquid platform since October 2025, achieving over $500 billion in total volume across various asset classes. The proposal included provisions for stablecoin margin and stipulated limits on leverage, aiming to ensure a robust regulatory on-chain market environment.
