Pump.fun has introduced a perpetual futures trading interface powered by Hyperliquid, allowing users to access leveraged crypto trading through its platform. Its published fee schedule lists charges of up to 0.10% per order and up to 0.25% per bridge transfer.
The service uses Hyperliquid’s infrastructure to process orders, manage margin, calculate funding payments, handle liquidations and settle trades. Pump.fun says it acts as a software interface rather than the counterparty to these transactions.
The updated terms, dated October 17, restrict access to the perpetual trading feature for certain users in the United States and Ontario. Sanctioned individuals and other prohibited users are also excluded.
Pump.fun adds perpetual futures trading
Pump.fun’s website now lists a Perps section alongside its existing trading products. Its market page displayed a market table during the reported review, although individual contract details did not load.
A report published on October 16 said the platform’s application data indicated maximum leverage of 40 times for Bitcoin and 25 times for Ethereum. The data, identified on October 9, included prices, funding rates, open interest and trading volumes.
However, the earlier discovery of market data did not independently confirm that users could place orders at that time. The updated product documents provide separate evidence of the interface and its operating terms.
Perpetual futures allow traders to take leveraged positions without an expiration date. These contracts use funding payments to help keep their prices aligned with the underlying market. Leverage can increase potential gains, but it also raises the risk of rapid losses and liquidation.
Published fees cover orders and bridge transfers
Pump.fun’s fee schedule lists a builder fee of up to 0.10% of an order’s total value. The charge can apply when opening a position, increasing it or closing it.
Users approve the fee through a signature when they first use the service. The charge is shown separately before an order is confirmed.
The platform also lists a fee of up to 0.25% for transferring assets through its bridge to or from Hyperliquid. This charge is separate from fees imposed by the bridge operator.
Pump.fun may combine the two bridge charges into one displayed amount. Hyperliquid’s trading and funding fees remain separate, as does its one-time account activation fee, which is deducted from the first deposit.
The company’s general platform fee does not apply to perpetual futures orders. Its published schedule lists that separate fee at 0.45% for wallets without a referral code and 0.40% for wallets using another user’s code.
These rates are maximum published charges, not confirmation that every transaction will incur the highest fee.
At the stated maximum rates, a $10,000 order would incur a $10 builder fee, while a $1,000 bridge transfer would carry a $2.50 Pump.fun transfer fee. These examples exclude third-party charges and other applicable costs.
HyperEVM trading came before the new integration
Pump.fun expanded into Hyperliquid’s ecosystem on August 26 by adding trading for HyperEVM tokens against USDC.
HyperEVM is Hyperliquid’s Ethereum-compatible environment for smart contracts. It operates alongside HyperCore, which supports the network’s spot and perpetual order books. HYPE is used to pay transaction costs in the smart-contract environment.
Pump.fun described its earlier HyperEVM trading service as having nearly zero trading fees and offering referral rewards. However, that description did not include an exact fee schedule and should not be treated as the pricing for the new perpetual futures product.
At the time of the August report, DefiLlama data showed Hyperliquid recording approximately $12.43 billion in daily perpetual futures volume and $82.47 billion over seven days. Those figures reflect activity at that historical point and do not represent current trading volume or available liquidity.
Hyperliquid and Pump.fun reported strong revenue before the launch
CoinGecko’s revenue comparison through September 15 placed Hyperliquid at approximately $429.04 million and Pump.fun at $322.21 million.
The comparison ranked the two platforms first and second within its adjusted group, which excluded Tether, Circle and Grayscale. Together, they generated approximately $751.25 million, or 22.10% of the revenue pool used in the study.
Pump.fun’s revenue came mainly from token creation and trading fees connected to its Solana launchpad. Hyperliquid generated revenue through its trading business, with fees supporting community-related mechanisms that include HYPE purchases through its Assistance Fund.
These figures represent a historical year-to-date snapshot. They do not show how much either platform has earned since the new perpetual futures interface became available.
US restrictions remain in place
Pump.fun’s terms prohibit specified users and entities in the United States, its territories and Ontario from accessing the perpetual futures feature. The restrictions also cover sanctioned parties and people acting on behalf of prohibited users.
The terms warn that leveraged traders can lose all the collateral they post. Hyperliquid may automatically liquidate positions when required by its margin rules.
Separately, the Hyperliquid Policy Center and trade[XYZ] submitted a filing on August 26 seeking a regulated US route for perpetual contracts tied to energy markets. The proposal covered West Texas Intermediate crude oil, Brent crude and Henry Hub natural gas.
The filing responded to a Commodity Futures Trading Commission review of continuous energy futures and perpetual contracts linked to physical or storable commodities. The groups argued that existing regulatory authority could support these products without requiring new legislation.
According to the submission, trade[XYZ] had operated markets on Hyperliquid since October 2025 and recorded more than $500 billion in cumulative volume across several asset classes. Its proposal included stablecoin margin, leverage limits and regulated onchain market infrastructure.
That regulatory proposal is separate from Pump.fun’s new product. The filing does not remove the geographic restrictions stated in Pump.fun’s terms.
The new interface expands Pump.fun beyond its existing token-launch and spot-trading activities. However, its published fees, leverage risks and geographic restrictions remain important considerations for users assessing the service.
