Pump.fun has introduced a perpetual futures trading interface powered by Hyperliquid, allowing users to trade leveraged positions through its platform. The published fee schedule lists builder fees of up to 0.10% per order and transfer fees of up to 0.25% when moving assets through the app’s bridge.
Pump.fun’s terms, updated Oct. 17, describe the service as a software interface that sends users’ signed trading instructions to Hyperliquid. The underlying protocol handles orders, margin, funding payments, liquidations and settlement. Pump.fun says it does not act as the counterparty to these trades.
The launch adds another trading feature to Pump.fun, which first became known for its Solana-based token launchpad.
Pump.fun adds perpetual futures trading
Pump.fun’s website now includes a Perps section alongside its existing trading products. The market page displayed a market table during the review, although individual contract details did not load.
Earlier reporting on Oct. 16 identified maximum leverage of 40 times for Bitcoin and 25 times for Ether. CoinLaw attributed those figures to data found in Pump.fun’s application on Oct. 9, including prices, funding rates, open interest and trading volumes.
However, the earlier data discovery did not establish that users could already place orders. The updated terms and fee schedule provide further evidence of the product’s rollout, but the available information does not confirm the status of every market or feature.
Trading and transfer fees explained
Pump.fun’s published fee schedule sets a builder fee of up to 0.10% of an order’s notional value. The charge applies to orders that open, increase or close a position. Users approve the fee through a signature when they first use the service, and the amount is displayed separately before an order is confirmed.
The platform also charges up to 0.25% per transfer when users move assets to or from Hyperliquid through the app’s bridge. This charge is added to fees imposed by the bridge operator.
Pump.fun says the app may combine the two bridge charges into a single displayed amount. Hyperliquid’s own trading and funding fees remain separate, along with a one-time account activation fee deducted by the protocol from the first deposit.
Perpetual orders are excluded from Pump.fun’s general platform fee. That fee is listed at 0.45% for wallets without a referral code and 0.40% for wallets using another user’s referral code.
These rates are maximums, meaning individual orders and transfers may incur lower charges.
At the published maximum rates, a $10,000 order would generate a $10 Pump.fun builder fee. A $1,000 bridge transfer would carry a $2.50 Pump.fun transfer fee, excluding any additional charges from third-party providers.
HyperEVM trading came before the new feature
Pump.fun had already expanded its relationship with the Hyperliquid ecosystem in August, when it added trading for HyperEVM tokens against USDC.
HyperEVM is Hyperliquid’s Ethereum-compatible smart-contract environment. Pump.fun described the earlier service as offering near-zero trading fees and referral rewards, but did not publish an exact fee schedule in that announcement.
Those earlier claims should not be confused with the fees now documented for perpetual futures.
Hyperliquid’s ecosystem includes HyperEVM for smart contracts and HyperCore, which operates its spot and perpetual order books. HYPE is used to pay transaction costs in the smart-contract environment.
Historical data cited by crypto.news showed $12.43 billion in daily perpetual trading volume and $82.47 billion over seven days around the August announcement. Those figures reflect activity at that time and should not be treated as current trading volumes or a measure of liquidity available through Pump.fun.
Both platforms had generated substantial revenue before the integration
Revenue figures published by CoinGecko offer a snapshot of the two businesses before the new perpetual interface appeared.
Data through Sept. 15 put Hyperliquid’s revenue at $429.04 million and Pump.fun’s at $322.21 million. The comparison ranked Hyperliquid first and Pump.fun second among the projects included in its adjusted analysis.
Together, the platforms generated a reported $751.25 million, accounting for 22.10% of the comparison pool.
Pump.fun’s revenue was mainly linked to token creation and trading activity on its Solana launchpad. Hyperliquid generated revenue through its trading business, with fees also supporting ecosystem mechanisms that include HYPE purchases through the Assistance Fund.
The figures represent a historical year-to-date snapshot. They do not capture the full month of September or show how much additional revenue the new integration may generate.
US and Ontario users face restrictions
Pump.fun’s terms prohibit specified individuals and entities in the United States, including its territories, and Ontario from using the perpetual futures feature. The restrictions also cover sanctioned parties and people acting on behalf of prohibited users.
The terms warn that leveraged trading carries significant risks. Users can lose all the collateral posted to support a position, and Hyperliquid may automatically liquidate positions when required by its risk rules.
Separately, Hyperliquid Policy Center and trade[XYZ] submitted a filing on Aug. 26 seeking a regulated route for energy perpetual futures in the United States. The proposal covered contracts tied to 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 trading and perpetual contracts linked to physical or storable commodities. The groups argued that existing regulatory authority could accommodate 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. The proposal included stablecoin-based margin, leverage limits and regulated onchain market infrastructure.
The energy-perpetual proposal is separate from Pump.fun’s new trading interface and does not establish that its products are available to U.S. users.
Pump.fun’s integration gives its users another way to access leveraged crypto trading through Hyperliquid’s infrastructure. However, the published fees, regional restrictions and liquidation risks remain important considerations for anyone evaluating the service.
