After Pump.fun launched its perpetual contract service, PUMP rose by 3.92% in the past 24 hours, reaching $0.004649. This service introduces leveraged trading of Bitcoin and Ethereum onto the platform through Hyperliquid. This expansion has endowed Pump.fun with a derivatives interface, while the underlying trading infrastructure is managed by Hyperliquid.

Key Points

• Pump.fun offers up to 40x leverage for Bitcoin and up to 25x leverage for Ethereum.
• Hyperliquid is responsible for execution, margin requirements, funding rates, clearing, and settlement.
• The fee limit for Pump.fun is 0.10% per order and 0.25% per bridging transfer.
• This service is not available to users in the United States, Ontario, and other restricted regions.

Pump.fun Perpetual Contracts Bring Leverage Trading for Bitcoin and Ethereum

The perpetual contract services of Pump.fun support a maximum leverage of 40 times for Bitcoin contracts and 25 times for Ethereum contracts. Traders can establish long or short positions without the need to buy the underlying cryptocurrencies.

A perpetual contract is a type of derivative contract that has no expiration date. The platform's website has now added a new section labeled Perps next to the existing trading products.

This launch follows closely on the discovery of perpetual trading data on the application programming interface by Pump.fun on October 9, 2026. The relevant data includes prices, funding rates, trading volumes, and open interest contracts, all from the mainnet of HyperCore of Hyperliquid.

The rise of PUMP began on Thursday from a low of nearly $0.00427. Subsequently, the token broke above $0.004482 around midnight and approached the intraday high.

Hyperliquid is responsible for the engine, while Pump.fun provides the interface.

Hyperliquid is responsible for order execution, margin balance, fund payments, clearing, and settlement, while Pump.fun is responsible for providing the interface for submitting trade instructions. This service utilizes the existing order book of Hyperliquid, rather than a separate Pump.fun derivatives engine.

The terms updated on Pump.fun on October 17, 2026, state that the relevant software will forward the signed transaction instructions to Hyperliquid. Pump.fun indicates that it does not act as a counterparty.

This connection is established on the basis of the integration of HyperEVM token trading with Pump.fun on August 26th, and is denominated in USDC. According to the documentation of Hyperliquid, HyperEVM and HyperCore (which operates the network's spot and perpetual order books) are located on the same blockchain.

According to the terms of Pump.fun, users can also access their existing Hyperliquid positions through other compatible interfaces. These positions are still subject to the margin requirements, funding payments, and settlement rules of Hyperliquid.

There are separate limits for order fees and bridging fees.

The rate table published by Pump.fun shows that for builder and fee, the maximum fee is 0.10% of the nominal value of the order, while the maximum bridging fee is 0.25% per transfer. These are the maximum rates, which does not mean that they will be charged for every transaction.

builder fee This applies to opening, adding to, or closing orders. When users use this service for the first time, they need to confirm via signature, and the fee will be displayed separately before the order is finally confirmed. Calculated at the highest rate, an order of $10,000 will incur a builder fee of $10.

Bridge fees apply to transfers in or out of Hyperliquid. These fees do not include those charged by the bridging service provider. The application can display both bridge fees together. Calculated at the highest rate of Pump.fun, the fee for a transfer of $1,000 is $2.50; any third-party fees are additional.

The transaction fees and capital costs for Hyperliquid will be charged separately, in addition to a one-time account activation fee from the initial deposit. On the other hand, Pump.fun explicitly excludes perpetual orders from its standard platform fees.

Users in the United States and Ontario, as well as those in other restricted jurisdictions, will not be able to access this service.

September revenue is provided for comparison before the launch.

Pump.fun had a weekly revenue of 15.16 million US dollars in September, which is higher than Hyperliquid's 15.06 million US dollars. These figures represent the business situation before the integration of perpetual contracts and do not reflect the income generated by that service.

Order fees and bridging fees have added a potential source of income in the amount of Pump.fun. Previously, the company's business relied heavily on meme coin trading activities. Its publicly available fee schedule shows that the charges for perpetual orders are independent of the general platform fees; the wallet fee rate for those who do not use a referral code is 0.45%, while for those who use someone else's referral code, it is 0.40%.

This article was generated with the assistance of artificial intelligence and has been reviewed by an editorial team.