Pump.fun, the memecoin platform on Solana, has been offering leveraged perpetuals connected to Hyperliquid since 16/10: up to 40x on $BTC and 25x on ETH, directly in the app.
If you're tempted by the button, here's what Pump.fun's terms say (updated on 17/10):
- Pump.fun is not the counterparty. It forwards your signed orders to Hyperliquid, which manages margin, funding, and liquidations.
- โBuilderโ fees: up to 0.10% of the notional value per order (opening, adding, closing), plus up to 0.25% per transfer via the bridge. Hyperliquid fees are on top.
- Not available in the United States or Ontario.
Here's the calculation that matters: $100 of margin at 40x gives you a $4,000 position. A round trip could cost $8, or 8% of your margin before the first tick. And a 2.5% move against you wipes out your entire margin. BTC's 24-hour range this morning ($80,809 to $82,940 on Binance) is 2.6%.
The context makes the deal interesting. According to DefiLlama, Pump.fun surpassed Hyperliquid in revenue over a rolling 7-day period from 30/09 to 14/10. Hyperliquid has since moved back ahead ($16.2M versus $14.9M for the week as of 16/10), and Pump.fun's weekly revenue has fallen 21% since 7/10.
My take: Pump.fun is looking for a new revenue stream as memecoins slow down, and $HYPE is capturing flow without paying for customer acquisition.
Two possibilities:
- If volumes hold up, the share of Hyperliquid revenue coming from frontends like Pump.fun grows, helping fund HYPE buybacks.
- If the first major wick liquidates a wave of beginners, the focus will shift to user protection, not growth.
Would you open a 40x perp from a memecoin app, or should leverage stay on a dedicated platform?
#Hyperliquid #PumpFun
If you're tempted by the button, here's what Pump.fun's terms say (updated on 17/10):
- Pump.fun is not the counterparty. It forwards your signed orders to Hyperliquid, which manages margin, funding, and liquidations.
- โBuilderโ fees: up to 0.10% of the notional value per order (opening, adding, closing), plus up to 0.25% per transfer via the bridge. Hyperliquid fees are on top.
- Not available in the United States or Ontario.
Here's the calculation that matters: $100 of margin at 40x gives you a $4,000 position. A round trip could cost $8, or 8% of your margin before the first tick. And a 2.5% move against you wipes out your entire margin. BTC's 24-hour range this morning ($80,809 to $82,940 on Binance) is 2.6%.
The context makes the deal interesting. According to DefiLlama, Pump.fun surpassed Hyperliquid in revenue over a rolling 7-day period from 30/09 to 14/10. Hyperliquid has since moved back ahead ($16.2M versus $14.9M for the week as of 16/10), and Pump.fun's weekly revenue has fallen 21% since 7/10.
My take: Pump.fun is looking for a new revenue stream as memecoins slow down, and $HYPE is capturing flow without paying for customer acquisition.
Two possibilities:
- If volumes hold up, the share of Hyperliquid revenue coming from frontends like Pump.fun grows, helping fund HYPE buybacks.
- If the first major wick liquidates a wave of beginners, the focus will shift to user protection, not growth.
Would you open a 40x perp from a memecoin app, or should leverage stay on a dedicated platform?
#Hyperliquid #PumpFun