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Pump.fun has introduced an interface for trading perpetual futures based on Hyperliquid, with a stated commission of up to 0.10% and access restrictions covering the United States and the province of Ontario.
In Pump.fun's terms of use, updated 17 October, the service is described as a software interface that sends signed trading instructions to Hyperliquid. The protocol handles orders, margin, funding, liquidation and settlement, while Pump.fun states that it does not act as a counterparty.
Pump.fun's perpetual futures appeared after data on previous trades was discovered
The platform's public site now features a "Perps" section alongside its existing trading products. At the time of this review, the accessible market page displayed a market table, although detailed information on individual contracts did not load.
A report from 16 October indicates maximum leverage of x40 for BTC and x25 for ETH. CoinLaw explained these figures with data obtained from the Pump.fun app on 9 October, which contained information on prices, funding rates, open interest and trading volumes.
The preliminary data discovery and the product documentation currently published define different stages of the rollout. The CoinLaw report cautioned that the app data alone was not sufficient to establish whether users could place orders.
The listed fees cover orders and fund transfers through the bridge transfer system
Pump.fun's fee schedule sets a fee of up to 0.10% of the notional value of each order, which covers orders to open, add to or close a position. Users confirm this fee with their signature upon first use of the service, and the fee amount is displayed separately before an order is confirmed.
An additional fee is charged when moving assets through the bridge available in the app. Pump.fun specifies a commission of up to 0.25% for each transfer into or out of Hyperliquid, charged on top of the bridge operator's commissions.
The schedule states that the app may combine these two bridge usage commissions into a single displayed amount. Hyperliquid's commissions for trading and account top-ups remain separate, as does the one-time account activation fee, which is deducted from the first deposit.
Pump.fun explicitly excludes perpetual orders from the platform's overall commission. The same page lists a commission of 0.45% for wallets without a referral code and 0.40% for wallets with another user's code.
The listed rates are maximums, not a confirmation that every order or transfer will be charged the maximum commission.
At the established maximum rates, an order of $10000 incurs a builder services fee of $10, and a bridge transfer of $1000 incurs a Pump.fun transfer commission of $2.50. These calculations do not include third-party fees and do not establish the rate applied to any particular client.
Trading with HyperEVM preceded the derivatives integration
Before the derivatives integration, on 26 August Pump.fun added trading of HyperEVM tokens against USDC. The announcement concerned existing tokens on HyperEVM, the Ethereum-compatible smart contract environment of Hyperliquid.
Previously, Pump.fun described its product as having virtually no trading fees and offering referral rewards. The announcement did not publish an exact fee schedule, so the description made in August should not be applied to the recently announced perpetual product.
Hyperliquid's documentation states that HyperEVM is part of the same blockchain as HyperCore, which manages the network's spot and perpetual order books. HYPE pays transaction costs in the smart contract environment.
The August report, citing DefiLlama data, recorded a daily perpetual trading volume of $12.43 billion and a seven-day trading volume of $82.47 billion. Both figures reflect activity at that historical moment, not available liquidity or current trading volume.
Revenue figures reflect the state of the businesses before the integration
CoinGecko's comparative revenue analysis offers a separate view of the two companies before the integration. According to CoinGecko, as of 15 September, Hyperliquid's revenue was $429.04 million, and Pump.fun's was $322.21 million.
In the study, Hyperliquid ranked first and Pump.fun second in an adjusted comparison that excluded Tether, Circle and Grayscale. According to the study, the pair of companies generated a total of $751.25 million, which is 22.10% of total investment in the compared group.
According to the September report, Pump.fun's revenue came mostly from token creation and trading fees associated with its Solana venue. Hyperliquid's revenue came from trading activity, and fees supported community engagement mechanisms, including the purchase of HYPE through the Assistance Fund.
CoinGecko treated the ranking as a fixed snapshot for the year-to-date period. It did not account for all of September and did not determine either platform's revenue after the perpetual interface appeared.
Restrictions introduced in the US remain separate from proposals to ensure perpetual operation of energy agreements
Under Pump.fun's terms, the perpetual feature is prohibited for certain individuals and organizations in the United States, including its territories, and Ontario. The restrictions extend to sanctioned individuals and those acting on behalf of prohibited users.
The terms state that leveraged positions can result in the loss of all posted collateral, and Hyperliquid may automatically liquidate these positions.
Beyond the Pump.fun product, the Hyperliquid Policy Center and trade[XYZ] organizations filed an application on 26 August to regulate perpetual energy contracts in the United States. Their request concerned West Texas Intermediate crude oil, Brent crude oil and Henry Hub natural gas.
The statement contained a response to the CFTC (Commodity Futures Trading Commission) review of energy futures trading and perpetual contracts tied to physical or stored commodities. The groups argued that existing regulators could regulate these products without new legislation being passed.
According to the submitted documents, the company [XYZ] has operated markets on the Hyperliquid platform since October 2025 and has recorded a cumulative trading volume of more than $500 billion across several asset classes. The application proposed margin lending of stablecoins, limits on the use of leverage and a regulated market infrastructure on the blockchain.
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