Pump.fun routes BTC and ETH perps into Hyperliquid's books at up to 40x leverage
Pump.fun is routing leveraged BTC and ETH perpetuals into Hyperliquid's order books, with reported leverage of up to 40x and 25x. Hyperliquid's engine does the matching and the liquidations, and the perps are barred in the US and Ontario.
The Investor · Invest desk
Key figures: margin on a 40x position is 2.5% of position size, so a 2.5% adverse move uses it up before fees and funding. Margin on a 25x position is 4% of position size. Early reports put maximum ETH leverage at 25x.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Margin on a 40x position | 2.5% of position | a 2.5% adverse move uses it up | 13 |
| Margin on a 25x position | 4% of position | 14 | |
| ETH max leverage, reported | 25 x | 17 |
What happened
- Pump.fun connects through Hyperliquid's builder codes, which let outside apps send user orders into Hyperliquid's books and keep a cut of the fees.
- Perps data appeared in Pump.fun's API around Oct. 9, with funding rates and open interest for BTC and ETH pulled from Hyperliquid's HyperCore mainnet, Crypto Briefing reported.
- The perps follow a spot integration of Aug. 26, when Pump.fun added HyperEVM support for USDC-denominated trading with near-zero fees.
- Rival platform FOMO already introduced Hyperliquid-based perpetuals in June 2026.
Why it matters
- What it costs cost The trader carries the full loss when a leveraged position is liquidated, while fee income goes to both the app that routes the order and the venue that fills it.
- Who's exposed exposure Crypto Briefing warns that a fault in Hyperliquid's engine would reach every consumer app that depends on it for pricing and execution at the same moment.
- What doesn't add up contradiction Bankless calls Pump.fun's weekly revenue lead over Hyperliquid brief, and Crypto Briefing asks whether a 30-day lead holds. Neither settles which firm is the larger earner.
Margin on a 40x position is 1/40 of its size, or 2.5%, and on a 25x position it is 1/25, or 4% [13][14]. Before fees and funding payments, a 2.5% move in BTC against a 40x trader uses up the whole stake.
The markets named are BTC and ETH only [17]. Pump.fun launched in January 2024 as a memecoin launchpad [10], so the product sits inside a memecoin app and covers neither of the assets that app is known for. Bankless says the trading is switched on [1]. Crypto Briefing describes a launch announced in an X post and supported by API data [6]. Neither outlet reported trading volume, open interest or the fee rate Pump.fun earns.
Pump.fun is borrowing Hyperliquid's order book and liquidity [5]. That book recorded $12.43 billion in daily perp volume in late August [18]. Forty-four days separated the spot integration from the first perps data in Pump.fun's API [12].
We think "partner" is the more accurate label for now. Pump.fun adds a fee line while the engine and the liquidity stay with Hyperliquid, and nothing in either report suggests Pump.fun is spending on either. Bankless wrote that the setup is "a neat snapshot of the builder-code era, where frontends and venues can be rivals and partners at once" [11].
The counter-thesis is the rival half. Crypto Briefing reports that Pump.fun passed Hyperliquid in 30-day revenue by early October [16]. Hyperliquid is now supplying its book to an app that out-earned it on that measure. A third outcome is that volume stays small and neither label matters.
Two signals would change our view. Crypto Briefing lists open interest on Pump.fun's perp markets first among three metrics to track [20]; thin open interest would make the question moot, because builder fees on little flow are a rounding error. A widening 30-day revenue lead would favour the rival reading.
What to watch
- Open interest on Pump.fun's own BTC and ETH perp markets, the first of the three metrics Crypto Briefing says to track.
- Whether Pump.fun's 30-day revenue lead over Hyperliquid holds or reverses.
- Any disclosure of the builder-fee rate and split between Pump.fun and Hyperliquid.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence38
- Adoption
- Not scored
- Hype gap
- Not scored
- Incentives50
- Confidence45
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Pump.fun has switched on leveraged perpetual futures trading inside its app, relying on Hyperliquid for the heavy lifting.
- [2]
Hyperliquid's HyperCore engine does the matching and runs liquidations.
- [3]
API data shared around October 9, 2026 shows Pump.fun pulling funding rates and open interest for BTC and ETH perpetuals from Hyperliquid's HyperCore mainnet.
- [4]
On August 26, 2026, Pump.fun added support for HyperEVM, enabling USDC-denominated spot trading with near-zero fees.
- [5]
Rather than building its own derivatives engine from scratch, Pump.fun is borrowing Hyperliquid's order book and liquidity.
- [6]
A post on X announced that Pump.fun is launching crypto perpetual futures trading powered by Hyperliquid.
- [7]
Pump.fun plugs in through Hyperliquid's builder codes, which let outside apps pipe user orders into Hyperliquid's books and take a cut of the fees.
- [8]
The perps are off-limits in the U.S. and Ontario.
- [9]
Rival platform FOMO introduced Hyperliquid-based perpetuals trading in June 2026.
- [10]
Pump.fun launched in January 2024 as a memecoin launchpad.
- [11]
Bankless wrote that the arrangement is "a neat snapshot of the builder-code era, where frontends and venues can be rivals and partners at once."
- [12]
Forty-four days separate the August 26 HyperEVM spot integration and the October 9 appearance of perps data in Pump.fun's API.
- [13]
Margin on a 40x position is 2.5% of position size, so a 2.5% adverse move uses up the margin before fees and funding.
- [14]
Margin on a 25x position is 4% of position size.
- [15]
Pump.fun briefly out-earned Hyperliquid on a weekly basis in late September.
- [16]
By early October 2026, Pump.fun had surpassed Hyperliquid in 30-day revenue.
- [17]
Early reports put maximum leverage at 40x on BTC and 25x on ETH; Crypto Briefing also reports up to 40x on BTC and 25x on ETH, citing 'research findings'.
- [18]
Hyperliquid's perpetual market recorded $12.43 billion in daily trading volume in late August 2026.
- [19]
Crypto Briefing says that if multiple consumer platforms rely on HyperCore for pricing and execution, any disruption on Hyperliquid could ripple across all of them at once.
- [20]
Crypto Briefing lists three metrics to track: open interest on Pump.fun's perpetual markets, whether its 30-day revenue lead over Hyperliquid holds, and how FOMO responds to a larger rival entering its lane.
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Sources
2 independent publishers whose own reporting we read for this story.
- bankless.comPump.fun Adds Leveraged Perps via Hyperliquid
1 article · October 16, 2026
- cryptobriefing.comPump.fun moves into perpetual futures with Hyperliquid powering the engine
1 article · October 16, 2026
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Topics
- Memecoin launchpadsFollow
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- Decentralized derivativesFollow
- Perpetual futuresFollow