Updated
Pump Fun Perps: Trade Perpetual Futures in the App
Pump Fun perps are leveraged longs and shorts inside the Pumpfun app. The orders run on Hyperliquid. Bitcoin goes up to 40x, Ethereum to 25x and stocks to 20x, paid for with the USDC or SOL already in your wallet. Join with code BonusReward and Pump.fun's perps fee drops from 0.05% to 0.04% of each trade.
BonusReward
Does Pump.fun have leverage trading?
Yes, since October 28, 2026, with up to 40x on Bitcoin.
| Launched | October 28, 2026, in the Pumpfun app |
|---|---|
| Runs on | Hyperliquid, with more than 300 markets |
| Markets | Crypto, stocks, indexes and commodities such as gold and oil |
| Max leverage | 40x Bitcoin, 25x Ethereum, 20x other majors and stocks, 50x S&P 500 |
| Margin | USDC or SOL from your Pumpfun wallet, no manual bridging |
| Margin mode | Isolated at launch, cross on some positions since November |
| Orders | Long or short, with take profit and stop loss at open or later |
| Pump.fun fee | 0.05% per trade, or 0.04% with code BonusReward |
| Also paid | Hyperliquid's trading fee and hourly funding |
| Referral code | BonusReward |
What are Pump Fun perps?
Perpetual futures on Hyperliquid that you open and close inside the Pumpfun app.
A perp, short for perpetual future, is a contract that follows the price of an asset. It has no expiry date, so you can hold it as long as your margin lasts. Go long if you expect the price to rise, short if you expect it to fall. Leverage lets a small amount of margin control a much bigger position.
Pump.fun does not run the market itself. It passes your orders to Hyperliquid, which matches them, holds the margin and handles liquidations. Pump.fun adds a small fee to each order. Your positions sit in a Hyperliquid account linked to your wallet.
Traders moved in fast. On October 29, 2026, the first full day, the app sent more than $50M of perps volume to Hyperliquid. Pump.fun counted over $100M traded in the first two days.
Perps launch in 42 seconds
The October 28, 2026 launch clip, from the market list to a placed order.
- Crypto, stocks and commodities in one list
- Up to 40x on Bitcoin, 25x on ETH, 20x on majors and stocks
- Pick a market, go long or short, set amount and leverage
Which markets can you trade, and with how much leverage?
Over 300 Hyperliquid markets, each with its own leverage cap.
| Market | Max leverage at launch |
|---|---|
| Bitcoin (BTC) | 40x |
| Ethereum (ETH) | 25x |
| S&P 500 | 50x |
| Majors such as SOL and XRP | 20x |
| Stocks such as TSLA, NVDA, META and AAPL | 20x |
| PUMP | 10x |
| Gold, oil and smaller coins | Varies, check the badge |
Each market shows its cap as a small badge next to its name. Hyperliquid lowers it for very large positions, and caps can change. At the full cap there is almost no room for error.
A stock perp follows the share price. You do not own the share, collect dividends or get a vote.
How do you open a Pump Fun perps trade?
Pick a market, choose long or short, set size and leverage, confirm.
Fund the wallet
Hold USDC or SOL in your Pumpfun wallet, or buy some with Apple Pay or a card. No manual bridging. Your first order asks you to approve Pump.fun's fee once, and Hyperliquid may take a small one-time activation fee.
Pick a market and a side
Open the Perps tab and choose a market. Then tap Long or Short. The badge by the name shows the market's top leverage.
Set amount and leverage
Enter your margin, then drag the leverage slider. The app shows the position size: $100 at 10x is a $1,000 position. Stay at 2x or 3x until you know how it moves.
Add exits and confirm
Set a take profit and a stop loss now, or add them later. Read the liquidation price and the fee line before you confirm.
Manage and close the position
Open positions show on your profile and on the market's chart. The chart marks your liquidation price with a dashed Liq line.
Two buttons sit under the chart. Add makes the position bigger. Reduce takes size off, and reducing all of it is how you close. Take profit and stop loss orders can still be added while the trade runs.
Is margin isolated or cross on Pump Fun perps?
Isolated at launch, and cross margin now shows on some positions.
With isolated margin, each position has its own pot of money. If it is liquidated, you lose that pot and nothing else.
With cross margin, positions share one balance. A winning trade can keep a losing one alive. One bad trade can also drain the balance behind all the others.
Pump.fun launched perps with isolated margin. Since early November 2026, some position cards in the app carry a Cross label, though Pump.fun has not announced cross margin. Check the label on the order screen before you confirm.
How does liquidation work on Pump Fun perps?
Hyperliquid closes your position when its margin falls to a set minimum.
Every market has a maintenance margin, the least equity a position must keep. On Hyperliquid it is half the margin you would need at that market's top leverage. Bitcoin's cap is 40x, so its maintenance margin is 1.25% of the position's value. When losses push your margin down to that line, the position is closed for you. There is no warning first.
Example. You put $100 of margin on a 10x Bitcoin long at $100,000. The position is worth $1,000, or 0.01 BTC. Maintenance margin is about $12.50, so you can lose about $87.50. Liquidation lands near $91,100, a drop of under 9%. Fees and funding move it a little closer.
| Leverage (Bitcoin) | Long is liquidated after a drop of | Short is liquidated after a rise of |
|---|---|---|
| 2x | about 49% | about 48% |
| 5x | about 19% | about 18.5% |
| 10x | about 8.9% | about 8.6% |
| 20x | about 3.8% | about 3.7% |
| 40x | about 1.3% | about 1.2% |
Figures are before fees and funding. Markets with a lower cap keep a bigger maintenance margin, so their liquidation sits a bit closer at the same leverage.
If the price moves too fast for a normal close, a Hyperliquid vault takes the position over and keeps the margin left in it.
How does funding work on Pump Fun perps?
Longs and shorts pay each other every hour to keep the price near spot.
A perp never expires, so something has to pull its price back toward the real market. That is funding. When the perp trades above the spot price, longs pay shorts. When it trades below, shorts pay longs. Hyperliquid settles it every hour, and Pump.fun takes no cut.
Example. At 0.01% an hour, a $10,000 long pays $1 an hour, or $24 a day. That is more than the fees to open and close it. The base rate is far lower, about 0.00125% an hour, but it climbs when one side gets crowded.
So perps suit trades of hours or days. Held for months, funding can cost more than the move earns.
What fees do Pump Fun perps charge?
0.05% per trade to Pump.fun, or 0.04% with code BonusReward, plus Hyperliquid's fee.
The 0.45% platform fee on token trades, or 0.40% with code BonusReward, does not apply to perps. Instead, Pump.fun takes 0.05% each time you open, add or close, and 0.04% if you joined with code BonusReward. Hyperliquid's own fee comes on top, 0.045% at its base tier for orders that fill right away. Stock and commodity markets can cost more.
Every one of these fees is charged on the position size. Your margin is ten times smaller at 10x, so the fees weigh ten times more against it.
| Example: $1,000 at 10x, opened and closed | No code | With a code |
|---|---|---|
| Pump.fun fee on $10,000, twice | $10.00 | $8.00 |
| Hyperliquid fee at 0.045%, twice | $9.00 | $9.00 |
| Total before funding | $19.00 | $17.00 |
| Share of your $1,000 margin | 1.9% | 1.7% |
One more cost may show up. Pump.fun's fee schedule lists up to 0.25% each time money moves to or from Hyperliquid, on top of the bridge operator's own fee. Read the fee line on the order screen before you confirm.
How do you get the 0.04% perps fee?
Add code BonusReward in the app before your first purchase.
Open pump.fun/join/BonusReward on your phone and install the app, or type BonusReward under Profile, Rewards, Referrals. The code cuts token trades from 0.45% to 0.40% and perps from 0.05% to 0.04%. Your first card or Apple Pay purchase in the app can also be matched, up to $50, for you and the referrer. To get it, trade on 5 separate days within 10 days. The match is paid in parts after review.
1Open the app
2Go to your profile
3Open Rewards
4Open ReferralsCan you earn rewards on Pump Fun perps?
Yes, perps callouts can earn Callout Rewards, and some contests count perps volume.
Perps plug into the app's social feed. Post a position as a callout and your followers can tail it. When they make money, you earn a share of the daily Callout Rewards.
"Every position can be called out, your followers can tail it, and when you help them win, you earn Callout Rewards."
In early November 2026, Pump.fun added a second rewards formula called Diamond. It boosts rewards for callouts on perps and on tokens outside Solana. The original formula, now called Degen, keeps running.
The $100,000 Creator Competition runs from November 2 to November 16, 2026, at 14:00 UTC. The 5 creators whose new referrals trade the most memecoin and perps volume win $50,000, $20,000 and three prizes of $10,000. Only trades in the Pumpfun app and on the website count.
What are the risks of trading Pump Fun perps?
You can lose your whole margin within minutes, and in some cases more.
- Leverage multiplies losses as much as gains. At 10x, a 1% move against you costs 10% of your margin. At 40x it costs 40%.
- Liquidation is automatic. A short spike can close you out even if the price comes back an hour later. Funding keeps charging while you wait.
- A stop loss limits the damage but does not lock in a price. In a fast market it can fill worse than the level you set.
- Pump.fun's terms warn that losses may exceed the amount you first put into a position, for example after you add margin or when you use cross margin.
- Smaller coins such as PUMP can move 10% in a day. That is enough to wipe out a 10x position.
- When you tail a callout, you copy the trade idea only. The caller's size, entry and liquidation price may look nothing like yours.
- Fees, leverage caps and reward rules change often. Do not open a leveraged trade just to chase rewards.
Start small. Use 2x to 5x for your first trades, set a stop loss on every position, and only use money you can afford to lose in full.
Pump Fun perps FAQ
Does Pump.fun have leverage?
Yes. Since October 28, 2026, the Pumpfun app has perps with up to 40x on Bitcoin. Spot memecoin trades still have no leverage.
Are Pump Fun perps on Hyperliquid?
Yes. Pump.fun sends the orders, and Hyperliquid matches them, holds the margin and runs liquidations.
Are perps the same as futures?
Yes, perps are futures with no expiry date.
Can I trade Pump Fun perps in Terminal or on the website?
Perps launched in the Pumpfun mobile app. A Perps section has also shown up on the website. Pump.fun has not announced perps for Terminal.
What is the minimum for a perps trade?
Pump.fun has not published one. Hyperliquid's smallest order is about $10 of position size, so a few dollars of margin with leverage may be enough. Fees take a bigger bite out of very small trades.
Can you lose more than your margin?
On one isolated position, in most cases you lose at most the margin in it. Margin you add later is at risk too. With cross margin, losses can reach the whole shared balance. Pump.fun's terms warn that losses may exceed what you first committed.
Does the referral code lower perps fees?
Yes. With a code such as BonusReward, Pump.fun's perps fee is 0.04% instead of 0.05%. Hyperliquid's fee and funding do not change.
Can you short PUMP on Pump Fun?
Yes. PUMP is listed as a perp with up to 10x, so you can go long or short. We do not give price predictions for PUMP or any other coin.
What happens to my positions if I stop using the app?
In most cases they stay open on Hyperliquid. Pump.fun only passes your orders on, so the account and its positions can also be reached through other Hyperliquid apps.
Trade perps on the Pumpfun app with code BonusReward.
BonusRewardDisclosure: BonusReward is our referral code. When you use it, we earn part of the platform fees you pay. You pay the same fees with any valid code: 0.40% on token trades and 0.04% on perps.
More about trading on Pump.fun
Pump Fun Referral Code: BonusRewardAdd code BonusReward before your first purchase: 0.40% fees instead of 0.45% and a deposit match of up to $50.
Pump Fun Deposit MatchThe Pump Fun deposit match pays up to $50 to you and your referrer. Who qualifies, the 5 trading days rule, payouts and what voids it.
Pump Fun StocksTrade tokenized stocks and stock pairs in the Pumpfun app: issuers, fees, hours, blocked regions and what you own. Code BonusReward cuts fees to 0.40%.
Pump Fun Holder RewardsPump Fun Holder Rewards replaced Cashback mode in September 2026. Who qualifies, how payouts work, where to track them and the risks.