The mechanics, the limitations, and the plan. In plain English.
PerpsFun is an independent exploration of perpetual trading for Pump.fun memecoins, inspired by NFTperp's separation of price exposure from NFT ownership. Accounts are funded with real SOL, credited in USD, and traded with isolated margin against live spot prices. It is not an official NFTperp revival or a product from Alon Cohen.
Token identity and launch timestamps come from Pump.fun. DexScreener provides USD spot prices, pool liquidity, 24-hour volume, price changes, and the live candlestick chart, which is DexScreener's own embedded chart for the same pool the settlement price comes from. The interface polls market discovery every 30 seconds and the selected quote every 15 seconds. These are provider observations, not a trading-grade oracle or a WebSocket matching engine.
Trending shows a bounded set ranked by market cap. Gainers, losers, and volume rankings operate on that set. Search verifies matches against Pump.fun. Missing data is shown as unavailable, never invented. Market capitalizations are provider-reported and may reflect illiquid or manipulated prices.
Pressing Sign up generates a fresh Solana keypair on our servers. The public address becomes your username and your personal deposit address; the password you choose protects sign-in. The secret key is shown exactly once, at creation, and is never displayed again. Save it offline. It is independent proof that the wallet is yours, but it is not needed to sign in, trade, or withdraw.
We store an AES-256-GCM encrypted copy of the key so deposits can be swept into the platform treasury. Anyone holding the plaintext key can move SOL sitting on that address, so treat it like cash. Passwords are hashed with Better Auth; sessions last seven days.
Send SOL (minimum 0.001) to your address from any wallet or exchange. When the transfer confirms, the balance is swept to the treasury and your account is credited in USD at the live SOL price (Jupiter, with CoinGecko as fallback). Each sweep is recorded with its transaction signature and is idempotent: a deposit can never be credited twice, and a sweep that fails to confirm is retried rather than credited. The deposit page and your account check for new SOL every time they load; use “I sent SOL, check now” to force a check.
Withdrawals convert USD back to SOL at the live price and are paid from the treasury to any Solana address you choose. Minimum $5, maximum $10,000 per request. Collateral locked in open positions cannot be withdrawn; close the position first. Your balance is debited when the request is accepted and refunded automatically if the transfer fails or expires on-chain. Only SOL is supported; tokens sent to your address cannot be credited.
Open long or short positions on eligible markets using your USD balance as isolated collateral, and close them when fresh, cross-checked prices are available. Realized profit is paid into your balance from the treasury; losses come out of the collateral you posted and nothing more.
| Margin | Isolated; maximum loss capped at collateral |
| Leverage | 1×, 2× or 3× on every tradeable market; orders start at 1× |
| Opening fee | 0.10% of opening notional |
| Closing fee | 0.10% of closing notional, capped at remaining collateral |
| Maintenance margin | 5% of current position notional |
| Funding | Not applied; no live perpetual funding market exists |
| Execution | Settled against the observed spot price; no order book or slippage model |
| Limits | $10–$1,000 collateral; $3,000 position notional; $10,000 account exposure |
Liquidation estimates include a closing-fee reserve. Optional stop-loss and take-profit prices are saved with each new position. A durable server-side monitor checks exits about every 30 seconds, even after you leave the page while the deployed service is running. Checks pause on stale or divergent feeds and retry automatically. Gaps and outages can skip triggers: settlement uses the next valid observed price, never a guaranteed target. Liquidation takes priority and consumes the isolated collateral you posted. Your account shows monitoring health and restarts stalled monitors when visited. If a runtime cannot start background workflows, account refreshes still check exits and show a warning; leaving the page then stops those fallback checks. Local preview monitoring stops when its server is offline; deployed monitoring incurs workflow usage. There is no invented order book, open interest, or market activity.
PerpsFun only lists today's Pump.fun launches. The Trending board shows coins created in the last 24 hours that have a live market, hottest by volume first. A perp opens only on the subset that has bonded: filled its bonding curve and graduated to a PumpSwap pool, where there is a real pool to settle against. Every coin that launched today and bonded is tradeable. The only things that block a market are the ones without which no settlement price exists:
Leverage is not tiered. Every market that passes those checks offers 1×, 2× and 3× isolated margin; the order form starts at 1× and you raise it yourself. Liquidity, volume, age and volatility are shown on the market page as information, and liquidity bounds how large a position can be, never which leverage you may pick:
| Limit | Rule |
|---|---|
| Leverage | 1×, 2× or 3×, chosen per order; the server rejects anything else |
| Collateral | $10 to $1,000 per position |
| Position size | At most 0.5% of the pool's liquidity, and never more than $3,000 notional |
| Account exposure | $10,000 of open notional and 10 open positions at once |
An order that breaks one of these limits is rejected with the specific reason; it is never quietly resized or de-levered. The checks run against live data, and a coin leaves the board once it is more than 24 hours old. Open positions on it can still be closed, and automatic exits keep running until they are. These filters are conservative heuristics, not proof against wash trading or oracle manipulation. A fresh price is required for settlement; unavailable feeds do not become zero-price fills.
Memecoins are highly speculative. Liquidity can disappear, prices can be manipulated, and price feeds can disagree. Leverage magnifies losses; a liquidated position forfeits its entire collateral. Profits are paid from a single platform treasury, so withdrawals depend on that treasury holding enough SOL. Nothing here is investment advice. Only deposit to the address shown on your own deposit page while signed in.
Open your deposit pageGenerated Solana wallets as identity, SOL deposits swept to the treasury and credited in USD, treasury-paid withdrawals, live market discovery, historical charts, isolated-margin positions, optional stop-loss and take-profit targets, and background liquidation checks.
USDC deposits, multi-signature treasury, funding rates, and public treasury solvency reporting.
Independently audited settlement infrastructure, robust oracles, insurance fund, and applicable regulatory compliance.
PerpsFun is independently developed and is not affiliated with, endorsed by, or partnered with Alon Cohen, Pump.fun, or the original NFTperp team. No official logos or endorsements are used to imply otherwise.
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