pump.fun Perps

In October 2026 pump.fun added perpetual futures (“perps”) to its app. A perp is a contract that tracks an asset’s price with leverage and no expiry date: you can bet on a price going up (long) or down (short) with more money than you put in, and lose your whole margin if the price moves against you.

pump.fun doesn’t run the market. Orders go to Hyperliquid, a separate exchange blockchain, and pump.fun earns a builder fee: an extra charge that Hyperliquid lets front-end apps add to the orders they send. For how Hyperliquid itself works, see Hyperliquid’s own docs.

This page is independent and unofficial, based on pump.fun’s Fees page and Terms of Use as archived on 31 October 2026.

What it costs

Cost	Who charges it	Amount
Builder fee, each order (open, add or close)	pump.fun	up to 0.05% of notional value
Transfer to or from Hyperliquid through the in-app bridge	pump.fun	up to 0.25% per transfer
Bridge operator’s own fee	the bridge operator	varies
Trading and funding fees	Hyperliquid	Hyperliquid’s schedule
One-time account activation fee	Hyperliquid	deducted from your first deposit
Platform Fee (0.40–0.45%)	—	not charged on perps

You approve the builder fee by signature the first time you use perps, and the app shows it as a separate line before you confirm each order. “Up to” means these are ceilings; pump.fun’s builder address isn’t public, so nobody can independently measure what it actually charges.

Worked example. A $1,000 position at 10x leverage has a notional value of $10,000. Opening and closing it is $20,000 of order value, so the builder fee is up to $10 on top of Hyperliquid’s own fees and any funding. Moving $1,000 in and out through the app’s bridge can cost up to another $5 ($2.50 each way).

The ceiling has already changed once: an archived copy of the Fees page from 19 October 2026 said “up to 0.10%”; the 31 October copy says “up to 0.05%”, although both show “Last Updated 17 October 2026”. We log changes like this on fee and program changes.

Who can use it

Section 30B.2 of pump.fun’s Terms defines Perps-Restricted Persons, who may not use the feature:

• anyone located in, resident of, or incorporated in the United States (including its territories) or the Province of Ontario, Canada;
• anyone in a Prohibited Jurisdiction or a sanctioned country, and their citizens;
• anyone restricted under Hyperliquid’s own terms;
• anyone in another jurisdiction pump.fun marks as unavailable.

pump.fun’s Prohibited Jurisdictions already include the United Kingdom, Cuba, Iran, North Korea, Syria, Russia, Belarus, and the Crimea, Donetsk and Luhansk regions, so none of those can use perps either. The app shows “Not available in your region” to blocked users. We don’t advise ways around these restrictions.

What pump.fun is and isn’t

Section 30B.11 of the Terms says no pump.fun entity is registered as any kind of derivatives intermediary, and none acts as counterparty, market maker, clearer or margin holder for a perpetual contract. In practice:

• Matching, margin and liquidations happen on Hyperliquid. Your positions and balances sit there. When you close, the app tells you your balance is on Hyperliquid until you withdraw it.
• Hyperliquid’s rules apply. The Terms make you accept Hyperliquid’s terms too; for example, the app passes on Hyperliquid’s $10 minimum order.
• Not the same as memecoin trading. Perps here cover Hyperliquid’s markets, which secondary reports say grew to more than 300 in the app on 28 October 2026, including crypto majors and stock and commodity contracts. pump.fun hasn’t published a market list outside the app.

Dates

Date	What happened
16 Oct 2026	Perps appear in the app (Bankless)
17 Oct 2026	Fees page and Terms Section 30B updated; builder fee “up to 0.10%”
by 31 Oct 2026	Fees page shows “up to 0.05%”

Risks

• Leverage can wipe out your margin in minutes. pump.fun’s Terms warn you can lose all the collateral you post.
• Fees compound. A round trip pays the builder fee twice, plus Hyperliquid fees, funding and bridge fees.
• The rules move fast. The fee ceiling changed within two weeks of launch. Read the fee line in the app before you confirm.
• No pump.fun referral benefit. The 0.40% referral rate applies to the Platform Fee, which perps don’t charge. See the Platform Fee.