FAQ
Common questions from individual proposers on Perps.fun.
Do I need capital to propose?
No. Submitting a proposal is free and requires no on-chain transaction. A connected wallet is required so the proposal can be recorded against an address. Rate limit is three proposals per hour per wallet.
What happens if my proposal is vetoed?
The proposal status moves to vetoed and the reviewer leaves a
rationale on the status page. The proposer can submit a new proposal
addressing the issues raised.
Do I have to back my own market?
No. The proposer slice (10% of total final shares) is minted regardless of whether the proposer deposits during bonding. A proposer who does back their own vault holds both backer shares and the 10% proposer slice.
What happens if my vault does not reach its target?
After the deadline plus a one-day grace window, backers can refund their full deposits. The vault never bonds and no HIP-3 ticker is purchased. See Vault.
Can a backer withdraw before the deadline?
No. Deposits are locked for the duration of the bonding window. Refunds become available only after the deadline plus grace, and only if the vault did not bond.
Can vault shares be transferred?
Shares are non-transferable at launch. Perps.fun can enable transfers post-bond on a per-market basis as a one-way switch. Until enabled, the only way out is the standard fee-claim flow.
When do fees start flowing into the vault?
After Hyperliquid pays the deployer fee share to Perps.fun on trades. Pushes into the vault happen at the end of each quarter; the first push lands at the end of the first full quarter post-launch.
What chain and what collateral?
Testnet vaults run on HyperEVM testnet and settle in pUSD. Mainnet vaults will run on HyperEVM mainnet and settle in a stablecoin finalised ahead of launch.