Going live
What happens after an Individuals vault hits its target.
When a vault reaches its target, Perps.fun bonds it within the one-day grace window after the deadline. Bonding mints the proposer their 10% of the total share supply, locks the vault, and authorises withdrawal of the raised capital.
Perps.fun then participates in Hyperliquid's HIP-3 deploy auction using the withdrawn capital. The proposal's ticker target was sized against the live auction price at approval, with headroom for movement; if the auction price has shifted materially between approval and bond, Perps.fun coordinates with the proposer through the profile contact methods.
Once the ticker is acquired, Perps.fun configures the market using the approved proposal parameters (margin, funding, OI cap, oracle source) and starts the Pyth HIP-3 Relayer for the market. After oracle prices are flowing and the configuration is confirmed, trading opens on Hyperliquid.
The market URL, the deployment transaction hashes, and the vault address are posted to the proposer's status page on app.perps.fun. The vault begins receiving the deployer fee share at the end of the first full quarter post-launch.
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Trading covers the post-launch app surfaces. Fees and revenue covers the distribution mechanics.