How it works
End-to-end flow for the Individuals track on Perps.fun.
The Individuals flow has five stages.
1. Propose
A proposer submits a market on
app.perps.fun/propose covering market
name and ticker, oracle source (SEDA or Custom), maximum leverage
(capped at 10x), and OI cap. Submission is free, requires no on-chain
transaction, and rate-limits to three proposals per hour per wallet.
The total target for the vault is computed at submission as the sum of the live HIP-3 ticker auction price (sized in stablecoin) and 20% of the OI cap as seed liquidity. See Proposing a market.
2. Quant review
The Perps.fun quant team reviews each proposal. Outcomes are approval, veto, or a revision request through the proposer's contact channel. See Quant review.
3. Vault deployment
On approval, Perps.fun deploys an on-chain vault for the market and the vault page becomes visible on app.perps.fun. The proposal status moves from pending to bonding. See Vault.
4. Bonding window
Backers deposit stablecoin into the vault and receive vault shares pro-rata. The default bonding window is 7 days. If the vault reaches its target, Perps.fun bonds it. If not, backers refund their deposits in full after the deadline plus a one-day grace window.
5. Bond and launch
When the vault hits its target, Perps.fun bonds the vault (which mints the proposer 10% of vault shares), acquires the HIP-3 ticker, and lists the market on Hyperliquid. Trading fees the deployer position earns are pushed into the vault at the end of each quarter and paid pro-rata to shareholders. See Going live and Fees and revenue.