What is Perps.fun
Perps.fun is a launchpad for perpetual futures markets on Hyperliquid under HIP-3.
Perps.fun is a launchpad for perpetual futures markets on Hyperliquid under HIP-3. Perps.fun holds the deployer position on Hyperliquid and operates every listed market. Proposers submit market ideas through our intake flows; our quant team reviews each one before launch.
Anyone can propose a market. Launching is not open: our quant team reviews every market before it goes live.
Two ways to launch
Teams
For funds, prop shops, and projects that want to operate a slate of
markets. Teams apply through the
Telegram bot. On approval, the team receives
access to dashboard.perps.fun to draft
ticker proposals and iterate with our quant team. We sign the
partnership agreement when approving a market for launch; dashboard
access is not gated on signing.
Teams fund each HIP-3 ticker purchase from their own treasury. On every launched market, we route up to 50% of the deployer fee share to a partner-controlled address.
Individuals
For individual proposers and small teams without capital for ticker
acquisition. Submit a market on
app.perps.fun. Proposals are free and
require no on-chain transaction.
After quant approval, Perps.fun deploys an on-chain vault for the market. Backers deposit stablecoin into the vault and receive vault shares pro-rata. When the vault reaches its target, Perps.fun acquires the HIP-3 ticker and seeds liquidity from the raised capital, then lists the market. Up to 50% of the deployer fee share routes into the vault, which pays shareholders pro-rata. At bond, the vault mints the proposer 10% of its total share supply.
If the vault does not reach its target, backers refund their full deposits.
Infrastructure
Perps.fun is the on-chain HIP-3 deployer for every listed market. We hold the 500,000 HYPE deployer stake, operate the dex day-to-day, and run the oracle pipeline.
Oracle stack
Perps.fun delivers oracle prices to Hyperliquid through two layers:
- SEDA supplies the underlying price data, including custom and long-tail feeds.
- Pyth's HIP-3 Relayer signs and submits prices to Hyperliquid at the cadence HIP-3 requires.
Proposers select a data feed during quant review. Relayer configuration is internal.
kpHYPE
The 500,000 HYPE deployer stake is funded by $kpHYPE, an exchange-specific liquid staking token from the Kinetiq Launch platform. Hard cap of 750,000 HYPE.
kpHYPE holders earn:
- Native HYPE staking yield.
- 20% of the deployer fee share from every listed market, for the lifetime of each listing.
- Perps Points and Kinetiq Points.
- Subdeployer incentives partner teams allocate from time to time.
Continue
- Two paths compares the tracks side-by-side.
- Quick start covers how to begin.
- Glossary defines the terms used across these docs.