FAQ

Who is Perps.fun for?

Two audiences. Teams (funds, prop shops, projects) that want to operate a slate of HIP-3 markets through a partnership. Individuals (solo quants and small teams) that want to launch a single market without capital to buy a HIP-3 ticker outright. See Two paths.

Is Perps.fun live on mainnet?

The product runs on HyperEVM testnet today. Markets settle in pUSD; no real funds are at risk. The mainnet launch is in progress; mainnet markets will settle in a stablecoin asset finalised ahead of launch.

Is there a cost to propose a market?

No. Submitting a proposal on app.perps.fun and applying through the Telegram bot are both free. Individuals do not pay anything at the proposal stage. Teams do not pay for dashboard access.

How long does review take?

Variable. Simple proposals on well-covered assets clear faster than proposals using a custom oracle or a niche underlying. The contact methods on the proposer's profile or the team's Telegram group carry the back-and-forth.

What happens if a vault does not reach its target?

Backers can refund their full deposits after the deadline plus a one-day grace window. The vault contract enforces refund eligibility; Perps.fun does not need to act for refunds to open. See Vault.

What oracle sources does Perps.fun support?

SEDA is the default data source, covering crypto, equities, FX, commodities, and a long-tail of custom feeds. Custom oracles are reviewed case-by-case during quant review. Pyth's HIP-3 Relayer posts the chosen feed to Hyperliquid at the 3-second cadence HIP-3 requires.

How do I get exposure to Perps.fun fee revenue without launching a market?

Acquire kpHYPE through Kinetiq Launch. kpHYPE holders receive 20% of the deployer fee share from every Perps.fun market, plus native HYPE staking yield. The kpHYPE pool has a hard cap of 750,000 HYPE.

Are the contracts audited?

The vault and factory have passed multiple internal audit rounds. Public audit reports will be published ahead of mainnet launch.