Glossary
Terms used across the Perps.fun documentation.
Backer
A wallet that deposits stablecoin into an Individuals vault during the bonding window and receives vault shares in return.
Bond
The on-chain transaction that closes a vault's bonding window after the target is reached. At bond, the vault mints the proposer 10% of the total share supply and authorises capital withdrawal for ticker acquisition.
Bonding window
The period during which backers deposit into a vault. Default 7 days.
Deployer
The entity that holds a HIP-3 listing on Hyperliquid. Perps.fun is the deployer for every Perps.fun market.
Deployer fee share
The portion of HIP-3 trading fees Hyperliquid routes to the deployer. Hyperliquid sets this at 50% of total trading fees.
HIP-3
Hyperliquid Improvement Proposal 3. Defines the standard for deployer-operated perpetual markets on Hyperliquid, including the 500,000 HYPE deployer stake and the 3-second oracle update cadence.
kpHYPE
Kinetiq Perps HYPE. A liquid staking token from Kinetiq Launch that funds the 500,000 HYPE stake backing Perps.fun's HIP-3 deployer position. Holders receive 20% of the deployer fee share from every Perps.fun market, plus native HYPE staking yield, Perps Points, and Kinetiq Points.
Oracle
The price source for a HIP-3 market. Perps.fun uses SEDA by default; custom feeds are reviewed case-by-case.
Proposer
The wallet that submits a market for review. For Individuals, the proposer also receives 10% of vault shares at bond.
Pyth HIP-3 Relayer
Pyth's managed service that signs and submits oracle prices to Hyperliquid at the cadence HIP-3 requires. Perps.fun operates the relayer for every Perps.fun market.
Quant review
The internal Perps.fun review of every proposal before launch. Covers oracle robustness, margin parameters, OI sizing, and edge-case behaviour.
SEDA
The default oracle data source for Perps.fun markets. SEDA's modular oracle network supports both standard and long-tail feeds. See docs.seda.xyz.
Vault
The on-chain contract used by Individuals markets. Custodies backer deposits, mints vault shares, receives the deployer fee share post-launch, and pays it out to shareholders pro-rata.
Vault share
An ERC20 token minted by the vault to backers and the proposer. Represents a claim on a pro-rata slice of all fee revenue paid into the vault over its lifetime.