Pump.fun has added Bitcoin and Ethereum perpetual futures, with trades executed on Hyperliquid's infrastructure. The move takes the Solana-based memecoin platform into leveraged derivatives, while the PUMP token fell 5.35% over the past 24 hours.
Pump.fun has introduced perpetual futures trading, with Bitcoin contracts offering up to 40x leverage and Ethereum contracts up to 25x. Traders get exposure to both assets without owning them, and the liquidity comes from Hyperliquid.
Hyperliquid handles the trading engine
Pump.fun relies on Hyperliquid's existing order books instead of building its own derivatives system. HyperCore handles order matching, margin balances, funding payments, and liquidations, while Pump.fun supplies the trading interface.
The launch followed the discovery of perpetual trading data in Pump.fun's application programming interface on October 9. That data included funding rates, open interest, and trading volumes sourced from Hyperliquid's HyperCore mainnet.
The two platforms already had a link. In August, Pump.fun added support for HyperEVM, which lets users trade spot transactions with USDC in Hyperliquid's smart contract environment. At the end of August, Hyperliquid saw about $12.43 billion in daily perpetual futures trading volume.
Access is restricted and risks remain
Leveraged trading carries liquidation risks, and traders can lose their entire posted collateral during sharp market movements. Pump.fun restricts perpetual futures access in the United States, Ontario, and other prohibited jurisdictions.
Derivatives join spot trading beside memecoins
Pump.fun built its business around Solana-based memecoin launches and trading, and the new product adds derivatives next to its spot services. In late September, the platform overtook Hyperliquid in weekly revenue, generating $15.16 million against Hyperliquid's $15.06 million.
Pump.fun can now earn additional fees from derivatives activity. Despite the launch, however, the PUMP token fell 5.35% over the past 24 hours to trade at $0.004320.
Source: CoinGape
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