PUMP, the native token of the memecoin launchpad Pump.fun, climbed 3.92% over the past 24 hours to $0.004649 after the platform launched perpetual futures trading powered by Hyperliquid's infrastructure.

The token recovered from a Thursday low near $0.00427, crossed $0.004482 around midnight, and moved toward its daily high in the latest market update, a rise of approximately 8.9% from its Friday intraday low. The recovery follows earlier PUMP token price movements and buyback activity, as traders assess the platform's newest trading service.

The price action coincides with Pump.fun's introduction of leveraged Bitcoin and Ethereum perpetual futures running on Hyperliquid's trading infrastructure. The launch allows users to trade perpetual contracts directly from Pump.fun's interface. It also marks an expansion of Pump.fun beyond its memecoin launchpad roots, bringing leveraged derivatives into the same platform where new tokens are launched.

Leveraged Bitcoin and Ether Contracts Go Live

Pump.fun has introduced Bitcoin perpetual contracts offering up to 40x leverage, while Ethereum perpetual contracts support up to 25x. Traders can open long or short positions without purchasing the underlying cryptocurrencies, although leveraged positions carry liquidation risks if the market moves against a trader's position.

The rollout follows an October 9 discovery of perpetual trading data embedded within Pump.fun's application programming interface, before the feature's public launch. That data included funding rates, trading volumes, and open interest sourced from Hyperliquid's HyperCore mainnet.

Rather than operating a separate derivatives engine, Pump.fun relies on Hyperliquid's existing order books. HyperCore handles order execution, margin balances, and liquidations, while Pump.fun provides the interface through which traders submit their trading instructions.

Hyperliquid has continued expanding its derivatives business throughout 2026, attracting traders across cryptocurrencies and other asset markets. Earlier trading activity and open interest growth pointed to rising demand for its perpetual contracts.

Pump.fun previously integrated HyperE trading on August 26, allowing users to trade supported tokens against USDC. The perpetual futures launch builds on that earlier connection while adding leveraged positions to the platform.

Pump.fun Publishes Perpetual Trading Fees and Regional Restrictions

Under Pump.fun's updated fee schedule, a builder fee of up to 0.10% applies to each perpetual order. The charge is incurred when traders open, increase, or close positions through the platform. At the maximum rate, a $10,000 order would cost $10, although the actual charge may be lower depending on the rate applied during order confirmation.

Bridge transfers carry an additional Pump.fun fee of up to 0.25%, excluding charges collected by third-party operators. Hyperliquid's trading and funding charges remain separate, and its account activation fee applies to first deposits.

The fees introduce another potential revenue source for Pump.fun, which previously relied heavily on memecoin trading activity. Earlier buyback and revenue figures showed the platform's weekly revenue reaching $15.16 million in September, exceeding Hyperliquid's $15.06 million over the same weekly period. With perpetual fees now in place, those September figures serve as a baseline for gauging the new service's contribution in future revenue reporting.

The new service excludes traders located in the United States and Ontario, alongside other restricted jurisdictions. Pump.fun's terms specify that Hyperliquid manages positions and settlements, while users remain responsible for monitoring their own collateral.

The terms also confirm that traders can access existing Hyperliquid positions through other compatible interfaces. Those positions remain subject to Hyperliquid's margin requirements, funding payments, and liquidation rules regardless of the interface used.

The regional restrictions come amid wider discussions about how decentralized derivatives markets should be regulated. Recent regulatory developments concerning Hyperliquid have examined how perpetual contracts fit within existing financial market rules.

Other companies are pursuing different routes into the derivatives market. Payward, the parent company of the U.S. exchange Kraken, previously outlined plans to offer regulated Hyperliquid perpetual trading through its U.S. operations. The contrast highlights two paths to the same underlying market: Pump.fun's interface-based access excludes U.S. traders outright, while Payward's planned route would channel Hyperliquid perpetual trading through regulated U.S. operations.

Source: Blockonomi