Pump.fun has rolled out support for perpetual futures (perps) on a range of crypto assets, including Bitcoin and Ethereum. The offering also extends to real-world asset (RWA) perps covering the S&P 500, oil, and other U.S. stocks, with leverage of up to 50x, powered by Hyperliquid.

Perpetual futures are derivative contracts that let traders take leveraged long or short positions with no expiry date, and the RWA markets bring tokenized exposure to traditional assets alongside crypto pairs. Neither the platform nor its leadership had officially announced the update as of press time, but the new perps feature is already live for trading.

Expansion Beyond the Launchpad

With the integration, Pump.fun joins a growing list of super-apps and wallets — including Phantom, MetaMask, and Rabbit Wallet — that use Hyperliquid, a decentralized perpetuals exchange, to offer leveraged trading across multiple asset classes. For Hyperliquid, each new front-end extends distribution beyond its own interface; for the apps, embedded trading opens an additional revenue stream alongside their core products.

The move marks a significant milestone for Pump.fun, which began as a Solana-based memecoin launchpad and has since expanded to include a DeFi platform and a self-custody wallet. The question now is whether the expansion will lift its $PUMP token as well as Hyperliquid's $HYPE.

What Analysts Expect

Analysts are generally of the view that the update will be net positive for both tokens. Integrations of this kind are expected to increase users, trading volumes and, ultimately, revenues for the protocols involved.

Blockworks analyst Shaunda Devens framed the move as a "monetization potential," writing: "PumpFun enabling perps through Hyperliquid is an example of the monetization potential you have when you move from pure infra (launchpad<>DEX) to owning the user as well (mobile<>terminal)."

Comparable integrations are already generating meaningful revenue. Phantom, MetaMask, Trust Wallet, and Fomo are producing between $370,000 and $430,000 in weekly revenue — more than $22 million on an annualized basis. If Pump.fun reaches a similar adoption scale, that would represent more than $20 million in potential revenue. Since 50% of Pump.fun revenue goes toward $PUMP buybacks, the update could boost the token's value.

For Hyperliquid, routing users from Pump.fun translates into more volume and base protocol fees, giving the protocol a new pipeline of traders that could benefit it over the long run. Notably, Hyperliquid directs more than 97% of its revenue to $HYPE buybacks, meaning any incremental revenue would likely scale the token's value, especially during risk-on periods.

Data from DeFiLlama points in the same direction. In 2026, $HYPE's rally from $40 to over $80 was fueled by rising perp volume and revenue, while brief corrections coincided with slight dips in volume and revenue.

PUMP's Near-Term Market Structure

$PUMP, meanwhile, has seen a 34% correction over the past few days. The token broke below several key moving averages, flipping its market structure bearish. Whether the Hyperliquid integration enables buyers to defend the next support zones at $0.003 and $0.004 remains to be seen.

Summary

Pump.fun has launched crypto and RWA perpetual futures with up to 50x leverage, powered by Hyperliquid. The integration could boost Pump.fun's traction and revenue, but it remains unclear whether it can help reverse the token's 34% October pullback. With the feature live but unannounced, official confirmation from the team and early usage data are the next developments to watch.