An API response linked to Pump.fun showed Hyperliquid perps data for Bitcoin and Ether on October 9, 2026, with 40x and 25x leverage caps. The memecoin launchpad has not confirmed a live trading launch.
What Happened?
- Pump.fun’s API lists Bitcoin perps at up to 40x leverage and Ether perps at 25x, both sourced from Hyperliquid’s HyperCore mainnet.
- Wu Blockchain said the same endpoint also carried SOL, Nvidia, Tesla, gold and crude oil contracts.
- DefiLlama data shows Pump.fun earned $16.63 million in seven-day revenue, ahead of Hyperliquid’s $14.30 million.
- Rival trading app FOMO already offers Hyperliquid-based perpetual futures, a service it launched in June with TradeXYZ.
Pump.fun is renting Hyperliquid’s derivatives engine
The endpoint, which Wu Blockchain identified as /coins/perps, returns prices, funding rates, open interest, 24-hour volume and maximum leverage for each market. Its connected network is HyperCore, the layer that matches trades on Hyperliquid. That setup lets Pump.fun plug into Hyperliquid’s order book and liquidity instead of running its own matching engine.
The plumbing isn’t new. Pump.fun added HyperEVM support on August 26, letting users trade HyperEVM tokens against USDC with near-zero fees. Hyperliquid’s perp market handled $12.43 billion in daily volume in late August. That is the pool Pump.fun traders would draw on.
The evidence stops at data, though. According to Bloomingbit, the API screen does not confirm that order placement or live trading will be added. Wu Blockchain said it was unclear whether Pump.fun plans a perps product, and that the company had not announced one.
JUST IN: PumpFun launches crypto perpetual futures trading powered by Hyperliquid $HYPE.
— Watcher.Guru (@WatcherGuru) October 16, 2026
Pump.fun out-earns the venue it would rent
That seven-day revenue lead flips over a longer window. In the same DefiLlama revenue rankings, Pump.fun’s 30-day total of $65.63 million trailed Hyperliquid’s $71.05 million. Crypto Briefing put Pump.fun ahead on 30-day revenue by early October, so the ranking depends on the snapshot.
ARK Invest research put the two protocols at 67% of all crypto application revenue as of July 31. Pump.fun would be handing derivatives flow to a partner it already rivals on fees. The split is familiar. Coinbase announced perps for its Base app in August, routing more than 290 markets to Hyperliquid at up to 50x.
The pattern gives the consumer app the user and the exchange the matching, liquidity and uptime. FOMO bundles spot and futures in one place, and a perps tab could stop memecoin traders from leaving for another app to trade futures.
The bigger risk sits two layers below the app
Leverage is the first-order risk for retail traders. Liquidation on a leveraged position also hits harder than a losing spot trade.
The second risk is structural. Every app routing orders to HyperCore shares its uptime, so a disruption on Hyperliquid could hit all of them at once.
The Bottom Line
Users already on Pump.fun can treat any perps screen as unofficial until the company announces it through its own channels. Once a product ships, check each asset’s leverage cap and liquidation threshold. It also matters whether Pump.fun or Hyperliquid holds margin on an open position. Four questions remain open:
- Will Pump.fun let users place orders, or only display Hyperliquid market data?
- Which markets beyond Bitcoin and Ether will go live, and at what leverage?
- How will trading fees be split between Pump.fun and Hyperliquid?
- Which jurisdictions will be blocked from the product?
The move reads as a retention play by a platform that already out-earns its would-be supplier on a weekly basis. Pump.fun keeps the trader, Hyperliquid keeps the order book, and FOMO already shows the bundle is buildable. For now, the product exists only as an endpoint.
