Fees in. A position out.

A perpfuel token is a normal pump.fun token. It trades on the bonding curve, graduates to the pump AMM, and shows up in wallets, explorers and aggregators like any other. What changes is who receives the creator fee. Instead of a person, it funds one position picked at launch, such as long HYPE 3x or short ETH 5x, held in a Hyperliquid account that belongs to that token alone.

Three things follow from that:

Nothing happens off the record: each claim, bridge, order, profit-take, buyback and burn is listed on the token page with a link to its transaction.

Five steps run on their own for every token, around the clock. The keeper visits each token about every 30 seconds.

1. 01TradeSomeone buys or sells. pump.fun charges the creator fee chosen at launch (1%–3%), paid in HYPE since HYPE is the token's quote.
2. 02ClaimThe token's fee wallet is its pump.fun creator. The keeper claims the HYPE and swaps it to SOL through Jupiter.
3. 03BridgeWhen 0.13 SOL has collected, it goes through Unit, Hyperliquid's native bridge, into the token's Hyperliquid account.
4. 04MarginOn Hyperliquid the SOL is sold for USDC and moved to the perp account, and the position is topped up to match.
5. 05Profit → burnAt +20% the gain is taken, bridged back as SOL, used to buy the token, and the tokens are burned.

A launch is one wallet approval. It does three things:

1. 01Creates the tokenA standard pump.fun token (1,000,000,000 supply, 6 decimals) quoted in HYPE on Solana, with the creator fee you choose. Image and metadata go to IPFS.
2. 02Sets the creatorThe pump.fun creator is a fee wallet made just for this token, not your wallet. That is what lets its fees run the position.
3. 03Buys first, if you wantAn optional dev buy in SOL. It is swapped to HYPE and spent right after the create, so your buy lands first. You approve both transactions in one prompt and the tokens go to your wallet.

The token shows up on perpfuel as soon as the launch confirms. Its pump.fun description starts with the position, for example “LONG BTC 3x on Hyperliquid”.

Market. Any Hyperliquid perpetual with cross margin: BTC, ETH, SOL, HYPE and well over a hundred more. The launch page lists them live with price, 24h change, volume and each market's leverage cap.

Direction. Long earns when the market rises; short earns when it falls. Funding is paid or received like on any Hyperliquid position.

Leverage. From 1x to 20x, or the market's own cap if lower. Leverage decides how far the market can move against the position before liquidation. Roughly:

Maintenance margin makes the real distance a bit shorter. New fees keep adding margin, which pushes the liquidation price further away over time.

perpfuel charges no launch fee and takes no share of creator fees. Every claimed fee goes to the token's position.

pump.fun keeps creator fees in a vault per creator. Since each perpfuel token has its own fee wallet as creator, each vault holds one token's fees and nothing is pooled.

1. 01ClaimWhen the vault holds 0.05 HYPE or more, the keeper claims it into the fee wallet and swaps it to SOL.
2. 02BridgeAt 0.13 SOL the balance goes to the token's Unit deposit address. Unit's minimum is 0.12 SOL; the rest covers its fee. Unit credits the SOL to the token's Hyperliquid account.
3. 03SwapThe SOL is sold for USDC on Hyperliquid spot.
4. 04DepositThe USDC moves from spot to the perp account, where it counts as margin and raises the basis.

Each token keeps a basis: the USDC that has gone into its account and is still at work. The position is sized to:

target notional = min(equity, basis) × leverage

• New fees raise the basis, so the position grows with trading volume.
• Unrealized gains never add size: a winning position is not pyramided.
• After a loss the target shrinks with equity, so a drawdown is never re-levered.
• Orders under $11 are skipped (Hyperliquid's minimum is $10).
• Orders are market orders, filled within 2% of the mid price.

Profit is equity above basis. It is taken when both are true:

equity − basis ≥ 20% of basis  and  ≥ $25

Then, in one pass:

1. 01TrimThe position is cut back to basis × leverage, which realizes the gain.
2. 02WithdrawThe gain moves from the perp account to spot. The basis stays where it was.
3. 03Bridge backThe USDC is swapped to SOL and sent through Unit to the token's buyback wallet on Solana.

Because the basis doesn't move, the next profit-take is measured from the same line, and the position keeps working on the fees that funded it.

When SOL reaches the buyback wallet, the keeper buys the token with it:

• While the token is on its bonding curve: SOL → HYPE, then a buy on the curve.
• After graduation: through Jupiter, which finds the best pool.
• A small reserve (0.01 SOL) stays behind for the wallet's own account rent.

The bought tokens are then burned: destroyed on chain, so total supply goes down. Both transactions show up in the feed, and the running totals are under “Where the fees go” on the token page.

Leverage loses money as easily as it makes it. If the market moves against the position, equity falls, and if it falls far enough Hyperliquid liquidates the position and most of the margin is gone.

When a token's account ends up flat with less than its basis, the basis is reset to what's left. The loop then just carries on: new fees become new margin and reopen the same trade.

Every token page has a buy and sell panel priced in SOL. While a token is on its curve, a buy swaps SOL to HYPE through Jupiter and buys on the pump.fun curve in the same transaction; a sell does the reverse. Once the curve fills, the token graduates to the pump AMM and trades route through Jupiter. You can also trade perpfuel tokens anywhere else they are listed, and the fees are earned there too.

• Slippage defaults to 5%; pick 2%, 5% or 10% in the panel.
• Your wallet signs; perpfuel broadcasts through its own RPC and confirms.
• The badge on each card shows how full the bonding curve is.

lifetime PnL = equity now + profit already taken − everything deposited

It is the fair score for a token: what its fees have earned so far, including profit that has already been burned.

Each token has its own fee wallet, Hyperliquid account and buyback wallet. Nothing is shared between tokens.

The perpfuel keeper signs for these wallets and pays the Solana network fees for claims, bridges and burns. That makes perpfuel custodial: you are trusting the operator's keys and code rather than a smart contract. Every address is public, so every movement can be checked.

• Leverage. A position can lose part or all of its margin. Most leveraged positions lose money eventually.
• Liquidation. A fast move against the position can wipe it out before new fees arrive.
• Delays. Profit is only bought back after it is realized and bridged, which takes minutes, not seconds.
• Third parties. pump.fun, Hyperliquid, Unit and Jupiter can pause, change or fail.
• Custody. The keeper holds the keys. A bug or a compromise of the operator can lose funds.
• Experimental. perpfuel is new and unaudited.
• Not an investment. None of this promises returns or offers a security.

Basis

USDC that has gone into a token's account and is still working. The position is sized on it.

Equity

The account's value on Hyperliquid: margin plus unrealized PnL.

Notional

The position's size in dollars: size × mark price.

Mark price

Hyperliquid's fair price for the market, used for PnL and liquidation.

ROE

Return on equity: unrealized PnL as a share of margin.

Bonding curve

pump.fun's launch pricing. When it fills, the token graduates to an AMM pool.

Unit

Hyperliquid's native bridge for SOL, BTC and others.

Keeper

The perpfuel process that runs the fee loop for every token.