Pump.fun built its name as the place where memecoins are born. Now it wants a piece of the leveraged trading business, too.
A post on X announced that Pump.fun is launching crypto perpetual futures trading powered by Hyperliquid. API data shared around October 9, 2026, shows the platform pulling funding rates and open interest for BTC and ETH perpetuals directly from Hyperliquid’s HyperCore mainnet.
What Pump.fun is actually plugging into
Perpetual futures are a type of derivative contract. They let traders bet on an asset’s price without owning it, and with no expiration date.
The funding rate is a periodic payment between long and short traders that keeps the contract price tethered to the real market price. Open interest measures how many contracts remain open at a given time.
Both figures are being sourced from HyperCore, Hyperliquid’s core trading layer. Rather than building its own derivatives engine from scratch, Pump.fun is borrowing Hyperliquid’s order book and liquidity.
The leverage on offer is substantial. According to the research findings, traders can access up to 40x margin on BTC and 25x on ETH.
A partnership that has been building for months
This is not Pump.fun’s first integration with Hyperliquid’s stack. On August 26, 2026, the platform added support for HyperEVM, Hyperliquid’s smart contract environment, enabling USDC-denominated spot trading with near-zero fees.
Hyperliquid’s perpetual market recorded $12.43 billion in daily trading volume in late August 2026. That is the liquidity pool Pump.fun users will effectively be tapping.
By early October 2026, Pump.fun had surpassed Hyperliquid in 30-day revenue.
Background: from memecoin factory to trading venue
Pump.fun launched in January 2024 as a memecoin launchpad, becoming a central hub in the memecoin sector.
Rival platform FOMO introduced Hyperliquid-based perpetuals trading in June 2026, broadening the range of assets its users could trade. Pump.fun is entering a lane a competitor already occupies.
What this means for traders and the platforms
Hyperliquid is becoming backend infrastructure for consumer-facing crypto apps. FOMO uses it. Pump.fun now uses it for both spot and perpetuals.
The risks deserve equal billing. Leverage of 40x on BTC and 25x on ETH can turn modest price swings into total losses. Liquidation on a leveraged position is a different and less forgiving experience than spot trading.
There is also concentration risk at the infrastructure level. If multiple consumer platforms rely on HyperCore for pricing and execution, any disruption on Hyperliquid could ripple across all of them at once.
Key metrics to track from here include open interest on Pump.fun’s perpetual markets, whether its 30-day revenue lead over Hyperliquid holds, and how FOMO responds to a larger rival entering its lane.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.