perp

Perp LLC

May 2026

Abstract

Perp LLC is a treasury exposure system built on top of Pump.fun. Every token launched here is paired with a tokenized Hyperliquid perp: its price moves both from on-curve trading and from the underlying asset moving in the chosen direction. Tokens can pump even when nobody is buying.

Existing launchpads produce assets whose value is almost entirely derived from speculative momentum around SOL-denominated liquidity. Creator fees typically sit idle or are pulled out. Perp LLC instead continuously deploys a configurable fraction of those fees into leveraged perp exposure tied to external assets (BTC, ETH, SOL, HYPE, ZEC, kPEPE, PUMP, FARTCOIN, DOGE, WIF and beyond).

1. Introduction

Pump.fun standardized a clean launch model for Solana memecoins: bonding curve in SOL, 1% creator fee, AMM migration on graduation. Distribution is efficient — but the resulting ecosystem ends up priced almost entirely off one variable, SOL itself. Perp LLC adds a second axis: the underlying perp the creator points the treasury at.

2. Treasury Mechanics

Perp LLC layers on top of standard Pump.fun launches. A configurable percentage of the creator fees generated by trading is routed into a leveraged perpetual market position on Drift Protocol (Solana-native venue) — no bridge required.

Let F be cumulative creator fees and a the treasury allocation ratio:

E = a · F

Treasury value evolves with the leveraged, directional perp return:

V(t) = E · (1 + r(t))

where r(t) = dir · L · rawReturn (rawReturn = current notional / deployed cost basis − 1).

3. Recursive Exposure Dynamics

Volume drives fees; fees drive deployed exposure; deployed exposure drives sensitivity to the underlying market. Treasury performance then drives further attention and trading activity. The loop is the whole point.

4. Market Integration

Perp LLC keeps token issuance, treasury accounting, and execution cleanly separated. The reference v1 wires Drift Protocol on Solana for treasury execution (no cross-chain bridge), but the architecture is venue-agnostic — Hyperliquid or any other perp DEX can slot in behind the same engine.

5. Properties

Continuous treasury evolution — value moves with the underlying even during periods of zero trading.
Reduced SOL dependence — exposure can track BTC, ETH, or any selected market independently of SOL.
Reflexive structure — trading strengthens treasury exposure, treasury performance strengthens attention, attention drives further trading.

6. Risks

Market volatility — leverage amplifies drawdowns just as much as gains.
Infrastructure dependencies — Pump.fun, Drift, Pyth oracles, Solana RPC.
Liquidation risk — aggressive leverage can wipe the treasury under adverse moves; the engine floors V(t) at zero so holders never owe more, but the perp exposure component goes to zero.

7. Conclusion

Perp LLC turns creator fees from idle revenue into autonomous leveraged perp exposure. Coins become market-connected ecosystems, treasuries compound recursively, and fees evolve into active market infrastructure rather than passive yield.

This implementation. Crypto prices are real, live Hyperliquid data; commodities and stocks fall back to seeded values until a real feed is wired. The bonding curve and treasury engine implement the math above. Real on-chain integration: pump.fun mainnet launches/trades via Phantom, Drift Protocol perp positions via Phantom. Set PERP_EXECUTOR=paper to keep execution local-only.