Pump.fun Perps on Hyperliquid: How the 0.10% Builder Fee Works

On a $10,000 Bitcoin perpetual order placed through Pump.fun, Pump.fun can charge up to $10.

Hyperliquid, the exchange that actually matches and settles the trade, charges a standard taker $4.50. Only one of those fees has a written rule sending it toward a token burn, and it’s Hyperliquid’s.

Most launch coverage focused on whether to buy HYPE or SOL. The more useful question for PUMP holders is where each dollar of perps fees goes. When you compare Pump.fun’s fee schedule, its buyback methodology and Hyperliquid’s fee documentation, then, you’ll see they don’t connect the way many people assume.

How Pump.fun’s Perps Plug Into Hyperliquid

Pump.fun didn’t build a derivatives exchange. Its perps run on Hyperliquid’s order books through builder codes, a feature that lets outside apps send user orders to Hyperliquid and add their own fee on top. Hyperliquid’s engine handles matching, margin and liquidations.

The product first appeared in Pump.fun’s API around October 9, when Wu Blockchain spotted a /coins/perps endpoint showing prices, funding rates, open interest and maximum leverage, all pulled from Hyperliquid’s mainnet. The same endpoint also listed SOL, Nvidia, Tesla, gold and crude oil contracts. Trading launched around October 16 and 17, with up to 40x leverage on BTC and 25x on ETH reported at launch.

Pump.fun updated its terms and conditions on October 17. The perps feature is blocked for users in the United States and Ontario, along with sanctioned parties.

The Three Fees on Every Pump.fun Perp Trade

Pump.fun’s official fee schedule splits the cost of a perp trade into separate parts.

1. Pump.fun’s builder fee: up to 0.10% of notional. It applies to every order that opens, adds to or closes a position. Users approve it with a signature the first time they trade, and it appears as its own line before they confirm. Pump.fun’s usual 0.45% platform fee doesn’t apply to perps orders.
2. Pump.fun’s bridge fee: up to 0.25% per transfer to or from Hyperliquid through the in-app bridge. It’s added on top of the bridge operator’s own fee, and the app may show both as one number.
3. Hyperliquid’s own fees. Pump.fun lists Hyperliquid’s trading fees, funding payments and one-time account activation fee as third-party costs it doesn’t control. According to Hyperliquid’s fee documentation, the entry-tier perps rate is 0.045% for takers and 0.015% for makers.

Here’s the math on a $10,000 market order at entry-tier rates, assuming Pump.fun charges its full maximum:

• Hyperliquid taker fee: $4.50
• Pump.fun builder fee: up to $10.00
• Total trading fees: up to $14.50, with about 69% going to Pump.fun

For a maker order, the gap is wider: $1.50 to Hyperliquid and up to $10 to Pump.fun. At full rate, the app routing the trade earns more per order than the exchange that runs it. Note that 0.10% is the published maximum, not a confirmed rate for every trade.

Where Hyperliquid’s Share Goes

This side of the trade has the clearest documentation. Hyperliquid says its fees are “entirely directed to the community,” meaning its HLP vault, the assistance fund and market deployers.

The assistance fund converts trading fees into HYPE automatically as part of the chain’s execution.

According to Hyperliquid’s documentation,

“HYPE in the assistance fund is burned, removing the tokens permanently from the circulating and total supply.”

So every Pump.fun perp trade feeds part of Hyperliquid’s own token-burn mechanism through standard protocol rules. That share never touches Pump.fun’s treasury.

There’s one more possible layer. Some of the markets in Pump.fun’s API, such as stocks and commodities, are the kind of contracts that third-party HIP-3 deployers usually run on Hyperliquid. Those deployers can set their own fee share. If Pump.fun lists them, another party joins the split.

Where Pump.fun’s Share Goes, and What the Buyback Rules Say

Under Hyperliquid’s builder code rules, the builder fee goes to the builder’s address on Hyperliquid. Builders claim it through the standard referral-reward process. The fee is charged in the collateral asset, so for these markets it builds up in USDC on Hyperliquid, not in SOL on Solana.

That matters once you check Pump.fun’s PUMP buyback methodology. The program puts 50% of revenue toward buying and burning PUMP. It defines revenue as income from:

• the bonding curve
• PumpSwap
• Terminal (on Solana, Base, Ethereum L1 and BNB)
• Custom Pairs, per a later newsletter

Perps builder fees and bridge fees aren’t on that list. The page also says buybacks aren’t a commitment to future purchases, except as “deterministically programmed prior to April 29, 2026.” Perps launched in October, so they weren’t covered by that commitment.

To be fair to Pump.fun, the absence of a rule isn’t proof that the money stays out of buybacks. Pump.fun could add perps to its revenue definition at any time. But as of today, no published Pump.fun document links a perps fee to a PUMP burn. Any connection would also need USDC moved off Hyperliquid and converted, because the buyback table records purchases in SOL.

This also changes how to read the buyback numbers I’ve covered before. The PUMP page shows $490.65 million in cumulative buybacks on its dashboard and $465 million in Newsletter #14. It also says the fee dashboard has misreported revenue and buyback amounts since Custom Pairs launched and that this “will be fixed soon.” If perps revenue grows, Pump.fun’s total income and the share that actually reaches PUMP burns could move further apart.

How to Verify the Fee Flow Yourself

Hyperliquid makes the builder side of this traceable. It publishes daily fill files for each builder at:

[https://stats-data.hyperliquid.xyz/Mainnet/builder_fills/](https://stats-data.hyperliquid.xyz/Mainnet/builder_fills/){builder_address}/{YYYYMMDD}.csv.lz4

The builder address must be entirely lowercase. A builder’s total collected fees also appear in Hyperliquid’s referral info query.

Without Pump.fun’s builder address in its fee schedule, terms or announcements, nobody outside the company can add up the actual perps revenue, which is the number that would show whether this product is a side feature or a real revenue line. Once that address is public, the next step is to check whether a matching amount ever shows up in the PUMP buyback table.

Until then, the honest answer is this: Hyperliquid’s share has a documented path to a HYPE burn, while Pump.fun’s share has a documented path into Pump.fun’s own wallet.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on X @nulltxnews