perptokens.
how it actually works.

pump.fun proved bonding curves print money. but every coin launched on it is naked: no underlying, no narrative beyond the meme, no reason for it to pump tomorrow except hope. the floor is whoever rugs first.

perpetuals proved leveraged exposure prints attention. drift, hyperliquid, jupiter perps move billions per day. but they're intimidating to most people. open a position, set the leverage, manage margin, fear the liq.

so: combine them. the curve handles the launch. the perp handles the price action. the user just buys a meme.

2.1 launch

creator picks an underlying (SOL, BTC, ETH, HYPE, AVAX, JUP, BNB), a direction (long or short), and a leverage (2x, 3x, or 5x). pays ~0.05 SOL in rent and protocol fees. the program mints 1B supply, splits it 75% curve / 25% LP reserve, opens a perpetual position on drift v2 at the chosen leverage. opening MC: $2,400.

2.2 bonding curve

constant-product invariant x · y = k with virtual reserves. as users buy, USDC fills y, tokens drain from x, price rises along the curve. exact opposite on sell.

buy: Δusdc → Δtokens = (x · Δusdc) / (y + Δusdc)
sell: Δtokens → Δusdc = (y · Δtokens) / (x + Δtokens)
price = y / x

2.3 perp coupling

every buy on the curve does two things: it credits the user the curve quote, and it grows the protocol's perp position by leverage × notional. every sell unwinds proportionally. the position's mark price moves the curve's reference, so token price = curve price × (1 + perp PnL %).

you don't hold the perp. the program does. you hold a token whose price tracks what the perp is doing.

2.4 graduation

when the curve collects $6,400 USDC (which corresponds to ~$32k FDV market cap) OR the curve reserve is drained, graduation triggers. the program:

1. closes the perp position, realizes PnL
2. combines curve USDC + perp PnL + 25% LP token reserve
3. seeds a raydium CPMM pool
4. locks the LP tokens permanently (sent to the burn address)
5. flips status to Graduated

from that point on the token trades on raydium like any other SPL. no more curve. no more perp backing. you're holding a pure SPL with a known liquidity floor.

3.1 curve seeding

token_supply       = 1_000_000_000  (1B)
curve_reserve      = 75% = 750_000_000
lp_reserve         = 25% = 250_000_000
initial_usdc_seed  = $2,400 (virtual, mirrors pump.fun 30 SOL @ $80)
initial_price      = $2,400 / 1B = $0.0000024 / token
initial_mc         = $2,400
graduation_collected = $6,400 USDC real (80 SOL @ $80, pump.fun-like)
graduation_mc      = ~$32,000 FDV at trigger

3.2 perp sizing

notional      = curve_usdc_collected × leverage
collateral    = curve_usdc_collected
position_side = chosen direction (long | short)
venue         = drift v2 perp market for chosen asset

3.3 fees

trade_fee    = 1% of trade size
              ↓
            0.50% → creator
            0.50% → protocol treasury
graduation   = no extra fee
deploy       = ~0.05 SOL (rent + protocol)

this is a leveraged product. things can break. the program ships with multiple kill switches:

• invisible TVL cap - soft cap on total notional across all curves. once hit, new launches and new buys revert. starts at $100k, lifted by admin governance over time.
• per-curve notional cap - single curve can't exceed $8k notional during the curve phase. prevents one whale from cornering one market post-graduation.
• whitelisted underlyings - v1 only allows SOL, BTC, ETH, HYPE, AVAX, JUP, BNB. all have deep drift liquidity and reliable pyth oracles. exotic perps come later, audited.
• leverage cap - hard-coded 5x maximum. no degen 100x.
• anti-snipe window - 5 slots (~2s) after launch where trades revert. blocks MEV bots from front-running the creator.
• pause switch - admin can pause new entries within one transaction. existing positions stay redeemable.
• stale-oracle guard - buy/sell revert if the pyth price feed is older than 60s.

• liquidation risk: at 5x leverage, a ~20% adverse move in the underlying liquidates the perp position. your token price collapses to whatever remains in the curve reserve.
• smart contract risk: the program is pre-audit at launch. bugs can drain the curve. circuit breakers reduce blast radius but don't eliminate it.
• oracle risk: pyth feeds can stall or misprint. the program reverts on stale feeds but cannot detect malicious feeds.
• drift counterparty risk: the perp position lives on drift v2. if drift halts or has an issue, the position becomes unmanageable until drift resolves.
• graduation slippage: raydium pool seeding executes at one block's prices. expect ~1-3% slippage at graduation.
• regulatory risk: the structure resembles a synthetic. your jurisdiction may treat it as a security. consult your own legal counsel.

• audit by neodyme or ottersec, plus immunefi bounty
• cross-perp routing: pick drift, jupiter perps, or hyperliquid bridges
• leverage tiers up to 10x with mandatory longer anti-snipe
• creator fee customization within bounds (0.25% to 1%)
• on-chain governance for whitelist updates and cap lifts
• cross-chain mirror: hyperliquid-backed coins via wormhole