Rules

Every rule, with its number.

Risk disclosure, eligibility and the exact rules the engine enforces. Read this before you trade.

Perpetual futures are high risk. You can lose your entire margin. Not available to US persons or in restricted regions.

Risk disclosure

Perpetual futures are high risk. You can lose your entire margin. Leverage multiplies losses as much as gains: at 3x a 23% move against you liquidates the position and the whole margin is gone.
Memecoins are extremely volatile and can go to zero. The mark can move fast and gaps can skip past your liquidation price.
Profits are paid from the coin's perp vault and are capped (see the profit cap and ADL below). A trade can be closed for you by the keeper (liquidation, profit cap, ADL).
FUNDED does not set, support or predict any price. Nothing here is financial advice. FUNDED is not affiliated with pump.fun or Hyperliquid.

Perpetual futures on FUNDED are not offered to US persons or in sanctioned and restricted regions. Blocked countries: BY, CU, IR, KP, RU, SY, US, plus the regions UA-09, UA-14, UA-40, UA-43 (Crimea, Sevastopol, Donetsk, Luhansk) where the network edge reports a region.
The app reads your country from the hosting edge. From a restricted region, opening positions and adding LP are disabled. Closing positions and withdrawing LP always stay available.
Before the first trade or LP deposit every wallet confirms, once per version (v1): "I am not a US person and I am not located in or resident of a restricted region. I am 18 or older. I understand perpetual futures are high risk and I can lose my entire margin."
Using a VPN or another person to get around these restrictions breaks these rules.

Every coin launched on FUNDED gets its own perp market from minute one. pump.fun creator fees are split on chain: perp vault 60%, creator 30%, FUNDED 10%. The creator seeds the vault at launch with 0.5 to 10 SOL.
The perp vault is the counterparty to every position (a pooled vault, not an order book). When traders win, the vault pays; when they lose, the vault keeps the margin.
Every cap is measured against vault liquidity (the vault's LP capital). The vault keeps 0.02 SOL aside for network fees.

Long or short, 1x to 3x in steps of 0.1x. Size = margin x leverage. The smallest margin is 0.01 SOL.
One position can be at most 2% of vault liquidity (and at most 5 SOL). Open interest per side is capped at 25% of vault liquidity, and the net skew (long minus short) at 10%. An open that adds to the heavy side past the skew cap is refused; opens that reduce the skew are always fine.
At most 3 open positions per wallet per market.
A quote holds 60 seconds. You sign one SOL transfer of margin plus the open fee into the vault, with the memo funded:v1:margin:<position>. If it lands after the quote plus a 20 second grace, if the mark moved more than 1% against you, or if a cap no longer fits, the whole deposit is refunded.
PnL: long = size x (mark / entry - 1); short = size x (1 - mark / entry). Equity = margin + PnL + funding.

The keeper samples spot every 15 seconds: the bonding curve (virtual SOL / virtual tokens) or the PumpSwap pool once the coin graduated. Each sample is clamped to within 3% of the previous one before it enters the window, so a one-block pump or dump moves it by at most 3%.
The mark is the time-weighted average of the clamped samples over the last 5 minutes. All PnL, funding and liquidations use the mark, never the last trade.
If spot and the mark are more than 15% apart the market is guarded: new opens pause until they are back within 5%. Closes and liquidations continue at the mark.

Every hour on the hour: rate = skew / vault liquidity x 1%, clamped to +/-0.10% per hour. Positive: longs are the crowded side and pay. Negative: shorts are the crowded side and pay.
The crowded side pays rate x its size x the share of the hour it was open. The lighter side receives nothing. Funding is booked against each paying position and settles when it closes or is liquidated.
Of funding paid, 90% goes to the coin's spot holders and 10% stays in the perp vault (the vault carries the skew as counterparty).
Holder snapshot: at every hour boundary the keeper reads every wallet's balance of the coin. The creator wallet, the bonding curve, the PumpSwap pool and any program-owned account, the perp vault and the FUNDED treasury never count.

There is nothing to claim. After each hour settles, the keeper sends SOL to every wallet whose unpaid credits on that coin reached 0.001 SOL, largest first, at most 240 wallets per coin per hour, batched several transfers per transaction with the memo funded:v1:holder:<payout>.
Smaller balances carry over to later hours and never expire. Payouts count toward the keeper's daily cap; if the cap or the vault's SOL is reached, payouts wait and go out later in the same order.
Holding the coin and receiving holder payouts is not trading and has no eligibility gate. Perpetual futures trading itself remains restricted as described above.

A position is liquidatable when its equity is at or below 10% of its size (maintenance margin), at the mark. The keeper closes it and the trader receives nothing.
What equity is left is the liquidation penalty and goes to the coin's insurance fund. If a gap left equity below zero, the insurance fund tops the vault up for the shortfall as far as it can.
Every position shows its liquidation price; funding paid moves it closer.

A position's profit is capped at 300% of its margin. It closes automatically at the cap and is paid like a normal close.
If the open positions' total unrealized profit passes 40% of vault liquidity, the keeper auto-deleverages: it closes the most profitable positions (highest return on margin first) at the mark until open profit is back under 30%.
Payouts never exceed the vault's LP capital plus the position's own margin.

0.1% of size on open and on close (no close fee on liquidations: the penalty applies instead). Funding is not a fee: it goes to holders and the vault as above.
Fees split 50% buyback and burn of the coin, 30% to the perp vault, 20% to FUNDED. The keeper buys the coin on the curve or pool once 0.01 SOL has gathered and burns exactly what it bought (memos funded:v1:buyback and funded:v1:burn).

Anyone eligible can add SOL to a coin's perp vault (minimum 0.05 SOL, memo funded:v1:lp) for vault shares at NAV. NAV = LP capital minus the open positions' net unrealized profit when positive.
LPs are the counterparty: when traders win, LPs lose. LP pages show fees earned historically and NAV history, never a forecast or a promised return.
Withdrawals cool down for 24 hours, then pay at the NAV of that moment, first in first out, and only from free liquidity: after the withdrawal every side's open interest must still fit the 25% cap. A withdrawal can be cancelled until it pays.
Seed shares (from the launch seed and creator fees) belong to the market and are never withdrawable.

Each perp vault is a wallet held by the FUNDED keeper: encrypted key, an allowlist of programs per transaction type, lamport caps per transaction, every transaction public with its memo.
Keeper caps: payouts above 10 SOL wait for an operator on mainnet; at most 250 SOL leaves all vaults per day. In review mode trader and LP payouts on mainnet wait for an operator.
Kill switch: the operator can make every market reduce-only (closes only) or freeze trading entirely (no opens, closes, funding or liquidations; the oracle keeps sampling). A single market can be set reduce-only. Closing and withdrawing stay available whenever trading is not frozen.