Perp coins

A coin whose fees build a long or short on Hyperliquid, and pay out the profit.

How it works

1. The creator sets a perp share on the launch form and picks a Hyperliquid market and a direction, such as long ETH, long SOL or short NVDA.
2. Once the coin's perp share reaches 0.3 HYPE, it moves to that coin's own vault on HyperEVM through Relay, in seconds. At a 100% perp share that's about 100 HYPE of trading volume.
3. The vault sells the HYPE for USDC and opens the position on Hyperliquid, at the leverage the creator picked (1x to 5x).
4. When the vault is 20% above the money put in, it closes the part that holds the profit.
5. The profit is bought back as HYPE and sent home to the coin. The rest of the position stays open.

Where the profit goes

The creator picks one of two modes at launch:

• Split: profit is shared between the coin's other destinations in proportion.
• Holders only: all profit goes to holders. A coin that sends 100% of fees to its perp must use this.

Rules

• Each take-profit needs a fresh 20% gain. A loss has to be made back first.
• Profit never goes back into the position.
• Stock perps work the same way, for example xyz:NVDA.
• The market, direction and profit mode are fixed at launch, like the rest of the split.
• If a market can't be traded (unlisted, isolated-only, or halted), the vault sends the HYPE back as profit instead of holding it.
• Vaults have no owner and can't be upgraded.