How a coin ends up holding a perp.
Four moves, each a public function. The keeper picks when they run; the contract decides everything else.
- 01
Launch
A creator names the coin, picks a perp, a direction and a leverage, and writes the mission. The coin opens single-sided at ≈$5.5k FDV with 100% of supply in a HyperSwap pool its vault owns — and cannot withdraw from.
- 02
Fees become margin
Every buy pays 1% in HYPE: 80% bridges into the coin's own Hyperliquid account as margin, 20% goes to the protocol. The coin-side fee that sellers pay is burned rather than sold.
- 03
The vault trades
Once the account clears the threshold the vault opens the position itself through CoreWriter. Later fees top it up at the same leverage setting, which pushes the liquidation price further away.
- 04
Close and roll
The creator closes only by naming the next position. 60% of the profit stays on the venue with the principal as margin, so a coin compounds instead of restarting; 30% buys the coin back and burns it, 10% goes to the creator. A loss resets the baseline and the coin rebuilds from fees.
Every transition is someone’s transaction.
→ back to IDLE
Protocol parameters
- Fee split
- 80% margin · 20% protocol
- Profit split
- 60% stays as margin · 30% buyback-and-burn · 10% creator
- Automatic take-profit
- 10% of profit at +25%
- Open threshold
- $12
- Settlement floor
- $12
- Launch FDV
- $5,500
- Launch fee
- 0 HYPE
- Order slippage
- 1%
- Buyback impact guard
- 5%
- Open confirmation timeout
- 30 L1 blocks
- Chain
- HyperEVM · 999
Read from the factory on 25 Sep 2026, not live — the API is not responding. The owner can change forward-looking config, so check the contract before relying on these.
The owner can still change forward-looking configuration and pause new launches — today from a single key. What that key cannot touch, and what it should become, is written out in the paper.
Trust surface · §11