The decentralized perpetual trading platform, Hyperliquid, has launched trading for PumpFun’s unreleased PUMP token, enabling users to speculate on the token’s potential launch price.
The perp-DEX announced in a latest X post that it is listing PUMP-USD hyperp following the community request. Traders can now long or short the token with up to 3x leverage. Within hours of the launch, Hyperliquid traders have bet millions of dollars on PUMP’s price movement with the token seeing significant volatility.
At the time of writing, the PUMP-USD pair has already amassed over $40 million in 24 hour trading volume. The token opened at $0.004952 and spiked as high as $0.015 during the first trading hour, currently settling near $0.005–as per market data.
Hyperp: A new type of perpetual contacts on Hyperliquid
A hyperp (short for Hyperliquid perpetual) is a unique type of perpetual futures contract developed by Hyperliquid. It is designed to trade unlaunched tokens like PUMP without relying on external oracle price.
These contracts use an 8-hour moving average of the hyperp’s internal mark price to determine funding rates. This way it offers greater stability and reduced manipulation risks compared to traditional pre-launch futures.
In the announcement, Hyperliquid stated that PUMP-USD hyperps will be converted into a vanilla perpetual contract once the token is launched and listed for spot trading on any centralized exchange (CEX).
When will the PUMP token be launched?
PumpFun recently announced on July 10 that the PUMP token will be launched on July 12 via initial coin offering (ICO) and users will be receiving airdrop in near future. Previously, the PumpFun team announced to launch a $1 billion token sale as early as June but plans got postponed.
Also read: Pump.Fun Co-Founder’s Ironic Remark Makes $4B Presale a Scam
