No oracle
The price is the coin's own PumpSwap pool, read from its reserves in the same instruction as your trade. The program only accepts the pool pump.fun creates at graduation.
Perps on graduated pump.fun coins, settled in SOL and priced straight from each coin's own pool. Long or short, with up to 5× leverage. No sign-up, no order book, no oracle.
Market cap in $ by default. Trades settle in SOL.
Short 1 SOL. If PAID falls 25%, you get back —
Short PAIDphi is the counterparty on every trade. The vault's size decides how big a position it can take against you, so everything that fills it grows the exchange.
Every open position's maximum payout is held back the moment it opens. The vault can't promise more than it has.
Fees and the vault's wins raise the ceiling on the next position it can take. A bigger vault means bigger trades.
Only profit above the vault's target buys PHI and burns it, in its own transaction, never touching a trader's stake.
The big exchanges list coins after they've already run. phi lists pump.fun coins once they graduate to their own pool, and prices every one straight from it.
Every figure above is live and read by us, from each coin's own PumpSwap pool. No price feed, no third-party API. Market caps are in dollars using SOL's price from Orca's SOL/USDC pool, for display only; every stake and payout is in SOL.
A thin memecoin pool is the easiest thing in crypto to push around. Everything about the desk is designed so pushing it doesn't pay.
The price is the coin's own PumpSwap pool, read from its reserves in the same instruction as your trade. The program only accepts the pool pump.fun creates at graduation.
Every settlement takes whichever price is worse for the trader: the live one, or one from an earlier slot. Pushing the pool and settling in one transaction pays nothing.
Your stake and the vault sit in separate pots, and the program checks it holds both after every instruction. Every open position's maximum payout is reserved the moment it opens.
Each coin's cap is set from its pool depth so that pushing the pool, any distance, costs more in swap fees than the positions it could pay, up or down. No arbitrage bot has to show up for that to hold. Longs and shorts are capped separately, each on the sum of every open position on that side, not each one.
No margin maths to learn. You stake SOL, you're paid the move, and the most you can lose is your stake.
Any listed graduate. You're filled at its pool price, by the vault. No order book, no one to wait for.
Up to 5× on the deepest coins, 3× on the rest. 0.30% of the position size to open, then 0.05% of it per hour started while it's open. Both go into the vault.
Close any time after the first 10 minutes. At 1×, the position closes itself if the price doubles from your entry; at 5×, at a 20% rise. Whoever triggers that earns 0.25% of the stake from the vault.
Both go into the vault that pays winners. There's no close fee, no spread, and no cut of your winnings.
These are rules the program applies to itself. They're here so you don't have to trust us, and the upgrade line says honestly when that becomes true.
It only ever leaves as your own payout. Close and liquidate need nobody's permission, including ours.
We can withdraw the vault's free capital at any time. We can never take what's reserved: every open position's stake and its full maximum win stay locked until that position closes.
A coin can only be listed against the pool pump.fun made for it, derived on-chain, and only once, ever. No repointing a live market.
We keep the program's upgrade key so phi can keep improving, which means these rules hold as long as we keep them. The upgrade authority is public on-chain; if it's ever revoked, this card will link to the proof.
pump.fun coins that have graduated to their own PumpSwap pool, starting with PAID. A coin still on its bonding curve changes price source the moment it graduates, so it isn't listed until it has.
Yes. Every market takes both sides, up to its leverage ceiling. A long is paid its leverage times the rise, and like a short the most it can win is its stake. It's liquidated at a fall of 100% ÷ leverage (−20% at 5×); a 1× long is never liquidated and can lose at most its stake.
The most you can lose is your stake, at any leverage. When the price rises far enough (it doubles at 1×, rises 20% at 5×) the position closes and the stake goes to the vault. A coin that gaps straight past that still costs you only the stake.
Up to 5× on the deepest coins, 3× on the rest. At 5× you're paid five times the fall and liquidated at a 20% rise. Fees are charged on the position size. The one thing leverage doesn't change: the most you can win is your stake, because that's exactly what the vault holds back for you. Leverage gets you there faster; at 5×, a 20% fall doubles your stake.
Your stake again: at 1× that takes the coin going to zero, at 5× a 20% fall. It's exactly what the vault reserves when you open, which is why it can always pay.
No oracle. The program reads the coin's PumpSwap pool reserves directly, and settles at whichever of the live price and an earlier slot's is worse for the trader, so a push inside one transaction can't be cashed in.
The smallest of three limits: the coin's cap, which is solved from its pool depth and covers the sum of every open position on your side; the vault's free capacity; and a set share of the vault per position. The terminal shows your limit before you size.
Not yet. Everything on this page is read live from the chain, but the program isn't deployed. When it is, its address appears at the bottom of this page.
Open the terminal, pick a graduate, and take the other side of the pump. The most you can lose is your stake.