Hyperliquid Debuts PUMP-USD Hyperps 3x Leverage $21M Volume
Hyperliquid has launched PUMP-USD hyperps, its first perpetual derivative for the unlaunched PUMP token. The contract lets traders go long or short with up to 3× leverage. Instead of external oracles, Hyperliquid uses an internal moving average to set funding rates and curb manipulation. Pre-market trading volume reached $21 million, while PUMP price spiked at $0.015 before settling at $0.0055. With isolated margin and low fees, PUMP-USD hyperps carry high volatility and liquidity risk from extreme funding swings. Once PUMP lists on centralized exchanges, hyperps will convert to standard perpetuals. This launch reinforces Hyperliquid’s on-chain derivatives dominance—June volume hit $214 billion (over 70% of DEX perp trading), driving TVL to $3.5 billion with 500,000 users. The platform allocates 97% of fees to buy back its HYPE token. Traders should read the documentation carefully, as PUMP-USD hyperps differ from traditional perps and suit experienced users.
Neutral
The introduction of PUMP-USD hyperps provides traders with new leverage and hedging tools, which can enhance liquidity and attract speculative flows—factors typically seen as bullish. However, limited 3× leverage, isolated margin, and warnings about low liquidity and high funding rate volatility may restrain broad adoption. As a result, although the listing could increase trading volume and short-term price swings, its overall impact on PUMP’s price is balanced by liquidity risks and user caution, leading to a neutral outlook.