What is perp.fun?
perp.fun is a launchpad on Robinhood Chain where every coin is backed by a leveraged perpetual position on a real market. You pick a direction and an underlying — long NVDA, short BTC, long gold. Every coin is backed at a fixed 5×. The coin launches as an ordinary ERC-20 in a live pool, tradeable from the first block.
What sits underneath it is the difference. Once a coin's pool has accumulated real liquidity, the protocol takes the excess and opens a perp position on Lighter, Robinhood Chain's native perpetual exchange. That position is the coin's treasury. When the underlying moves the coin's way, the position gains, and those gains come back to holders as depth beneath the price and as buybacks that lift it and burn supply.
So a coin here has two engines where a normal memecoin has one: trading activity, and the backing perp's performance. A coin can move when nobody is trading it at all.
What that changes
A thesis becomes a coin. "NVDA is going up" gets a ticker, a chart, a community and a real 5× long behind it. The meme carries the culture, the perp carries the exposure.
Liquidity breathes. When sells thin the pool, the protocol recalls margin from the perp and refills it. Nobody has to top it up by hand.
Gains reach holders. Perp profits don't sit in a treasury — the protocol spends them buying the coin on its own pool and burning part of what it buys.
You can't be liquidated. You hold an ERC-20, not a margin account — there is no liquidation price on your position, no margin call, no negative balance, and no way for anyone to force-close what you hold. Whatever happens to the underlying, the most you can lose is what you spent. The margin, the funding and the rebalancing all sit behind the wall, handled by the protocol.
Leverage works both ways
5× amplifies the underlying in both directions, so a coin long NVDA moves five times as hard up and down. Constant leverage also has running costs — decay through choppy markets, funding on the perp — which is what NAV, decay & funding covers, and Risks & Security lays out the rest.
Chain: Robinhood Chain (chainId 4663). Trading settles in ETH; the hedge leg routes through USDG. Launcher: SingleSidedMemeV4. Hedge venue: Lighter. Backing: a fixed 5× perp, long or short, on any of 15 underlyings — 30 combinations.
perp.fun also has its own token, PERP — backed by a HOOD 5× long and fed by 0.5% of every swap on every coin. See PERP, the platform token.
Start with How it works, or jump to Launching a coin, Buying & selling or Integrations.