PERP, the platform token
perp.fun has its own token, PERP, and it is built the same way as everything else on the platform: it is backed by a HOOD 5× long. Its backing moves with Robinhood's stock at five times the pace, through the same keeper-managed perp on Lighter that backs every other coin here.
What makes PERP different is a second engine that no launched coin has. It captures a share of the whole platform's trading activity.
Where that share comes from
Every coin on perp.fun charges 1% on every swap, split in half: 0.5% to the coin's creator, 0.5% to the protocol. The protocol's half doesn't go to a treasury wallet. It accumulates in WETH as one pot across every coin trading on the platform, and it is spent buying PERP and burning all of it.
Not part of it — all of it. The per-coin buybacks described in Buyback & burn keep an untaken share as pool depth so the capital can be recycled; the platform buyback sends every PERP it buys to a dead address. Supply only goes down.
So PERP has two independent sources of value:
- HOOD 5× long — the same leveraged backing any coin on the platform gets, with the same mechanics, the same decay and the same funding.
- Platform volume — every swap on every coin, whatever its underlying and whichever direction it takes, routes 0.5% into buying and burning PERP.
The second one doesn't care whether a coin goes up or down, or whether its bet was right. It only cares that people trade. A day where a hundred coins dump is a day the pot fills.
What PERP is not
It carries no governance rights, no fee claim you can exercise, and no redemption. The protocol's fee share reaches holders by removing supply from the market, not by paying anything out.
The HOOD 5× half is exactly as exposed as any other coin here: the same decay through chop, the same funding, the same wipe arithmetic. Holding PERP is not a hedge against a bad day on the platform — it is a leveraged HOOD position that happens to also absorb the platform's fee flow.
Status
The fee share is already accruing. platformFeesWeth fills on every trade across every coin, and nothing is lost while the buyback destination is unset — the pot simply grows until it has somewhere to go.
The buyback itself is live in the launcher (buybackAndBurnPlatform) but is gated on PERP being wired: until then the call reverts PlatformTokenUnset and no WETH moves. This page will carry PERP's address once it is set.
buybackAndBurnPlatform(wethIn, minTokensOut) is onlyKeeper and reentrancy-guarded. It draws from platformFeesWeth — a protocol-level pot, not per-coin — swaps WETH into platformToken through the canonical Uniswap V3 router at platformPoolFee (1% tier) with minTokensOut guarding the leg, and transfers the entire bought amount to 0x…dEaD. The PlatformBuyback(wethSpent, tokensBought, tokensBurned) event reports bought and burned as the same number, by construction.