Coins backed by a live perp position

Perpetio is a launchpad on top of pump.fun. Every coin launched through it runs a leveraged perpetual position on Phoenix, funded by the coin's own creator fees. The launcher picks the market, the side and the leverage once, at launch; from the first trade the fees open and grow that position, take profits, and buy back and burn the coin's supply.

The coin itself is a bone-stock pump.fun token. Everything Perpetio adds lives off to the side, in a keeper-run treasury whose every action is a public transaction. There is no custody of user balances and no custom token code to trust.

A launch is a single transaction on pump.fun's own program: standard token, standard bonding curve quoted in SOL, graduation to PumpSwap with the pool locked by the protocol. The launcher signs in with X, an embedded wallet is created for them, and that wallet pays the launch and receives the dev-buy.

Atomically in the same transaction, 100% of the coin's creator rewards are locked to a per-coin engine sub-wallet— the treasury the keeper runs. It shows on pump.fun and every terminal as "Creator rewards: Locked". Nobody, launcher included, can redirect them afterwards.

The launcher picks, immutable for the life of the coin: the underlying market, long or short, and a leverage from 2x up to the venue ceiling for that market (clamped a half-step under the cap so a small move never sits on the liquidation line).

Every coin gets its own treasury sub-wallet, derived deterministically inside the keeper. The key is never stored in a database, never sent to a browser, never shown to the launcher. That wallet is the coin's on-chain creator (so pump.fun routes the fees to it) and the owner of its Phoenix account.

The venue only accepts orders signed by the account owner, so nobody can close, drain or borrow against a coin's position — not the launcher, not the creator of any other coin, not us through any UI. The engine runs on a fixed public policy or not at all.

The keeper sweeps a coin's fee vault whenever it holds at least $25 (claiming pennies would hand most of it to transaction costs). Each sweep splits the same way, on the same tick:

• 50% — the perp treasury: opens the position, then tops up collateral
• 15% — the launcher, paid straight to their wallet, for the life of the token
• 20% — buys back and burns $Perpetio, the platform token
• 15% — the coin's own buyback-and-burn reserve

Positions execute on Phoenix, a fully on-chain central-limit order book on Solana (Ellipsis Labs). It offers 60+ markets across crypto majors, SOL-ecosystem tokens, memes, tokenized stocks (NVDA, TSLA, HOOD, …) and commodities, with per-market leverage ceilings up to 40x.

Collateral is USDC. On each perp-leg credit the keeper swaps the SOL to USDC on Jupiter in the same tick, so the treasury is dollar- denominated and independent of which coin it backs. Positions are isolated: each coin's collateral backs only its own position.

Open.Once $20 of perp-leg fees have accrued, the keeper opens the position with that collateral at the coin's chosen market, side and leverage.

Top-up.Every further $20 of fees adds collateral to the same position at the same leverage, so it grows with the coin's volume without ever ratcheting leverage up.

Permanence. The position stays open for the life of the token. There is no graduation event that unwinds it — when the coin graduates to PumpSwap the fee source switches legs, and the engine does not blink.

The keeper marks the position to market every few seconds and keeps a high-water mark of realized profit. Each time floating profit climbs another +25% of current collateral above that mark, it closes 20% of the position (size and collateral scale down together, so nominal leverage is preserved) and sets a new mark.

Of each realized profit, 75%routes to the coin's buyback reserve and 25% to the platform. It is a ratcheting ladder: gains are progressively converted into burns while the position keeps running.

The 15% fee slice plus 75% of realized profits accrue in a per-coin reserve. Once it crosses $25, the keeper swaps that SOL to the coin on the open market and burns the tokens on-chain. A single tick spends at most $25, so a large reserve drains as a series of ordinary buys rather than one block-moving order.

Burn money is ring-fenced: once earmarked for a burn it is excluded from everything the keeper can attach as perp collateral. It can only leave the sub-wallet as a buyback and burn. Profit destined for holders is never re-risked on the position it came from.

Losses never trigger a panic close. While a position is underwater, incoming fees attach as (almost) pure collateral instead of new exposure: equity rises, effective leverage falls, and the liquidation price moves further away. The position rebuilds toward strength rather than getting riskier.

Sizing is always computed against equity — collateral minus any unrealized loss — the same basis the venue margins on. Each tick also caps how much exposure it can add, so a large top-up ladders in over several ticks instead of levering up in one step.

Leverage cuts both ways. A high-leverage position on the wrong side of a fast move can be liquidated by the venue. When that happens it is recorded as a public event on the coin's page, and the engine rebuilds a fresh position from the next $20 of fees.

The 15% fee-funded burn continues the whole time, liquidation or not — so the coin keeps tightening its supply even while a position is being rebuilt.

A keeper bot ticks continuously. For every active coin, each tick it:

• · refreshes the coin's market cap and bonding-curve progress;
• · claims fees past the sweep gate and applies the 50/15/20/15 split;
• · marks the live position and runs the take-profit ladder;
• · opens, tops up, or deleverages the position as the rules dictate;
• · drains the burn reserve past $25 — swap to the coin, burn on-chain.

Every step is fail-soft per coin: one coin's RPC hiccup never stalls the rest.

Every sub-wallet address is public and linked from its coin page. Fee claims, swaps, top-ups, take-profits, buybacks and burns are all ordinary mainnet transactions, linked from the coin's history feed. The live perp position is on-chain and rendered on the page: side, leverage, collateral, unrealized PnL, liquidation price, and total bought back and burned.

SOL in matches fee claims and realized profits; SOL out matches swaps, deposits and burns. Anyone can reconcile a coin's entire treasury from the explorer, without trusting us.

Leverage can be liquidated. pump.fun, Phoenix, Jupiter and RPC providers are live dependencies; an outage on any of them can pause sweeps, top-ups or burns. None of this touches user balances — Perpetio custodies no user funds and no token supply.

A perp-backed coin is still a memecoin. Pick a market, a side, a leverage and a coin you actually believe in.