PumpLever, trustless perp treasury for Pump.fun.

The current state of perp backed memecoins.

The space is dominated by landing pages with one page PDFs. Projects claim “non liquidating” on the front, then admit liquidation risk on the back. They allude to creator fees feeding a treasury without specifying how the fees are received, how they bridge to Hyperliquid, or how the token price tracks the perp.

The honest answer is that a vanilla Pump.fun token cannot, at the contract level, peg to anything. The bonding curve is fixed, the SPL mint is standard, mint authority is revoked, no hooks. So tracking has to come from active market making, and trust in the treasury has to come from on chain verifiable fee routing.

Three primitives that already exist.

1. Pump.fun coin creation via sdk.createAndBuyInstructions. A standard bonding curve token, no modifications, fully tradeable.
2. Pump.fun fee sharing config via OnlinePumpSdk.updateFeeShares. The split is configurable once per coin, then locked permanently. We route a configurable share (50 to 90 percent, default 70) of creator fees to the PumpLever treasury, in the same transaction that mints the coin.
3. Hyperliquid perpetual markets. An off chain worker tied to the treasury PDA bridges accumulated USDC via Circle CCTP and opens a 2x, 3x, or 5x perp in the configured direction.

Mechanics in plain language.

Let F be cumulative creator fees earned by the coin. Pump.fun pays creators 0.30 percent of trades on the bonding curve, then 0.05 to 0.30 percent on PumpSwap after graduation. Let α be the configured routing share, locked at launch. Treasury inflow is:

T = α · F

Treasury value at time t evolves with perp PnL minus funding costs:

V(t) = T · (1 + L · r(t))  ,  ∫₀ᵗ f(s) ds

where L is the configured leverage, r(t) is the underlying's cumulative return signed by direction, and f(s) is the Hyperliquid funding rate paid by the position. The funding term is the piece most whitepapers ignore.

How the token follows NAV.

The Pump.fun token does not natively track NAV, because the SPL mint has no redemption logic. We close the gap with a transparent market maker bot that buys the bonding curve when token price falls below NAV times (1 minus ε) and sells when token price rises above NAV times (1 plus ε), funded by a separate MM buffer that is not the treasury.

Post graduation, the same logic runs against the PumpSwap AMM via PumpAmmSdk.buyBaseInput and sellBaseInput. The MM bot is permissionless. Anyone can run one. The protocol publishes the reference NAV oracle.

What is trustless. What is not.

In v0.1, PumpLever's off chain components (CCTP bridge worker, Hyperliquid trading agent, market maker bot) are operated by the PumpLever team using a Squads multisig. This is not trustless. We disclose it openly.

What is trustless, today:

• The fee share routing is locked on chain at launch.
• The treasury wallet is published. Its balance is public.
• The Hyperliquid position is queryable via the info API at any time, by anyone.

v0.2 introduces an optional wrapper vault. Holders can stake $TOKEN to mint $vTOKEN, which is redeemable pro rata against the treasury. This converts narrative tracking into hard redemption.

What can wreck this.

• Liquidation. 5x perps can liquidate. We soft cap leverage and auto deleverage at predefined thresholds, but an adverse move can still wipe treasury.
• Funding drag. Funding payments accrue 24 hours a day. Worst case for crowded longs is 20 to 40 percent per year. The UI shows funding paid live.
• MM buffer depletion. If the bot runs out of buffer, curve and NAV desync. Buffer health is published.
• Infrastructure. Hyperliquid, Pump.fun, Circle CCTP, RPC providers. Each is an external dependency.
• Regulatory. PumpLever does not offer the platform to US persons. v0.1 underlyings limited to crypto perps.

Where this goes.