perppadEvery market has another side. Understand yours.
How to launch, trade and supply liquidity on perppad—with the mechanics, costs and limitations explained in plain language.
01 / Start here
perppad combines token launches, spot trading and lending-backed long and short positions on Solana. A market can support ordinary spot trades before leveraged trading is enabled.
The deployed app currently uses Solana devnet. Mainnet trading is disabled. Devnet assets are test assets; the separate simulator uses illustrative balances and does not submit blockchain transactions.
What “perp” means here
The current implementation is borrowed-spot margin trading. Positions have no scheduled expiry, but they accrue borrowing costs and may be liquidated. There is no synthetic futures order book or periodic long-to-short funding payment. This distinction matters when comparing costs with other platforms.
What is not ready for mainnet
A mainnet program deployment, production keeper operation, independent contract review, broader failure testing and economic calibration remain launch requirements. This preview is not a claim that public-fund trading is production-ready.
02 / Wallet & networks
- Open Explore and check the network badge.
- Connect a compatible injected Solana browser wallet. Select devnet in the wallet for this preview.
- Keep test SOL available for transaction fees, account rent and any required reserve.
- Read the transaction preview and your wallet’s approval screen before signing.
Connecting exposes your public wallet address to the app; it does not hand over your seed phrase. The app prepares transactions and your wallet signs them. Never enter a recovery phrase or private key into perppad.
Wallet SOL and tokens stay in your wallet for ordinary spot holdings. Supplying a pool or opening a leveraged position moves assets into program-controlled accounts until withdrawal or settlement. Disconnecting the wallet does not close positions or stop borrowing costs.
03 / Spot trading
Spot means buying tokens with SOL or selling tokens for SOL without borrowing. Purchased tokens go to your wallet. Spot holdings have no margin liquidation threshold.
- Choose a coin on Explore. Check its mint address, not just its name or ticker.
- Select Spot, then Buy or Sell and enter the amount.
- Review the quote: token quantity, maximum SOL spend or minimum SOL received, and slippage.
- Approve the transaction in your wallet and check its confirmed result.
Quotes expire after 90 seconds. A new quote may differ because reserves or prices changed. Slippage is an execution tolerance, not a promised price. Transactions outside the allowed limits can fail, and network fees may still apply.
Before graduation, swaps use the Pump bonding curve. Supported graduated markets use the canonical PumpSwap pool. Spot trades do not borrow from Earn pools or pay perppad’s margin closing fee.
04 / Longs & shorts
Long: a view that the price will rise
The position holds purchased tokens. Closing sells them, repays the indexed SOL debt and deducts applicable costs. Any remaining value returns to the owner.
Short: a view that the price will fall
Collateral and sale proceeds remain locked in the position. Closing repurchases the borrowed tokens including accrued debt. If the token rises, buying it back becomes more expensive and equity falls.
Leverage and collateral
Available tiers are subject to market rules, up to an initial maximum of 3×. For a long, 1 SOL collateral at 2× combines with 1 SOL borrowed to buy approximately 2 SOL of tokens before costs. A 10% move changes gross position value by approximately 0.2 SOL, or 20% of collateral, before interest, price impact and fees. This is an illustration, not an execution quote.
Opening also requires a 0.02 SOL execution reserve plus applicable account rent and network costs. The unused reserve and refundable position rent return during settlement. These amounts are separate from the collateral you choose.
Opening and closing
- Select an eligible market and Margin mode.
- Choose Long or Short, enter collateral and select an available leverage tier.
- Review borrowing, execution and risk information before approving.
- Use Your leveraged positions to close. Settlement must repay the loan before returning remaining assets.
There is no fixed maturity date. Keeping a position open continues to incur interest. A close is not guaranteed to execute immediately if liquidity, venue availability or network conditions prevent it.
05 / Liquidation & risk
Equity is the value available after accounting for what a position owes and the cost of exiting. A position can become eligible for liquidation before collateral reaches zero.
| Current policy | Meaning |
|---|---|
| 180-second observation window | New leverage requires a healthy observed tier with no observation gap above 30 seconds. |
| Market-specific caps | SOL borrowing and short exposure have separate allocations. |
| 15% entry-equity requirement | Initial equity must exceed 15% of original entry notional under the program’s exit calculation. |
| 10% liquidation threshold | Liquidation eligibility begins at 10% equity relative to entry notional. This is not a guaranteed execution price. |
| Reserve-based cap | Total original notional is capped at 15% of current real SOL reserves. |
| Aggregate exit coverage | Same-direction exits must cover the corresponding loans with a buffer. |
These are current implementation settings, not guarantees against manipulation or sudden price gaps. A keeper must observe markets and submit liquidation attempts. If it is unavailable, unfunded or cannot execute a swap, an unhealthy position may remain open while debt accrues.
Fast moves, concentrated holders, low liquidity, venue failures and delayed liquidations can exhaust position collateral. Losses can reduce pool share value. The shared SOL pool carries exposure across supported markets.
Graduation from a curve to PumpSwap can temporarily block closing. Arbitrary Raydium routes are not implemented. Chart prices are display data; they do not guarantee an executable exit. No position or deposit is protected by a promise of principal or return.
06 / Earn pools
| Shared SOL pool | Token pool | |
|---|---|---|
| You supply | Native SOL | The specific pool token |
| Borrowers use it for | Buying tokens in long positions | Borrowing and selling tokens for shorts |
| Exposure | Eligible markets sharing SOL liquidity | The named token and its borrowers |
| Creator-fee allocation | 5% of eligible creator-fee revenue | 15% of that token’s eligible creator-fee revenue |
| Withdrawal asset | SOL | The pool token |
The Wrapped SOL mint link is an asset reference. The shared pool accepts native SOL; native SOL itself does not have an SPL mint.
Supplying and pool shares
Choose a pool, enter an amount and approve Supply. Your deposit buys shares in that pool. The estimated pool balance represents your proportion of cash plus indexed debt, subject to rounding and any recorded losses. It is not a promise that the entire estimate is immediately withdrawable.
Withdrawing
Withdraw all burns your shares and returns their current asset value when sufficient cash is available. Funds already borrowed are not sitting idle in the pool. A withdrawal can fail when available cash is too low; it is not automatically queued. Retrying later may be necessary. This version’s interface offers a full withdrawal action rather than a partial-withdrawal amount.
Two sources of value
Borrow interest affects pool share value. Eligible creator fees are a separate SOL reward stream held in reward vaults. The token pool’s creator-fee rewards are paid in SOL even though its supplied asset is a token.
Checkpointed rewards display the amount recorded at the last update. Claim SOL rewards can include newly checkpointed amounts. Fee distribution and reward updates are not guaranteed to happen continuously. Revenue can be zero, and fees received before any deposits are not retroactively awarded to the first lender.
These percentages divide eligible creator-fee revenue. They are not percentages of your deposit, total trading volume or a guaranteed annual return. Pool losses can outweigh income.
07 / Fees & rewards
| Cost or allocation | Current behavior |
|---|---|
| Creator-fee split | 40% creator · 40% platform · 15% token lenders · 5% SOL lenders. Applies to eligible Pump creator-fee revenue, not total trade value. |
| Margin closing fee | 1% of executed closing value, paid in SOL. For longs this is SOL received from the closing sale; for shorts it is SOL spent on repurchase. Rounded up to a lamport. |
| Debt takes priority | The closing fee is capped by remaining collateral and waived when liquidation realizes a lender loss. |
| Borrow interest | Initial annualized policy rates: 20% for SOL debt and 30% for token debt, accrued through a borrow index. These are borrower costs, not lender APYs. |
| Venue fees | Pump or PumpSwap fees apply to venue execution. They can vary with the venue; review the current quote. |
| Network and accounts | Solana transaction fees, account creation/rent and the margin execution reserve are separate. A failed transaction may still cost a network fee. |
Fee-split example
If an eligible market produces 1 SOL of creator-fee revenue for distribution, the split is 0.40 SOL to its creator, 0.40 SOL to the platform, 0.15 SOL to its token lenders and 0.05 SOL to shared SOL lenders, before any relevant rounding. Each lender receives only their eligible share, not the entire pool allocation.
An externally created token does not automatically contribute creator fees. The current lending-registration flow requires the supported locked fee configuration. An external-token pilot without creator-fee sharing has not been implemented.
8 / Create a token
Choose a name, ticker and token image. You can also add a description, banner, video and social links. Blank website fields use https://perppad.fund/market/your-mint; blank X fields use @perppadfund.
Uploaded media and metadata are stored on persistent perppad storage. Metadata is also copied to IPFS when the upload provider is available. The token page cover appears on perppad; its display on Pump.fun is not guaranteed.
Token creation and fee setup are combined in one transaction. An optional first buy is a second transaction submitted afterward. Wallets supporting batch signing approve both together; other wallets may ask separately. The first buy can fail after creation succeeds, so use Continue token launch to retry only the buy.
The token pool starts empty and must be registered for lending before accepting deposits. Creators and other token holders can then use Supply this token on the token page to deposit their tokens. First-buy tokens stay in the buyer’s wallet. SOL creator-fee rewards are separate from token inventory. Leverage also needs sufficient shared SOL liquidity and risk checks.
09 / Markets & charts
Explore lists available coins and supports searching by name, ticker or address. With lending identifies registered markets, but it does not guarantee a position can open at every moment. Liquidity, tier and risk checks still apply.
On-chain reserves and observed trades supply local/devnet market information. On mainnet, where available, DexScreener can supply market statistics and an embedded chart; GeckoTerminal can supply candle data. These provider integrations do not mean mainnet trading is enabled.
Observed history can be incomplete. The server keeps up to 2,000 observed trades per market; periods with missing observations are not fabricated. A missing number means unavailable data, not zero activity. USD conversions, charts and market-cap displays are informational; execution uses venue quotes and program checks.
Always compare mint addresses. A name, logo, banner, listing or lending badge is not an endorsement or verification of a token’s creator.
10 / Security & custody
Your connected wallet authorizes transactions. Pools and leveraged-position assets are held in program-controlled on-chain accounts. This is different from simply holding tokens in your wallet: access to those assets depends on the program’s withdrawal and settlement rules.
The administrator configures supported markets and risk allocations. Deployment upgrade authority and upstream Pump/PumpSwap programs are trust dependencies; do not assume this preview is immutable. There is no independent-audit claim for this release.
- Verify the site URL, network and transaction details before signing.
- Keep recovery phrases and private keys out of forms, uploads and support messages.
- Use only devnet test assets in the current preview.
- Refresh stale balances and verify confirmations in the explorer before retrying.
- Treat unsolicited token links, names and media as untrusted content.
Current program identifier: HMmzJBvAoUCHFGfimSbDYTyc957r1MeXvkSPnakcY2db. This identifies the implementation used in testing; it is not proof of a mainnet deployment or an audit.
11 / Troubleshooting
Why is a trading or supply button disabled?
Connect a wallet and check network status. Stale data, an unavailable program, missing pools, insufficient inventory or a transaction already in progress can disable actions. Registration alone does not ensure leverage is available.
Why did a transaction fail?
Possible causes include expired quotes, exceeded slippage, changed reserves, insufficient SOL for fees/rent/reserve, unavailable borrow inventory or a failed risk check. Read Transaction activity and your wallet result. Check whether anything confirmed before submitting again.
Why can’t I withdraw the displayed pool balance?
The estimate includes outstanding loans. Withdrawal needs available cash. It can also change with interest, losses and rounding. There is no automatic withdrawal queue in this interface.
Why are rewards zero?
The market may not have generated eligible creator fees, fees may not yet have been distributed, or your share may not yet be checkpointed. No fixed reward is promised.
Why is my token not available for leverage?
It needs supported registration and fee configuration, funded pools and healthy observations. Existing third-party tokens are not automatically eligible.
Does closing the browser close a position?
No. On-chain positions remain open and debt continues to accrue until settlement. Disconnecting is not a close instruction.
Can I recover a lost wallet through perppad?
No. The app does not hold your wallet recovery phrase. Follow your wallet provider’s recovery process; never give a recovery phrase to someone offering support.
Does the simulator match live execution exactly?
No. It is educational and resettable, uses illustrative fees and a fixed SOL/USD assumption, and cannot predict real liquidity, congestion, slippage or liquidation execution.
12 / Glossary
| Term | Meaning |
|---|---|
| Collateral | Assets committed to support a borrowed position. |
| Equity | Value remaining after the position’s obligations and estimated exit costs. |
| Mint | The unique on-chain identifier of an SPL token. |
| Borrow index | Accounting used to accumulate interest on outstanding debt. |
| Pool shares | Your proportional claim on a lending pool’s assets, subject to losses and withdrawal liquidity. |
| Price impact | The change in execution price caused by the trade’s size relative to liquidity. |
| Slippage | The execution tolerance you allow relative to a quote. |
| Keeper | An operational process that observes markets and attempts maintenance transactions. |
| Graduation | A token’s transition from its bonding curve to the supported AMM venue. |
| Creator fees | The creator-attributed portion of venue fees eligible for the configured split. |
| Liquidation | An attempted forced close after a position breaches risk requirements. |
Continue in the simulator or return to Explore.