perpxpadEvery market has another side. Understand yours.
How to launch, trade and supply liquidity on perpxpad—with the mechanics, costs and limitations explained in plain language.
01 / Start here
perpxpad combines token launches, spot trading and lending-backed long and short positions on Robinhood Chain. A market can support ordinary spot trades before leveraged trading is enabled.
Check the network shown in the Explore footer before signing. Mainnet uses real assets; devnet uses 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.
Network and availability
Trading depends on a deployed program, funded pools and passing risk checks on the selected network. The simulator is separate from the connected blockchain.
02 / Wallet & networks
- Open Explore and check the network shown in the footer.
- Connect a compatible injected Robinhood Chain browser wallet. Use the network shown by the app.
- Keep ETH on that network 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 perpxpad.
Wallet ETH 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 ETH or selling tokens for ETH 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 ETH spend or minimum ETH 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 perpxpad’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 ETH 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 ETH collateral at 2× combines with 1 ETH borrowed to buy approximately 2 ETH of tokens before costs. A 10% move changes gross position value by approximately 0.2 ETH, or 20% of collateral, before interest, price impact and fees. This is an illustration, not an execution quote.
Opening also requires a 0.02 ETH 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 |
|---|---|
| Configurable observation window | The current policy requires 180 seconds of qualifying observations with no gap above 30 seconds. The administrator can update this policy. |
| Market-specific caps | ETH borrowing and short exposure have separate caps. The initial pilot caps each side at 0.01 ETH per market. |
| 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 ETH reserves. |
| Aggregate exit coverage | Same-direction exits must cover the corresponding loans with a buffer. |
These are initial pilot settings, not guarantees against manipulation or sudden price gaps. Qualification uses both market capitalization measured in ETH and actual venue ETH liquidity, not virtual reserves. Current thresholds: 2× requires a market-cap value of at least 103 ETH and at least 20 ETH of actual venue liquidity; 3× requires 256 ETH market cap and 50 ETH actual venue liquidity. These market-cap thresholds approximate $12,000 and $30,000 at a reference ETH price of $117.37. They are fixed ETH thresholds, not live USD targets; their dollar equivalents change with ETH price. Global defaults and per-token overrides can be updated through admin transactions without redeploying. Only 2× and 3× are enabled initially; 4×–10× remain disabled. Existing positions retain their opening maintenance and fee-ceiling settings. 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 ETH 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 ETH pool | Token pool | |
|---|---|---|
| You supply | Native ETH | The specific pool token |
| Borrowers use it for | Buying tokens in long positions | Borrowing and selling tokens for shorts |
| Exposure | Eligible markets sharing ETH liquidity | The named token and its borrowers |
| Creator-fee allocation | 20% of eligible creator-fee revenue on new launches | 40% of that token’s eligible creator-fee revenue on new launches |
| Withdrawal asset | ETH | The pool token |
The Wrapped ETH mint link is an asset reference. The shared pool accepts native ETH; native ETH 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
Your estimated balance and the amount available to withdraw now are shown separately. Enter an amount or use Max to withdraw unreserved liquidity. Borrowed tokens are not sitting idle in the pool. Queue remaining balance reserves your remaining shares in a first-in, first-out withdrawal queue. Returning liquidity is reserved for queued claims before new borrowing or instant withdrawals. Requests can be filled in parts; later requests cannot jump the head. Use Withdraw available when your request reaches the front and liquidity is available. A keeper or another caller can also process it, but payment is always sent to the recorded owner. The keeper regularly attempts queue processing, but available liquidity and successful execution determine completion time. Queued shares continue to reflect interest and losses; their accrued ETH rewards are paid when a request is processed. Queue entry does not force borrowers to close. This version does not offer cancellation of a queued request.
Two sources of value
Borrow interest affects pool share value. Eligible creator fees are a separate ETH reward stream held in reward vaults. The token pool’s creator-fee rewards are paid in ETH even though its supplied asset is a token.
Checkpointed rewards display the amount recorded at the last update. Claim ETH rewards can include newly checkpointed amounts. The keeper checks Pump creator-fee distribution at startup and hourly, skipping amounts below the distribution minimum or 0.0001 ETH. This moves fees to the configured recipients and reward vaults. Click Claim ETH rewards and approve the wallet transaction to receive your lender rewards; your pool shares stay deposited. Distribution can be delayed by network or keeper availability. 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 | New launches: 20% creator · 20% platform · 40% token lenders · 20% ETH lenders. Previously launched tokens retain their existing on-chain split. Applies to eligible Pump creator-fee revenue, not total trade value. |
| Margin closing fee | 1% of executed closing value, paid in ETH. For longs this is ETH received from the closing sale; for shorts it is ETH 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 ETH 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 | Robinhood Chain 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 ETH of creator-fee revenue for distribution, the split is 0.20 ETH to its creator, 0.20 ETH to the platform, 0.40 ETH to its token lenders and 0.20 ETH to shared ETH 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. Externally launched tokens can be registered by the administrator before graduation after their supported creator-fee split is configured and locked. Funding their lending pools is a separate step; the perpxpad launch purchase does not run retroactively.
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://perpxpad.fund/market/your-mint; blank X fields use @perpxpadfund.
Uploaded media and metadata are stored on persistent perpxpad storage. Metadata is also copied to IPFS when available. Token covers appear on perpxpad; display on Pump.fun is not guaranteed.
Mandatory initial liquidity: 0.1 ETH
Every new launch includes a mandatory 0.1 ETH contribution. The entire launch budget is bought once. Exactly 3.5M tokens are deposited into treasury-owned lending; any surplus stays with the creator. This provides initial short inventory but does not guarantee ongoing availability. The treasury controls its lending position and earns proportional rewards, subject to the same liquidity and withdrawal rules as other lenders. The creator cannot withdraw the treasury allocation.
Your optional purchases
Enter a pool purchase to buy tokens directly into your own lending position. Enter a wallet purchase to keep those tokens in your wallet. There is one combined purchase. The creator lending allocation is estimated after a virtual 0.1 ETH purchase; the actual tokens are then allocated between treasury lending, creator lending and the creator wallet. A 1 ETH wallet purchase and 0.5 ETH pool purchase therefore require a 1.6 ETH purchase budget, plus network fees and account/setup costs. Token quantities depend on execution along the bonding curve and venue fees; they are not fixed. The launch preview uses 1% minimum-output protection.
Atomic execution
Creation, immutable fee configuration, the combined purchase and both lending allocations execute in one atomic transaction. The optional creator lending allocation is quoted using the curve after a virtual 0.1 ETH purchase; the signed transaction fixes that token allocation. The wallet receives the remaining actual output. All launch operations succeed or roll back together, and insufficient output rejects the launch. Signed transaction records are retained in this browser to resolve uncertain confirmations without repeating purchases. Address-table setup may require separate approvals and costs; it does not launch the token. Network fees may still apply to failed transactions. Older launches that used two stages can still finish their previously selected optional purchases.
The token lending pool is initialized during launch. Long positions still need shared ETH liquidity, and both directions must pass borrowing limits, observation periods and risk checks. ETH creator-fee rewards are separate from token inventory.
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. The network badge identifies the connected chain.
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; the program can be upgraded while an upgrade authority exists. 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 the correct assets for the network shown by the app; devnet balances have no mainnet value.
- 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. Verify this identifier on the network shown by the app. A program address alone is not proof of an independent 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 ETH 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. You can withdraw available liquidity partially or join the FIFO queue for your remaining balance. The queue reserves liquidity but cannot guarantee when repayment occurs.
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 perpxpad?
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 ETH/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.