Hyperliquid Lists PUMP-USD Hyperps, Offers 3x Leverage on Unlaunched Token

Decentralized exchange Hyperliquid has added a new derivative to its growing list of hyperps, announcing on Thursday the listing of PUMP-USD.

The product, announced Thursday, allows users to long or short the unlaunched $PUMP token with up to 3x leverage, expanding speculative access to yet-to-launch assets.

Unlike traditional futures, hyperps do not rely on external oracles for pricing. Instead, they use a moving average of their own mark price to calculate funding rates. This design, unique to Hyperliquid, aims to reduce the risk of price manipulation and make pre-launch trading more stable.

The platform warned that funding rates can swing sharply during directional momentum, rewarding traders who bet against dominant trends.

Hyperliquid’s pre-market PUMP-USD trading volume exceeded $21m. It once rose to $0.015 at the opening today and is currently quoted at $0.0055.

As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of…

— Hyperliquid (@HyperliquidX) July 10, 2025

Listing Adds to Hyperliquid’s Momentum in On-Chain Derivatives Market

While the product offers new trading opportunities, it also comes with significant risk. The exchange flagged the PUMP-USD hyperp as high-risk due to its low liquidity, high volatility and potential for extreme funding costs.

Traders can only use isolated margin and low leverage, with the contract converting into a standard perpetual once the token is listed on a centralized exchange.

With 70% of DEX Perp Volume, Hyperliquid Leans Into Speculative Products

The listing comes as Hyperliquid strengthens its grip on the decentralized derivatives market. In June, the platform posted $214b in trading volume, according to Dune data.

That total surpassed the combined volume of all other on-chain perpetual protocols. It also pushed Hyperliquid’s share of Binance’s perp market above 10 percent, up from 9.76% in April.

The exchange now processes more than 70% of all DEX perpetual trading volume. In addition, it allocates 97% of protocol fees to buybacks of its native token, HYPE. This approach reduces token supply while aligning incentives with platform activity.

With $3.5b in bridge total value locked and half a million users, Hyperliquid currently ranks eighth among all blockchains by TVL, based on DefiLlama figures.

The launch of risk-heavy hyperps like PUMP-USD appears to be part of a broader strategy to capitalize on speculative flows while retaining control over platform mechanics.

Hyperliquid has urged users to review documentation before engaging in these contracts, stressing that the mechanism differs from traditional perps and may not suit all traders.