Long any memecoin.
Up to 20x.
Perper opens a perpetual market for every coin on the pad that clears the liquidity bar. Post SOL, pick your leverage, ride the candle. Every liquidation buys $PERPER.
Sample price path. Illustrative only.
How a long works on Perper.
Memecoins have spot and nothing else. Perper adds the missing leg: an isolated-margin perpetual for every coin with enough liquidity to price it safely.
Pick a coin
Any coin on the pad whose pool clears the listing bar gets a perp market automatically. Its tier sets the max leverage.
Post SOL, choose 2x–20x
Your collateral sits in an isolated margin vault. Position size is collateral × leverage. Nothing else of yours is at risk.
The engine marks you to the oracle
PnL is marked against a 15-minute TWAP from the coin's own pool, so one wick can't liquidate you. The LP vault takes the other side.
Close — or get liquidated
Close any time at the oracle price. If equity falls to the 2.5% maintenance margin, keepers liquidate: the insurance fund and $PERPER buyback get paid.
Leverage, liquidation, result. No hidden steps.
Isolated margin: your loss can never exceed your collateral. Liquidation hits when the coin moves against you by (1 ÷ leverage) − 2.5%.
Drag the move below the red line to see a liquidation.
Leverage is earned by liquidity.
A thin pool can't carry a 20x market. Perper sizes every market to the pool behind it, and tightens automatically as liquidity moves.
| Pool depth | Max leverage | Open-interest cap | Status |
|---|---|---|---|
| Above $1M | 20x | 10% of pool | Tier 1 |
| $250k – $1M | 10x | 8% of pool | Tier 2 |
| $50k – $250k | 5x | 5% of pool | Tier 3 |
| Below $50k | — | — | Spot only |
15-minute TWAP
Positions mark to a time-weighted price from the coin's own pool, with a deviation guard against the live price. Single-block wicks can't trigger liquidations.
Hourly, both ways
When the perp trades above spot, longs pay the LP vault each hour; below spot, the vault pays longs. Funding keeps the perp tied to spot.
Pause on a 40% candle
If a coin moves more than 40% inside five minutes, new positions pause until the oracle catches up. Exits stay open the whole time.
Launch parameters. Tiers and caps adjust with pool depth.
Every trade feeds the token.
$PERPER is the pad's own coin. It doesn't vote on parameters or promise yield. It gets bought: out of trading fees and out of every liquidation, on the open market.
Questions traders ask first.
Which coins can I long?
Any coin on the pad whose pool clears $50k of depth. Deeper pools unlock higher tiers: 5x above $50k, 10x above $250k, 20x above $1M.
Who is on the other side of my long?
The LP vault. Liquidity providers deposit SOL, take the opposite side of net open interest, and earn 50% of trading fees plus funding.
What price am I marked at?
A 15-minute TWAP from the coin's own pool, checked against the live price. One big wick won't liquidate you; a real trend will.
What can I lose?
Your collateral on that position and nothing more. Margin is isolated, so one position can't drain another.
Can I short?
No. Perper is longs only. The LP vault is the other side of every position.
Leverage for everything
that trades.
Liquidations buy $PERPER. Fees buy $PERPER. You can too.
dropping soon