Pump.fun adds cross margin and TWAP orders to its perps

What happened

Pump.fun, the Solana token launchpad that added Hyperliquid perps to its app on 28 October, posted on X at 16:13 UTC on 10 November that the product “just got” four upgrades:

• Limit orders: buy or sell only at a set price or better.
• TWAP orders (time-weighted average price): a large order is split into smaller slices placed over time.
• Cross margin: collateral is shared between positions.
• Margin control: add or remove margin on an open position.

Pump.fun’s launch thread on 28 October offered isolated margin only, where each position has its own collateral. Pump.fun is the front end; Hyperliquid still runs matching, margin checks and liquidations. Pump.fun has not announced any change to its fee of 0.05% per trade (0.04% with a referral code) on top of Hyperliquid’s own fee.

How cross margin changes the risk

Under Hyperliquid’s margin rules, cross margin pools collateral across all cross positions, and unrealized profit on one trade can back another. That is more capital-efficient, but a large loss on one position eats into the buffer protecting the others, so several positions can be liquidated together. Isolated margin limits a liquidation to the one position and its own collateral.

Hyperliquid’s docs add two limits. Some markets are “strict isolated” and allow no cross margin or margin removal. On HIP-3 markets (perps listed by outside deployers such as stock perps), cross margin under a standard account only shares collateral within the same deployer’s markets. Pump.fun has not said how its app handles these cases.

TWAP orders can also fail to fill completely when the market moves away from them. Removing margin from an isolated position moves its liquidation price closer.

Who can use it

Section 30B.2 of Pump.fun’s terms bars people in the United States and Ontario, Canada from the perps feature. Perps are leveraged, and positions can be wiped out quickly in a fast market. Compare what each front end adds in our front-end comparison, and see portfolio margin for Hyperliquid’s broader shared-margin mode.