The first launch under Solana Luminaries
Leverage on every pump.fun coin. Built on Toly's percolator — the only perp risk engine that proves, by construction, no user can ever withdraw more than exists. Deterministic. Self-healing. Built for internet capital.
Demo only. Indicative pricing.
Position details
The H Ratio
One global number scales every profitable withdrawal by the same fraction. When the vault is fully backed, H equals 1. When it's stressed, H falls — and every account sees the exact same haircut. No queues. No priority. No first-come advantage. Fairness by construction, not by promise.
H ratio — last 90 days
The A/K Mechanism
OI/A timeline — leveraged bankruptcy cycle
When a leveraged position goes bankrupt, no specific user pays for it. A shrinks every position on the affected side proportionally. K socializes the deficit per-unit, equally. No ADL roulette. No singled-out counterparties. Markets always return to healthy through a deterministic three-phase reset — no admin, no governance vote, no discretion.
Benchmarked
Compared on the metrics that matter when leverage meets a memecoin.
| Metric | Perconaries | Hyperliquid | Drift | Jupiter Perps |
|---|---|---|---|---|
| ADL fairness | Formally proven | Heuristic queue | Heuristic queue | Insurance fund |
| Max leverage on memecoins | 50x | 5x (majors only) | 10x | 10x (majors only) |
| Time to list a new coin | < 1 block | Manual review | Manual review | Manual review |
| Recovery without admin | Deterministic | Manual halts | Manual halts | Manual halts |
| Settlement | Solana, ~400ms | Custom L1 | Solana | Solana |
| Withdrawals during stress | Pro-rata, always | Halted | Halted | Halted |
Liquid from day one
Perp markets for every bonded coin on pump.fun. Auto-listed. No gatekeeping.
The Percolator Spec
Every guarantee Perconaries makes is reducible to two formulas. Read them. Audit them. Run them yourself.
H, the haircut ratio
Residual = max(0, V - C_tot - I)
min(Residual, PNL_matured_pos_tot)
H = ──────────────────────────────────
PNL_matured_pos_tot
effective_pnl_i = floor(ReleasedPos_i × H)Every profitable account sees the same fraction of their released profit. Floor rounding is conservative — total payouts never exceed the vault.
A/K, the lazy side indices
effective_pos(i) = floor(basis_i × A / a_basis_i)
pnl_delta(i) = floor(|basis_i| × (K - k_snap_i)
/ (a_basis_i × POS_SCALE))When OI shrinks, A shrinks. When deficit socializes, K shifts. O(1) per account. Order-independent. No account is ever singled out.
Live Markets
| Market | Mark | 24h Vol | Open Interest | Funding (8h) | Max Leverage | |
|---|---|---|---|---|---|---|
| BONK-PERP | $0.0000218 | $42.1M | $8.7M | +0.011% | 50x | |
| WIF-PERP | $1.847 | $31.8M | $12.4M | -0.004% | 50x | |
| POPCAT-PERP | $0.412 | $19.3M | $6.1M | +0.009% | 25x | |
| FARTCOIN-PERP | $0.681 | $22.6M | $5.8M | +0.018% | 25x | |
| PNUT-PERP | $0.234 | $11.4M | $3.2M | +0.006% | 25x | |
| GOAT-PERP | $0.198 | $8.1M | $2.7M | -0.002% | 25x | |
| MOODENG-PERP | $0.156 | $6.9M | $2.1M | +0.014% | 25x | |
| PEPE-SOL-PERP | $0.0000091 | $5.2M | $1.6M | +0.007% | 25x |
Deterministic by design
No admin keys. No discretionary liquidations. No market halts. No insurance fund socialized to insiders. The state machine always makes progress — and every guarantee is on-chain, in code, in math.
When markets stress, withdrawals scale via H — they never freeze.
Liquidations distribute through A/K — never through a queue.
The three-phase reset always returns markets to healthy on its own.
Latest
April 2026
The first product to ship under the Luminaries program. Perpetual futures on every pump.fun memecoin, powered by the percolator risk engine.