INTRODUCTION

What Perconaries is.

Perconaries is a perpetual futures DEX on Solana for pump.fun memecoins. It is built on Toly's percolator risk engine and launched as the inaugural product of Solana Luminaries. Every bonded coin on pump.fun auto-lists as a leveraged perp market. No manual review. No gatekeeping.

Perconaries is for traders who want leverage on memecoins without ADL roulette, market halts, or insurance-fund games. If you want to go 20x long on a dog coin and know exactly what happens to your position when the market breaks, this is the exchange.

How it works.

Every pump.fun coin that has bonded automatically lists as a perpetual futures market on Perconaries. No application. No review period. If it bonded, it trades.

Traders deposit USDC as margin. All positions are denominated and settled in USDC. Cross-margin is the default.

PnL is settled continuously through the percolator state machine. Mark prices update every slot. Funding accrues every eight hours. Liquidations execute deterministically when margin falls below maintenance.

Withdrawals are gated by H, the global haircut ratio. When the vault is fully backed, H equals 1 and withdrawals pay in full. During stress, H falls below 1 and every profitable account sees the same proportional reduction. Withdrawals are never halted.

Opening a position.

1. Connect a Solana wallet.
2. Deposit USDC as margin.
3. Pick a market from the list of bonded pump.fun coins.
4. Set your leverage and position size.
5. Confirm the order.

The order confirmation shows your entry price, liquidation price, required margin, and the current 8-hour funding rate. Entry price is the mark at time of fill. Liquidation price is the price at which your account's margin falls below maintenance and the position is closed.

Margin and leverage.

Cross-margin is the default. Your entire USDC balance acts as collateral across all open positions. Maximum leverage depends on market tier, which is determined by how long the coin has been bonded on pump.fun.

Initial margin is the minimum collateral required to open a position. Maintenance margin is the threshold below which the position is liquidated. Both are expressed as a percentage of notional value.

The H ratio in practice.

H is a single global number between 0 and 1. It determines how much of your realized profit you can withdraw. When the exchange vault is fully backed, H equals 1 and you withdraw everything. When the vault is stressed, H falls below 1.

When H is below 1.0, your realized profit converts at the haircut rate. If you made $1,000 and H is 0.95, you receive $950. Your deposited capital is untouched. H only gates profit extraction.

Flat accounts — those with no open profit — are always fully protected. Their deposits are senior to all profit claims.

See the full formula in the spec.

The A/K mechanism in practice.

When a leveraged account goes bankrupt, every position on the same side absorbs a small, equal per-unit hit. No specific user is force-closed. No queue determines who pays first.

The mechanism progresses through three phases. DrainOnly: no new open interest can be added; positions can only close. ResetPending: when OI reaches zero, the engine resets the side's coefficients and increments the epoch. Normal: the side reopens for trading with full precision.

Liquidations.

When an account's margin falls below the maintenance requirement, the position is closed at the current mark price. This is deterministic and automatic. There is no grace period, no manual review, and no admin override.

Any residual deficit — the amount by which the loss exceeds the account's collateral — is socialized via K, equally per-unit across every position on the affected side. No queue. No priority. No discretion.

Funding rates.

Funding is exchanged between longs and shorts every eight hours. The rate is calculated from the basis between the mark price and the index price. A positive funding rate means longs pay shorts. A negative rate means shorts pay longs.

Funding keeps perpetual prices anchored to the spot index. When the perp trades above spot, positive funding incentivizes shorts and discourages longs, pulling the price back toward the index.

Listing new markets.

Any pump.fun coin that has bonded auto-lists as a perp market within one block. Initial leverage is capped at 5x for the first 24 hours and tier-promotes as market age and depth grow. No manual review. No application process. No gatekeeping. If the coin bonded, it trades.

Risks.

Memecoins are extremely volatile. Prices can move 90% or more in a single session. Leverage amplifies losses proportionally — a 10x position loses 10% of its notional for every 1% adverse move.

Withdrawals during stress are reduced by H, not denied, but reduced. Your realized profit may be less than your reported PnL.

Smart contract risk exists. Percolator is open research, audited but not infallible. Bugs in the risk engine, oracle failures, or Solana network issues could result in loss of funds.

Trade only what you can afford to lose entirely.

FAQ.