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Decentralized exchange Hyperliquid has introduced a new derivative to its expanding collection of hyperps, revealing on Thursday the addition of PUMP-USD.
This product, announced on Thursday, enables users to long or short the yet-to-be-launched $PUMP token with leverage of up to 3x, broadening speculative access to assets that have not yet launched.
In contrast to conventional futures, hyperps do not depend on external oracles for pricing. Instead, they utilize a moving average of their own mark price to determine funding rates. This design, which is distinctive to Hyperliquid, seeks to mitigate the risk of price manipulation and enhance stability in pre-launch trading.
The platform cautioned that funding rates may fluctuate significantly during directional momentum, benefiting traders who take positions against prevailing trends.
Hyperliquid’s pre-market trading volume for PUMP-USD surpassed $21 million. It reached a peak of $0.015 at the start of trading today and is currently valued at $0.0055.
As a reminder, hyperps do not depend on any external data for the oracle price. Hyperps function similarly to perpetual contracts that users are accustomed to, but do not necessitate an external spot or index oracle price. Instead, the funding rate is established relative to a moving average of…
— Hyperliquid (@HyperliquidX) July 10, 2025
Listing Enhances Hyperliquid’s Momentum in On-Chain Derivatives Market
While the product presents new trading possibilities, it also carries considerable risk. The exchange identified the PUMP-USD hyperp as high-risk due to its low liquidity, high volatility, and potential for extreme funding costs.
Traders are limited to using isolated margin and low leverage, with the contract transitioning into a standard perpetual once the token is listed on a centralized exchange.
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Source: Hyperliquid
With 70% of DEX Perp Volume, Hyperliquid Focuses on Speculative Products
The listing occurs as Hyperliquid solidifies its position in the decentralized derivatives market. In June, the platform recorded $214 billion in trading volume, according to Dune data.
This figure exceeded the combined volume of all other on-chain perpetual protocols. It also elevated Hyperliquid’s share of Binance’s perp market to over 10 percent, up from 9.76% in April.
The exchange now accounts for more than 70% of all DEX perpetual trading volume. Furthermore, it allocates 97% of protocol fees to buybacks of its native token, HYPE. This strategy reduces token supply while aligning incentives with platform activity.
With $3.5 billion in bridge total value locked and half a million users, Hyperliquid currently ranks eighth among all blockchains by TVL, according to DefiLlama figures.
The introduction of risk-heavy hyperps like PUMP-USD seems to be part of a broader strategy to leverage speculative flows while maintaining control over platform mechanics.
Hyperliquid has encouraged users to review documentation prior to participating in these contracts, emphasizing that the mechanism differs from traditional perps and may not be suitable for all traders.
The post Hyperliquid Lists PUMP-USD Hyperps, Offers 3x Leverage on Unlaunched Token appeared first on Cryptonews.
