Leverage on every coin on pump.fun, traded for real.

Coins launch on pump.fun from here and get a market in the same transaction; a coin already on pump.fun can be imported. Every long really buys the coin on pump.fun, with SOL the vault lends it. Every short really sells it, with coins borrowed from the longs. The chart moves with every position.

The market is pump.fun itself: the bonding curve, then the PumpSwap pool after graduation. LevUp adds the loans, in one small Solana program.

How a position works

• A long puts up margin at up to the stage's leverage. The vault lends the rest, and the program buys the whole size of the coin on pump.fun and holds it. Closing sells the coins, repays the loan with its interest and pays out the rest: the profit or loss is what the coins really sold for.
• A short borrows coins the program holds for the longs and sells them on PumpSwap; its collateral is its margin plus what they sold for. Closing buys them back. Shorts open once a coin has graduated to its pool, at 1x, and together borrow at most half the longs' coins.
• Auto-deleveraging: when a long leaves while its coins are lent, the program buys them back for the shorts, pro rata, out of their collateral.
• Borrow rate: about 0.01% an hour, paid to the vault, on the longs' loans and on what the shorts' coins sold for.
• Liquidations read the keeper's median of three pump.fun samples, taken at least five minutes apart, never the price of the moment. The penalty is 1% of what the liquidation trades, half to the liquidator, half to the vault.
• Guards: a position opens only while the keeper's reference is fresh and the pump.fun price is within 10% of it, and one opening may move the price 15% at most.

Leverage graduation

Leverage follows the depth of the coin's market on pump.fun: earned on the lowest of the keeper's last three samples, lost on their median.

What the vault lends is capped too: 80% of it at most across every coin, 10% of it on any one coin, and 20% of that coin's depth. On a curve, a long's loan is also capped by what the longs' coins would fetch if every other holder sold first. 1x is always open.

0.1% a side

Every open and every close pays LevUp 0.1% of what it trades. pump.fun takes its own fees on top, on every buy and every sell: 1.25% on the curve, its tiered fee in the PumpSwap pool.

pump.fun's own creator fee is untouched: the creator gets it from pump.fun as on any other trade.

The vault

The vault is SOL the fees put there, plus anything anyone adds. It lends the longs their leverage and earns their interest, the shorts' borrow rate and half of every liquidation penalty. Nothing takes SOL out of it but its loans and its losses; the admin cannot.

It is the counterparty of last resort: when a position ends owing more than it holds, the vault takes the loss. Until the vault has SOL, there is no leverage: longs trade at 1x.

What Solana charges

• A transaction costs a fraction of a cent: the network fee and a small priority fee.
• A position keeps a small account on Solana while it is open, about 0.0015 SOL of rent, given back when it closes.
• Launching a coin pays pump.fun's accounts and the market's, about 0.012 SOL of rent in all.

Read this

• You can lose all your margin. Leverage on a coin that is hours old is as risky as it sounds.
• A fast crash or a rug gaps past liquidation. Liquidations read samples minutes apart, so a coin that collapses at once is liquidated late, and the vault takes what the position no longer covers: at most 10% of the vault and 20% of the coin's depth on any one coin.
• Round trips are expensive. pump.fun's fees are paid both ways, about 2.5% for a round trip on the curve, plus LevUp's 0.1% a side, on the whole size, leverage included.
• Your trade moves the price, on the way in and on the way out. A short can be bought back early when a long leaves.
• No leverage until the vault has SOL.
• No third-party audit. The program is new.
• pump.fun runs the market: its curve, its pool and its fees.
• Leveraged trading is regulated in many countries, including the EU. Not available where prohibited.