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The protocol runs on Solana. Coins launch on pump.fun, so every coin is an ordinary SPL token on a bonding curve that graduates to PumpSwap, and every position lives on Phoenix, the on-chain perpetuals exchange built by Ellipsis Labs. The protocol token is $PERPAD, which is not required to launch a coin. Connect with Phantom, Solflare, Backpack, or any Solana wallet.

Every trade on a coin pays the pump.fun creator fee, 0.30% on the curve, and that fee is the only money this protocol ever moves. When the crank claims it, the claim splits four ways, in basis points that have to add up to 10,000: 50 margin, 15 creator, 20 treasury, 15 burn. Half of every fee a coin earns becomes size on the position it owns, the creator keeps 15% for as long as the coin trades, and 15% is spent buying the coin back on pump.fun and burning it.

A coin can be launched against any perpetual market listed on Phoenix: crypto majors, Solana memes, US stocks and ETFs, and commodities like gold, silver and oil. The market is picked once, at launch, and written into the coin itself, so it can never be switched afterwards.

A coin opens its position the moment it has earned $20 in fees, which takes roughly $7,000 of trading volume. Every claim after that adds another $20 of margin. None of it needs a decision from anybody: the crank ticks every 15 seconds, claims what is owed, splits it, and tops the position up.

The creator picks direction and leverage at launch, long or short, up to 25x or the market's own cap on Phoenix if that is lower, and both are written into the coin itself. The position a coin carries is therefore public before anybody buys it. Growth in notional is capped at $1,000 per tick, so a sudden burst of volume cannot slam the whole balance into a single entry.

There is no stop loss anywhere in this protocol. If the market goes against a coin, the crank keeps adding margin and does nothing else. The number of ways it can close a position at a loss is zero. The position is not unwound at graduation either, so a coin that survives its curve keeps the position it opened on the way up. This is the honest risk of the design: a position that is never closed at a loss can be liquidated instead, and a coin that gets liquidated starts again from the fees it earns next.

The crank is the only actor allowed to move a coin's fees, and it can do exactly four things: claim, split, take profit, and add margin. It cannot withdraw, it cannot change the split, and it cannot close a position at a loss. Every tick it performs is a public transaction.

When a position is up 50% on its collateral, the crank closes a quarter of it. Three quarters of that realized profit buys the coin back on pump.fun and burns what it bought, and the remaining quarter funds the treasury. Profit is never paid out to anybody, so the only way a holder sees it is as supply that stops existing.

Whoever launches a coin keeps 15% of every fee it ever earns, paid in SOL. The coin's pump.fun fee recipient is its own sub wallet, locked at launch, so it cannot be reassigned afterwards, not even by the creator. Click Claim fees to pull what a coin has earned so far. Every claim, top up and burn shows up on the public transactions feed and the leaderboard, linked to its transaction.