A launchpad sitting on perps.

1. The idea

Most launchpads look the same. A fixed supply token, a bonding curve, a spot base asset. perpad swaps the base asset for a tokenised leveraged perpetual position. What you end up with is a single ERC 20 that behaves like a launch coin and a directional trade at the same time.

2. The curve

Each coin is priced by a constant product curve. The two reserves are the coin itself and a leveraged perp token (the LT) on the chosen Hyperliquid market. The invariant x · y = k holds.

The pair opens at a fixed USD seed of $4,000. Price reacts to two things: swap flow on the curve and the underlying perp move, multiplied by the leverage you chose.

3. Graduation

A coin graduates from the curve to a constant product AMM when either trigger fires. Either the LT reaches a USD value of $12,000, or the curve runs out of inventory.

A 25% LP reserve held back at launch seeds the AMM cleanly. The freshly minted LP shares are sent to a custodian with no withdraw method, so the pool is locked for good.

4. What you get

• A live chart. The coin reprices in USD every time the underlying perp moves, with or without swaps.
• A hybrid asset. Every perpad coin is both a public ticker and a directional leveraged trade.
• A snipe buffer. Trading on a new coin is gated for three blocks using EIP 1153 transient storage.
• A signature address. Each perpad coin is deployed to an address that ends in a fixed suffix, mined with CREATE2.

5. What can go wrong

Volatility decay. A constant leverage product that refuses to liquidate has to rebalance. Choppy markets eat into it. Higher leverage eats faster.

NAV bleeding to zero. A sustained move against the position pushes the LT toward zero. It will not liquidate, but its floor is zero.

Outside dependencies. The stack relies on Hyperliquid for execution and on the LT issuer for mint and redeem.