perpad. coins backed by a live perp.

1. Token

A standard SPL token on Solana mainnet. Fixed 1,000,000,000 supply. Mint and freeze authorities are revoked at creation. No admin key, no upgrade path, no team multisig that can mint, freeze, or claw back a holder's balance.

2. Curve

Trading happens against a Meteora Dynamic Bonding Curve quoted in native SOL. Buys and sells are normal Solana swaps, routable through Axiom, Phantom, or any aggregator. perpad never custodies user balances.

The trade fee starts at 2.5% and decays to 1% over the first 24 hours. 100% of fees route to the coin's own sub-wallet (see below). Once the curve fills, the pool migrates to a Meteora DAMM v2 pool and fees keep flowing to the same sub-wallet.

3. Sub-wallet treasuries

Each coin gets its own deterministically-derived Solana sub-wallet at launch. That sub-wallet is the fee claimer on Meteora and the owner of the perp position. Funds for one coin can never touch another coin's position.

All sub-wallets are derived from one master treasury (the keeper's signer) so they can be operated by a single bot, but each address is public and viewable on chain. The master address is:

9Kxfhk9JMckpzAmGm1hXFjdfdL4VjpHvBKu9p4kJWHB7

Each coin's own sub-wallet address and live perp portfolio are linked directly from that coin's page on perpad. Click any token to see its treasury balance, claimed fees, open position, and burn history with one click out to Solscan or the routing venue.

4. Market universe

At launch the creator picks any supported market as the underlying. The full Phoenix perp catalog is available:

• Crypto majors and L1s. BTC (20x), ETH (20x), SOL (15x), BNB (10x), XRP (15x), TON (10x), DOGE (10x), SUI (10x), ADA (10x), TRX (10x), NEAR (10x), XLM (5x).
• L1 / privacy / AI. ZEC (10x), TAO (5x), HYPE (10x).
• Sol-eco and DeFi. JUP (10x), JTO (5x), ENA (10x), AAVE (10x), ONDO (10x), FET (5x), RENDER (5x), VIRTUAL (5x), MORPHO (5x).
• Memes and community. PUMP (10x), FARTCOIN (10x), WLD (10x), XPL (10x), MET (5x), VVV (5x), MON (5x), SKR (3x), MEGA (5x), CHIP (5x), LIT (5x).
• Commodities. GOLD (25x), SILVER (25x), COPPER (20x), WTI (20x).

Leverage tiers are split into Base (2x, 3x, 5x) and Degen (10x, 15x, 20x, 25x). The Degen tier is capped by Phoenix's reported max for that market, so a creator can never pick a leverage the venue would reject at open.

5. Phoenix routing

Every open, top-up, and close is executed on Phoenix Trade (a Solana CLOB). Phoenix is the exclusive venue for new positions. The CLOB gives the keeper deterministic slippage and the lowest round-trip cost we've measured. The keeper records the route with every action so it's auditable per claim.

Sub-wallets post USDC as collateral. The keeper swaps SOL to USDC on-chain on the same tick that it deposits, so the position is always denominated in dollars and the venue choice is independent of which SPL token the coin is.

6. Fee split

Every fee claim that lands in a coin's sub-wallet is split three ways on the same tick:

• 50% to the perp. Counts toward the open gate, then feeds collateral top-ups on the live position.
• 25% to source-coin buyback and burn. Accrues in a per-token reserve. Once the reserve crosses $25, the keeper swaps that SOL to the coin on-chain and burns it. Smaller amounts wait in the reserve until they cross the floor.
• 25% to $PERPAD buyback and burn. Accrues in a per-token $PERPAD reserve. Once it crosses $25, the keeper swaps that SOL to $PERPAD on Jupiter and burns it. Every coin on the launchpad feeds this same flywheel, so every trade on every perpad coin tightens $PERPAD supply.

7. The keeper loop

A keeper bot ticks once per minute. For every active coin, each tick:

1. Confirms any perp request from the previous tick.
2. Claims trading fees from Meteora (DBC pre-graduation, DAMM v2 after) into the coin's sub-wallet, then applies the 50 / 25 / 25 split above.
3. Drains the buyback reserve when it crosses $25. On-chain swap to the coin, SPL burn.
4. Routes the current decision (open, top-up, or take-profit) to Phoenix.
5. Marks the live perp to market and decides whether to open, top up, or take profit. When unrealized PnL crosses +$25, a slice is closed via Phoenix (capped $250 per tick) and the realized USDC is split 60 / 30 / 10: 60% Jupiter swap to source coin + burn, 30% Jupiter swap to $PERPAD + burn, 10% master treasury runway.

8. Position lifecycle

• Open. Once $100 of total fees have accrued, the keeper opens the position with $25 collateral at the creator's chosen leverage and direction.
• Top up. Every additional $100 of fees claimed adds +$50 collateral to the same position, at the same leverage.
• Take profit. The keeper watches realized PnL each tick. The base profit-slice threshold is +$5, and it scales up by +$5 for every $1,000 of position size (e.g. $5 at <$1k, $10 at $1k to $2k, $15 at $2k to $3k, and so on). When PnL crosses the current threshold, just enough size is closed to lock in that slice. The released funds are swapped to the coin on-chain and burned. The cycle repeats.
• Losses. If price moves against the position, PnL goes negative. Nothing closes, nothing burns from PnL. Top-ups keep extending runway. The 25% buyback slice still burns from fees regardless.
• Liquidation safety. Each top-up checks effective leverage and liquidation buffer first. If a top-up would push the position above the safety cap or shrink the liq buffer below 25% of collateral, it's skipped and the fees stay queued for the next tick.
• Permanence. The position stays open for the life of the token. There is no graduation event that unwinds it. The coin remains backed by a live leveraged perp on the creator's chosen market, growing with fees, shaving profits into burns, forever.

9. External tokens (pump.fun)

perpad also adopts tokens that were launched elsewhere. A pump.fun creator can point their fee receiver at a perpad sub-wallet (one click from the token's page on perpad), pick an underlying market, side, and leverage, and the same keeper loop runs for that coin. To keep the homepage clean, an external token only appears once the first fee claim has actually been routed on-chain. Pending claims and spam mints stay hidden.

10. The burn flywheel

Every coin on perpad burns into two mints on every fee claim, its own and $PERPAD, plus a third burn whenever the perp takes profit. All three are independent paths and every step is a public Solana transaction.

fees claimed (Meteora or pump.fun), 25% source reserve, $25 floor, Jupiter swap to coin, on-chain burn tx

fees claimed (Meteora or pump.fun), 25% $PERPAD reserve, $25 floor, Jupiter swap to $PERPAD, on-chain burn tx

fees claimed, 50% perp margin, unrealized PnL crosses +$25, slice closed via Phoenix (capped $250 per tick), realized USDC split 60 / 30 / 10: 60% Jupiter swap to source coin + burn, 30% Jupiter swap to $PERPAD + burn, 10% master treasury runway

Paths 1 and 2 burn from every fee, win or lose. Path 3 layers extra burns on top whenever the perp prints profit. $PERPAD is the only token that gets burned by every other coin on the launchpad, so every trade on every perpad coin tightens its supply.

11. What you can verify

• Every SPL mint, pool, fee claim, perp action, buyback swap, and burn is a confirmed mainnet transaction.
• Each coin's sub-wallet is one public address. SOL in matches Meteora fee claims and realized perp profits. SOL out matches buyback swaps and margin top-ups, which match on-chain burns and Phoenix position deltas.
• Open perp positions are visible on Phoenix linked from each coin and queryable through the public API at /api/public/keeper/tokens.

12. Risks

Leverage cuts both ways. A high-leverage (Degen tier) position on the wrong side of a fast move can be liquidated by Phoenix, in which case the token loses its perp-PnL burn stream until fees rebuild enough to open a new one. The 25% fee-funded buyback keeps burning regardless. The keeper, RPC providers, Meteora, and Phoenix are all live dependencies and outages on any of them can pause claims, top-ups, or burns. Pick a market, a side, a leverage, and a coin you actually believe in.