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 Jupiter, 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 Jupiter perp. 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 Jupiter 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 Jupiter.

4. 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 buyback and burn. Accrues in a per-token reserve. Once the reserve crosses $10, the keeper swaps that SOL to the coin on Jupiter and burns it on-chain. Smaller amounts wait in the reserve until they cross the floor.
• 25% to the treasury reserve. Stays as SOL in the sub-wallet as a runway buffer for tx fees, rent, and future top-ups.

5. 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 $10: Jupiter swap to the coin, on-chain SPL burn.
4. Marks the live perp to market and decides whether to open, top up, or take profit.

6. Position lifecycle

At launch the creator picks an underlying (any market Jupiter Perps supports, e.g. SOL, BTC, ETH), a direction (long or short), and a leverage. The sub-wallet runs exactly one perp position per token against those parameters.

• 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–$2k, $15 at $2k–$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 Jupiter and burned on-chain. 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.

7. The burn flywheel

Burns leave circulation through two independent paths, both signed by the coin's sub-wallet:

fees claimed → 25% reserve → $10 floor → Jupiter swap to coin → on-chain burn tx

fees claimed → 50% perp margin → position realizes profit threshold (+$5 base, +$5 per $1k of size) → slice closed → Jupiter swap to coin → on-chain burn tx

The first path burns from every fee, win or lose. The second path adds burns on top whenever the perp prints profit. Every step in either chain is a public Solana transaction.

8. 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 Jupiter swaps and margin top-ups, which match on-chain burns and Jupiter position deltas.
• Open perp positions are visible on the Jupiter portfolio page linked from each coin and queryable through the public API at /api/public/keeper/tokens.

9. Risks

Leverage cuts both ways. A high-leverage position on the wrong side of a fast move can be liquidated by Jupiter, 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 Jupiter 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.