Documentation

Perpolator is a permissionless perpetual futures protocol on Solana. Anyone can launch a leveraged trading market for any SPL token — no listing fees, no governance, no middlemen. Think "Pump.fun for Perps".

1. Pick any Solana token with on-chain liquidity (PumpSwap, Raydium, Meteora) 2. Set your parameters: leverage (up to 20x), trading fees, and seed liquidity 3. Deploy — your market goes live on-chain in ~30 seconds 4. Share the link — anyone with a wallet can trade long or short 5. The vAMM provides automatic initial liquidity via a constant-product curve

Traders deposit the same token they're trading as collateral. Trading a BONK perp? You deposit BONK. PnL is settled in BONK. No USDC dependency.

Perpolator supports three oracle sources: • DEX Oracle (permissionless) — reads prices directly from PumpSwap, Raydium CLMM, and Meteora DLMM pools • Pyth V2 — institutional-grade price feeds • Authority Push — manual price updates for custom markets

Every market launches with a virtual AMM (vAMM) that provides automatic liquidity using a constant-product x*y=k curve. Features: • 0.3% swap fee (configurable) • Circuit breaker (max 5% price impact per trade) • Auto-recenter to oracle price (keeper-driven) • No impermanent loss — it's virtual liquidity

Each market has an insurance fund that collects liquidation fees and protects against bad debt. Anyone can deposit into the insurance fund and receive LP tokens proportional to their share.

Trading fees are split three ways: 82% to the LP vault (insurance/liquidity), 10% to the protocol, and 8% to the market creator. Fees are accumulated and distributed via a permissionless crank.

Keepers are permissionless bots that maintain the protocol: • Crank funding rates every slot • Push oracle prices from DEX pools • Scan and execute liquidations • Recenter vAMM to oracle price • Distribute accumulated fees

As a market creator, you earn 8% of all trading fees generated on your market — forever. Launch a market for a trending token, share the link, and earn passive income from every trade.

• Program: Raw Solana BPF (no Anchor) — 38 instructions • Risk Engine: Percolator by Anatoly Yakovenko (Apache 2.0) • Architecture: Slab-based (1 account = 1 market) • Max leverage: Configurable up to 20x • Margin: Initial (5%) + Maintenance (1%) defaults • Funding: Continuous, proportional to OI skew