The whole thing, honestly
A launchpad where trading fees fund a perp position, and its profit goes to the coin's owner. Here is exactly what that means — including what can go wrong.
One fee, one loop
Every trade on a coin pays a fee. That fee is split, most of it opens or grows a perp position on Hyperliquid, and when the position hits +20% the keeper closes it and sends the profit to the coin's owner (10% platform / 90% owner). Then it repeats.
A fee lands
Every trade on the coin pays a 1.20% fee on its Meteora bonding curve (and its graduated DAMM v2 pool). The keeper is the fee claimer, so 100% of it lands in one place. No seed — the vault starts at $0 and fills as the coin trades.
Tap a node to follow the flow.
Fees feed the same vault from the bonding curve, the pool's LP fees, Hyperliquid maker rebates, and partner volume attribution.
The full loop, step by step
What the keeper actually does — from lending on Save (devnet) to the perp on Hyperliquid (testnet). Hover a step to inspect it.
- 1VaultFee lands
A trade on the coin pays a fee into its vault. Split 15% platform · 5% burn · 80% to backing.
- 2DEXInstant burn 5%
A slice buys the coin and burns it right away — a constant price signal.
- 3Savedevnet
Supply SOLDeposit spot as collateral on Save — it earns supply APY and backs the borrow.
- 4Savedevnet
Borrow USDCBorrow against the collateral (≤ LTV) to fund the perp margin.
- 5HyperliquidtestnetDeposit margin
Move the borrowed USDC to Hyperliquid as perp margin.
- 6HyperliquidtestnetOpen position
Short (neutral hedge, earns funding) or directional bet, on any market.
- 7HyperliquidtestnetPosition runs
Funding accrues, PnL moves. Health on both venues is watched.
- 8Hyperliquidtestnet+20% take-profit
When the gain clears the step, close the slice (reduce-only).
- 9SavedevnetRepay interest
Service the borrow interest from the profit to keep Save health safe.
- 10DEXSkim → buy back & burn
The net surplus buys the coin and burns it (or pays holders). Then reopen. ↺
Run it yourself, step by step
With your wallet connected, execute the Save legs on devnet one at a time — real signed transactions. The Hyperliquid leg runs via the keeper.
- 1SavemainnetSupply 0.1 SOL
Deposit 0.1 SOL as the spot-long leg (collateral on Save). Phantom signs.
- 2SavemainnetBorrow 1 USDC
Borrow against the collateral to help fund margin. Phantom signs.
- 3HyperliquidmainnetFund HL — swap SOL → USDC (Relay)
Swap SOL fees into USDC delivered straight to your Hyperliquid account (one hop via Relay). Phantom signs.
- 4HyperliquidmainnetOpen short ≈0.1 SOL (agent)
Short ≈0.1 SOL — matches the supplied SOL, so the position is delta-neutral (long spot + short perp). Signed by the agent (keeper).
- 5HyperliquidmainnetClose perp (agent)
Close the position (reduce-only). Signed by the agent (keeper).
- 6SavemainnetRepay 1 USDC
Repay the borrow. Phantom signs.
- 7SavemainnetWithdraw 0.1 SOL
Pull the collateral back out. Phantom signs.
No seed. No reserve.
The creator puts up nothing. Backing starts at $0 and is built entirely from fees. And unlike a reserve-ladder model, we do not hold a chunk of every fee back in a buffer — after a small platform cut and an instant burn, everything else goes to the position.
Risk is not managed by a reserve. It is managed by a stop-loss placed just inside the liquidation price, so the worst case tries to recover part of the capital instead of leaving zero.
What can go wrong
Leverage cuts both ways. It is what lets a small fee stream back a large position — and it is what can wipe that position out on a sharp move. Be clear-eyed:
- Backing is dynamic. It falls when the trade goes against the position. There is no floor under it.
- Stops can slip. A fast gap can blow through the stop-loss, closing worse than intended — or not at all before liquidation.
- Liquidation means near-zero. If price reaches the liquidation level before the stop fills, most of the deployed capital is gone.
At 25×, a ~3.7% move against the position reaches liquidation. Higher leverage backs more, faster — and dies faster too.
Costs & waiting
The unglamorous part. The loop runs on thresholds, not continuously — the keeper waits until there is enough to be worth the gas before it acts.
- Fees are only claimed once at least $5 has accrued (so gas is always worth it).
- The perp only opens once the backing slice reaches $50.
- A quiet coin can sit a while before its first cycle. That is expected, not a failure.
FAQ
Is my coin backed by a floor?+
No. Backed value is the live value of the coin's perp position — margin plus unrealized PnL — marked to the market price. It moves up and down every second and, with leverage, it can go to zero. Treat it as a dynamic number, never a guaranteed floor.
What is the perp position on?+
Another liquid asset with a market on Hyperliquid — ETH, HYPE, BTC, SOL, and so on — chosen by the creator at launch. It is never the coin itself. The coin's fees fund a directional bet (or a delta-neutral carry) on that asset.
What happens if the position loses?+
You lose that money. A stop-loss is placed just inside the liquidation price to try to close the position and recover part of the capital before a full liquidation — but a fast gap can blow through a stop, and everything deployed can be lost. None of that is a guarantee.
Do I need to put up money to launch?+
No seed. Backing starts at $0 and only grows as the coin trades and fees arrive. Launching costs about $3 in SOL (on-chain account rent + gas), paid from the creator's own wallet — optionally plus an initial buy of your own coin.
Can the platform take my funds?+
The keeper claims the fees and can only deploy them to Save (lending) and the Hyperliquid deposit. It signs trades through an agent key with trade-only permission — no withdrawal authority. You are still trusting the operator with the fee stream; that trust is minimized, not removed.
How much does Backd take?+
A 1.20% trading fee on every trade. Of that, 25% is platform revenue and 5% buys back and burns the Backd token ($BACKD) — 30% total, in line with other launchpads. The other 70% funds the coin's lending + perp backing.