The first perps for every coin on Elysium.
Go long or short on any coin launched on Ascend, priced from its own launch pool, with funding settled every block.
The wave in the porthole follows funding across live markets.
Uniswap v4-style pools
Hyperliquid
Kinetiq
Telegram
Funding settles every block, 100 ms apart
The side with more open interest pays the other, at a rate set by the skew and capped at 0.1% per hour. A tenth of every payment goes to the pool's LPs.
Read how funding worksEvery cap reads the pool
One pool, two sides.
Any coin launched on Ascend gets a long button and a short button, marked on that pool and capped by its depth.
Go long or short on any coin, priced from its launch pool
Funding every block, set by the skew
Caps written as a fraction of the pool's depth
Every coin gets a market, even in another launchpad's pool
Open a market for any coin in one transaction
| Step | Contract call | Condition | State |
|---|---|---|---|
| 1 | openMarket(coin, price) | own coin/HYPE pool | one tx |
| 2 | addLiquidity(coin) | LPs add HYPE and the coin | anyone |
| 3 | poke() | 100 HYPE on the HYPE side | warm-up |
| 4 | open(long, 3, margin) | held 24 hours | market opens |
| 5 | donate() | fees and funding to LPs | every trade |
New market
Insured by $ELYP stakers, before any trader is deleveraged
Stakers earn 40% of every fee in HYPE. Their stake is the first loss for 7 days and unstaking takes 7 more. When a liquidation leaves bad debt, it is paid in this order:
Markets that prove demand get filed to HIP-3
A market whose 30-day volume and open interest pass the published thresholds gets a filed request to Markets.xyz, Kinetiq's HIP-3 venue on Hyperliquid. Its status shows on the market page. Kinetiq decides.
How filing works
Infrastructure for bots, keepers and agents
Everything the app does is a contract call, an API read or an MCP tool, and none of it needs a key.
One price source, one engine per market. The venue pool sets the price and the depth. The engine holds margin, funding and liquidations, so a perp failure never touches a spot swap.
SDK · MCP · APIPerpInsurance$ELYP stakePerpEngine per marketMarginFundingLiquidationQueueChoose how you connect. Trade in the app, from an agent through MCP, or from your own code with the SDK.
From an agent. Point any MCP client at /mcp. It reads markets, quotes, and returns calldata for the agent's own wallet.
Connect over MCPHedge on the spot side. Market makers short the perp and buy the pool through KyberSwap or 0x routes, then collect funding.
Read the funding mathFrom your own code. The SDK quotes against live state and builds calldata. Keepers liquidate for 0.5% of notional.
Get the SDKBuilt for both sides of the trade.
Traders, LPs, stakers and keepers each get paid for the job they do.
By default the mark reads the coin's launch pool on Ascend (a Uniswap v4 pool), sampled onchain by anyone at most every 5 seconds and clamped to 1% a step; the mark is the median of the last 12. A coin can also open its own pool, which records the price at the start of every block and gets full caps. Neither path changes a swap.
Fees are 0.05% of notional on every open and close. 40% go to $ELYP stakers in HYPE, 30% buy and burn $ELYP, 20% go to the pool's LPs, 10% buy and burn KNTQ.
The keeper posts every liquidation with its block, size and what the insurance vault paid. Bots can subscribe to the same feed through the API.
Bots and keepers trade from day one
SDK. One file served by the site: quotes, calldata for open, close and liquidate, market and position reads.
Get the SDKMCP server. Six tools for agents, and none of them needs a key: markets, market_state, quote_open, open_calldata, close_calldata, liquidatable.
Connect an agentPublic API. Markets, positions, funding and liquidations as JSON, read straight from the engines.
Read the APIWho takes the other side
How matching worksLongs and shorts are matched. The vault backs a skew of 10% of its HYPE; past that, an open waits in a queue for the other side and funding pulls that side in.
LPsGet paid for being the price: 20% of fees and 10% of funding, donated to the pool.
See LP earnings
Pools earn from the perps they price
LP earningsAn own ElyPerps pool pays its in-range LPs with donate(): their 20% of every trading fee and 10% of every funding payment, in HYPE, while the market trades.
20% of trading fees. Every open and close pays 0.05% of notional; a fifth of it goes to the pool that priced it.
Read the fee split10% of funding. Funding moves between longs and shorts every block; a tenth of what the paying side pays is donated to LPs.
Read fundingNo new LP token. Liquidity is a plain full-range Uniswap v4-style position. Remove it any time; the caps shrink with it.
Read how a market opens"A market can never hold more open interest than its spot pool can defend."
The rule, read onchain from the pool's depth
Dev log
What changed in ElyPerps.
Dev log 001The oracle
The pool price, truncated, once per block. Why the hook reads the price before the block's first swap, why each observation moves at most 0.1%, and what it costs to hold a 500-HYPE pool 10% off for a minute.
Spec of the week
Every rule, with the code path behind it.
Isolated engines on a pool oracle
The ElyPerps design note
Why margin and liquidations live in a separate engine and not in the hook, how caps follow depth, how an empty insurance vault still lets a market trade by matching every long with a short, and the four steps of the bad-debt waterfall.
Read it in the docs or hand it to your agent:
Ready to trade?
Open the app to see every market, or open the first one for a coin you hold.
One fee, four ways.
0.05% per open and close: 40% stakers, 30% $ELYP burn, 20% LPs, 10% KNTQ burn.
Day-one builders.
SDK, MCP and API, served by this site and open without a key.