Trading fees fund collateral
A share of every trade's fee is set aside as margin for a perp position instead of being sold into the chart.
Perp-backed coins · live perp data
A coin with a hedged book behind it.
Perpmint is a desk for coins whose fees fund a perpetual-futures position. Watch real funding and open interest, size the book, see how far it sits from liquidation, and check how much of your own wallet you could hedge today.
CA
- Markets live
- —
- Open interest
- —
- 24h volume
- —
shorts paidlongs paidSource: Hyperliquid fundingHistory
- SOL mark
- —
- Book equity
- —
- Backing ratio
- —
01 · The idea
Fees go into a book. The book is the backing.
The position earns or pays
Price moves and hourly funding change the book's equity. Funding can be a steady income for the right side.
Backing ratio, in public
Equity divided by market cap is the number holders should watch. We show how it would have moved on real data.
Distance to liquidation
Leverage decides how far the market must move before the book is gone. The gauge makes that distance hard to ignore.
02 · Funding board live
Every perp market, funding and open interest.
Hyperliquid metaAndAssetCtxs, refreshed every 15 seconds. Click a row to load it into every tool below.
| Market | Mark | 24h | Funding / h | APR | Open interest |
|---|
—
03 · Book depth live
How much can the book move before it moves the price?
- Mid
- —
- Spread
- —
- Average fill
- —
- Slippage vs mid
- —
- Levels consumed
- —
Walks the live l2Book (top 20 levels each side). If the size exceeds visible depth, the remainder is flagged, not guessed.
04 · Backing-ratio simulator simulation on real data
Replay a fee-funded book over the last 30 days.
Book equityFees deposited (no position)Liquidation
- Backing ratio now
- —
- Book equity
- —
- Funding net
- —
- Max drawdown
- —
- Liquidations
- —
Each hour: fees are added to margin, the position is resized to equity × leverage, marked to the real hourly close, and charged or paid the real hourly funding rate. A move larger than the margin minus maintenance wipes the book. Trading costs on the perp are ignored.
05 · Liquidation distance
How far is the book from zero?
—move to liquidation
- Liquidation price
- —
- Mark now
- —
- Daily volatility (7d, realised)
- —
- Distance in daily moves
- —
- Chance of touch within 24h model
- —
- Margin posted
- —
06 · Carry and cross-venue funding live
What a delta-neutral book would have earned.
- Funding, 7 day average per hour
- —
- Annualised
- —
- Short perp earned over 7 days
- —
- Hours shorts were paid
- —
Predicted next funding, per hour, by venue
| Venue | Rate / interval | Per hour | APR |
|---|
Source: Hyperliquid predictedFundings, which reports its own rate and Binance and Bybit perps. Rates are normalised to one hour.
07 · Your book Solana mainnet
How much of your wallet has a perp to hedge with?
Reads your SPL holdings via our read-only RPC, prices them with Jupiter, and matches each token to a Hyperliquid market.
Connect your wallet (top right) and your address is filled in automatically.
08 · Anatomy of a backed coin
Follow one dollar of fees.
- A trade pays a feeSomeone buys the coin. A small fee is taken from the trade.
- The fee becomes marginPart of it is deposited as collateral, not sold.
- The book holds a positionCollateral × leverage sets the size of the perp position.
- Funding and price move itEvery hour the book is marked and funding is paid or received.
- Equity backs the coinBook equity ÷ market cap is published as the backing ratio.
09 · Method
Every number, and where it comes from.
Funding APR
rate/h × 24 × 365
Hyperliquid funds hourly. Positive means longs pay shorts.
Liquidation price, isolated
entry − side × (entry/lev − m×entry) ÷ (1 − m×side)
m is the maintenance margin, half of the initial margin at the market's max leverage.
Chance of touch, 24h
2 × (1 − Φ(d ÷ σday))
Reflection principle on a driftless random walk with realised 7-day volatility. A model, not a forecast.
Backing ratio
book equity ÷ coin market cap
Equity = deposits + price PnL ± funding, rebalanced hourly to constant leverage.
Slippage
(avg fill − mid) ÷ mid
Walks visible levels of the live order book until the size is filled.
Hedgeable share
Σ value with a perp ÷ Σ value
Tokens are matched to Hyperliquid by symbol; 1000× contracts such as kBONK are scaled.
10 · Sources and honesty
What is live, what is a model.
- live Marks, funding, open interest, volume, order book, candles, predicted funding: Hyperliquid info API.
- live Wallet holdings: Solana mainnet RPC through a read-only proxy. Prices: Jupiter.
- simulation Backing ratio replays real candles and real funding, with your assumptions for fees and volume.
- model The hero's hedged book and the chance-of-touch figure are models and are labelled as such.
- never Perpmint places no orders, holds no funds and asks for no keys. It is an independent concept, not affiliated with any venue.
Questions
Does Perpmint trade for me?
No. This page reads public market data and your public wallet balances. It cannot place orders, move funds or sign anything.
Why Hyperliquid data?
Its info API is public, keyless and complete: every market's funding, open interest and book, plus funding history and candles. That makes every number on this page checkable.
Is a perp-backed coin safe?
No structure is safe by default. Leverage can wipe the book in one move, funding can turn against it for weeks, and the venue itself is a risk. The simulator and gauge exist to make those risks visible, not to hide them.
Why does the simulation differ from the coin's real chart?
Only the perp side uses real data. The coin's volume and market cap are your inputs, held constant. It answers "what would this book have done", not "what would the coin have done".
What does connecting my wallet do?
It shares your public address so "Your book" can read your holdings from mainnet. Nothing is signed and nothing is sent.
Is there a token?
If one exists, its contract address appears at the top and in the footer. No tool here depends on holding it.