Documentation

Perplev is an open perpetual futures protocol on Solana. Any wallet can stand up a leveraged market for any SPL token — there is no listing committee, no application form, and nobody to ask. Deployment is a transaction, not a conversation.

1. 01Choose an SPL token that already trades somewhere on-chain — PumpSwap, Raydium, or Meteora all qualify.
2. 02Set the terms: a leverage ceiling up to 20x, the taker fee, and how much liquidity seeds the curve.
3. 03Sign the deployment. The market is live on-chain in roughly thirty seconds.
4. 04Share the address. Anyone holding a wallet can take either side.
5. 05The virtual AMM quotes both directions from the first block onward.

Collateral is the token being traded. A BONK market takes BONK as margin and pays profit and loss in BONK. Nothing is denominated in a stablecoin, so a market can exist for an asset that has never had a USDC pair.

The trade-off is honest and worth stating: gains compound with the asset, and losses compound against it. Traders should size positions knowing the collateral itself moves.

Three price sources are available, chosen per market at launch.

Pool reserves

Reads the mark directly from concentrated or constant-product pools. Open to any mint, no allowlist, no publisher required.

Pyth V2

Publisher-aggregated feeds with confidence intervals, for assets Pyth already covers.

Authority push

The market authority posts the mark itself. Reserved for bespoke markets where no public feed is a good fit.

Every market opens with a virtual constant-product curve, so there is depth on both sides before a single counterparty shows up. The liquidity is synthetic — no one deposits an inventory that can drift against them, which means the position of a liquidity provider cannot decay the way it does in a spot pool.

• ·Taker fee of 0.3%, adjustable at launch.
• ·A single fill may not move the mark by more than 5%.
• ·Keepers pull the curve back toward the oracle as it drifts.
• ·Funding accrues continuously and scales with the imbalance in open interest.

Liquidation penalties and the bulk of trading fees flow into a vault that covers shortfalls when a position blows through its margin faster than it can be closed. Deposits mint proportional shares; the shares appreciate as the vault collects. It is the first loss layer, and the yield is compensation for standing there.

82% — liquidity vault

Depth and solvency for every market at once.

10% — protocol

Keeper subsidies, audits, and the treasury.

8% — market creator

Paid to whoever deployed the market, on every fill, with no expiry and no cap.

Fees accumulate on-chain and are swept by a permissionless crank, so no privileged account decides when anyone gets paid.

Keepers are unpermissioned bots. Anyone can run one, and the protocol pays for the work rather than trusting a named operator.

• ·Settle funding as slots advance.
• ·Publish fresh marks from pool reserves.
• ·Scan margin ratios and close positions that fall below maintenance.
• ·Recenter the virtual curve toward the oracle.
• ·Sweep accumulated fees to their destinations.

The creator fee is 8% of every fill the market ever produces. It does not expire, it is not capped, and it does not dilute if the market grows. Find a token with attention and no leverage venue, deploy early, and the fee stream is yours for as long as people trade it.

Runtime

Native Solana BPF, no framework overhead.

Layout

One account per market, slab-allocated.

Leverage

Configured per market, capped at 20x.

Margin

5% initial and 1% maintenance by default.

Funding

Continuous, proportional to open-interest skew.

Settlement

Entirely on-chain — there is no off-chain matching engine and no sequencer to trust.

$PERPLEV is the protocol token on Solana. The mint address is published in the footer of every page and links straight to its market listing — check it there rather than trusting an address pasted anywhere else.