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Welcome to Pump.fun!
Pump lets anyone create coins, giving everyone equal access to buy and sell from the start. Prices can move quickly, so trade carefully.
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PAPR is a synthetic perpetuals book for BTC, ETH, SOL, and DOGE. There is no order book and no matching engine. Every trade is between you and the house, the liquidity pool that pays winners and is funded by losses. A position is isolated. You post margin in USDC, pick a side, and pick leverage from 1× to 1000×. The minimum margin is 1 USDC. The maximum notional is $10 million. You close the whole position, or it busts. There is no funding rate and no bid-ask spread. The fill is the mark.