pump.fun launches perpetual futures trading via Hyperliquid with builder fees up to 0.1%

The launch turns pump.fun from a memecoin issuance venue into a fee-collecting trading frontend layered on someone else's exchange infrastructure, which is a notable shift in where value accrues in the retail trading stack: the interface, not the order book, captures a cut of every order action. Users who bridge and trade through the app now pay twice over — builder fees on open, add and close orders, plus a transfer spread on top of the bridge operator's own charge. Whether that cost stack holds up against trading directly on Hyperliquid is the open question worth watching.