DOCUMENTATION

Every coin launched here is an ordinary pons v2 launch. pons handles the curve, the pricing, the graduation and the locked pool; nothing about those is ours and nothing about them can be changed by us after a launch is created.

What Hypurps adds is the backing: a creator picks an underlying asset, a direction and a leverage at creation, and the coin's creator fees fund that perp position. When the position is in profit, the profit is realised, spent buying the coin back, and burned.

Four steps, the same for every launch, with no path where a creator does something different halfway through.

1. 01
   CREATE

   Name, symbol, image, description and links are set, and the launch fee is paid. The entire supply is minted straight to the curve — nobody, including the creator, holds a bag set aside before trading opens.

2. 02
   TRADE THE CURVE

   Anyone can buy and sell. The price rises as people buy and falls as they sell, and the curve is always willing to take the other side.

3. 03
   GRADUATE

   Once the curve sells out it closes, and everything it collected is handed over to build the pool along with the supply held back for exactly that.

4. 04
   POOL

   A Uniswap v4 pool is created and its liquidity is locked permanently. Trading carries on there.

Graduation happens automatically, inside whichever purchase finishes the curve. If that step does not complete, anyone at all can push the launch forward — it needs neither the creator nor pons, so a launch cannot be stranded because someone lost interest.

The curve holds the whole supply from creation and prices it from how much has been bought so far. It will always sell you tokens and always buy them back, so you are never waiting for someone else to take the other side.

The price does not start at zero — each launch opens at a set starting price and climbs — and large buys move the price more than small ones, so the price a big order settles at is worse than the price it was quoted. That is ordinary behaviour for any market with finite liquidity.

The one moment you cannot sell is after the curve has sold out. At that point it is holding exactly the reserves the pool is about to be built from. Selling reopens in the pool.

Not all of the supply is for sale on the curve. A fixed share is held back from the start and becomes the pool's liquidity. Because that share is fixed at creation, every launch on the same settings graduates into a pool of the same size at the same price — whether the curve was bought out by one large purchase or by hundreds of small ones.

If your buy is larger than what is left, you are not rejected. You buy what remains, you are charged only for what you actually received, and the rest is refunded in the same transaction.

A backed launch names a perp position: an underlying asset, long or short, and a leverage. Leverage is bounded by the venue's own cap for that market, read live at creation — Bitcoin allows more than most, and a market that caps at 10x will not offer 20x.

The position is held on Hyperliquid. This is the part worth understanding plainly: Hyperliquid is its own chain and Robinhood Chain is a separate L2, so no contract on one can reach the other. The position lives in an account the keeper controls.

A launch's backing is written into the coin's own on-chain description at creation, as a tag:

[hypurps:v1 venue=hyperliquid coin=BTC side=long lev=10x]

pons writes the description onto the token when it is created and nothing can change it afterwards. That makes the backing the launch's own commitment rather than a row in our database — and it is why the numbers on a token page are read back off the chain rather than trusted from the client.

If our records ever disagree with the chain, the chain wins and the token page refuses to render a backing at all rather than showing you one the coin never committed to.

Every trade on a curve pays a fee, and the creator's share of it is what funds the position.

Every step above is one launch's own money start to finish. Fees are never pooled across launches, the position is sized from what this coin collected, and the buyback spends what that position earned.

Each launch has a vault of its own — an address that holds nothing but that coin's money, derived from one key at a per-launch index and named as the coin's creator fee recipient when it is created. That is why the figures on a token page are that launch's and not a pooled share of everything: the fees never mix.

The keeper runs the loop in six stages. It tops the vault up with enough gas to act, sweeps the curve's accrued fees, claims them out of the protocol escrow, sizes the position to what that coin has actually collected at its mandated leverage, realises profit once it is worth the fees, and spends what comes back buying the coin on its own curve. The tokens it buys go to the dead address in the same transaction.

The creator tax is fixed at 2% for every launch made here, deliberately. Letting each launch choose makes every downstream figure conditional, and the protocol fixes it at creation anyway, so it could never be corrected later.

Harvests and burns are counted separately, and that is not bookkeeping fussiness. Profit is realised as USDC on Hyperliquid, while a buyback spends the launch's pair asset on Robinhood Chain — moving between them is not atomic. So a burn is only ever recorded from a mined transaction on Robinhood Chain, and “harvested but not yet burned” is a state the site shows honestly rather than rounding away. The next section is how that gap is closed.

A backed launch lives on two chains at once, and the join between them is worth understanding because it is where most of the honest complexity sits.

The coin, its curve, its pool and its vault are all on Robinhood Chain, and everything there is denominated in the launch's pair asset — ETH, for almost every launch. The position is on Hyperliquid, which is a separate L1, and margin there is USDC. No contract on Robinhood Chain can call Hyperliquid and no contract on Hyperliquid can call back, so value does not move between them by a transaction. It moves by being bridged.

So the loop crosses twice. Fees a launch has swept into its own vault are bridged out to the venue before they can be margin. Profit the keeper realises on the venue is bridged back before it can buy anything. In between, the two sides are accounted separately and neither is ever reported as the other.

Every crossing is queued before it happens and settled when it lands. When the keeper realises profit it writes a to_chain entry for that exact amount against that exact launch; when it finds fees waiting in a vault that the position has not been sized for, it writes a to_venue entry. The queue is readable by anyone, so what is in flight is a matter of record rather than of trust, and an entry that has not settled stays open and visible instead of quietly disappearing.

That is also what the token page is showing you when it says money has been earned but is not yet backing the position. It is not an error and nothing has gone missing — it is one leg of a crossing that has been recorded and not yet completed. The figure is shown apart from the margin on purpose, because adding the two would claim the position is larger than it is.

A launch does not have to be priced in ETH. It can be paired against any asset pons has approved, and that asset becomes the currency of the whole launch: you buy and sell in it, the graduation target is counted in it, the pool is paired against it, and the creator is paid in it. Nothing converts along the way.

A launch paired against something other than ETH carries that asset's risk on top of its own. If the pair asset falls, your position falls with it even if the launch holds steady — and the real cost of graduating the launch moves with it too.

Figures are shown in the pair asset unless a conversion genuinely applies. A market cap of 1.68 ETH is not “$1.68”, so it is never rendered that way.

Every pons launch opens with a tax on buying that starts near 99% and decays to zero within about five seconds. It exists so that being first is not worth racing for, and what it collects is not burned — it joins the launch's trading fee and flows back to the launch rather than out of it.

It applies only to buying. Selling is never taxed by it, and the launching wallet is exempt on its own launch. The trade panel shows it while it is still decaying, so nobody has to wonder where their money went.

Nothing below needs our cooperation. This is the part that matters most, so it is worth being specific about which source answers what.

Hyperliquid's info API needs no credentials, which is exactly why a holder can check that the position a coin claims is really open, at the size and leverage claimed.

• Launch tokens are volatile and can lose all of their value.
• Anyone can create a launch with any name, symbol and image, including ones that deliberately imitate an existing project. The token address is the only identifier that cannot be copied — check it before you trade.
• A leveraged position can be liquidated. A 10% move against a 10x position wipes out its margin. That does not touch anyone's tokens, the curve or the pool, but it ends the buybacks that position was funding.
• Reaching graduation is not a signal of quality. It only means the curve sold out.
• A launch paired against another asset carries that asset's risk on top of its own.
• The backing position is held in a keeper-controlled account on another chain.
• pons v2 is under review by three security teams and no audit has closed. Treat it as unaudited.
• Transactions are submitted by your own wallet and may be irreversible.

The pons singletons on Robinhood Chain (chain id 4663). A launch's own curve and token are created per launch — resolve those from the factory rather than hardcoding them.