Coins that own
a position.

Token

Every launch deploys a standard ERC-20 with a fixed 1,000,000,000 supply and no mint function. There is no inflation lever and no blacklist, so the only supply movement possible after launch is downward — through burns the keeper executes on the coin's behalf.

Curve

Coins trade against a bonding curve from the first block. Every swap pays a flat 1% fee that funds the engine from block one. At a fixed threshold (4.2 ETH raised) the coin graduates into a full liquidity pool.

Graduation migrates liquidity. It does not touch the perp, the sub-wallet, or the fee split — a graduated coin is simply a coin whose engine has been running longer.

Sub-wallet treasuries

Each coin owns a program-derived sub-wallet. Fees claimed for that coin land there, margin for its perp is posted from there, and burns are executed by it. No two coins share a wallet, which means no coin can be exposed to another coin's liquidation.

The keeper is the only actor permitted to move a sub-wallet's funds, and it can only move them along the four paths of the keeper loop.

Market universe

Creators choose from 9 supported markets across two kinds — crypto and tokenized equities. Leverage is capped at 5× platform-wide and enforced at selection, so a launch can never open with a size the keeper would clamp.

Routing

Orders route through a central limit order book, with collateral posted in USDG on Robinhood Chain and settlement built on Pons. A keeper service ticks every 15 seconds; it holds no discretion beyond the loop below.

Fee split

Every claim divides by the split its creator locks at launch. The default is 30% to perp margin, 30% paid to the coin's holders as dividends in $PONS, 15% to the creator, 15% to the protocol (half to the treasury, half to the $PERPSHOOD buyback), and 10% to the coin's own buyback and burn — or, on the LP preset, a liquidity slice that accrues as WETH and deploys into the coin's graduated pool. A creator can move any slice but the protocol's: perp never drops below 20%, and dividends can go to zero. The proportions are stored per coin in basis points and enforced by a database constraint that requires them to sum to 10000, so a claim cannot be split any other way.

Keeper loop

The loop is deliberately small. Claim, split, then either take profit or add margin. There is no discretion, no rebalancing, and no path that closes a position at a loss.

Position lifecycle

A position opens once $20 of fees have accrued — roughly a $2,500 market cap — and every claim after that adds its perp slice as margin at the current leverage, in profit or in drawdown alike. That is the flywheel, not a decision: fees keep flowing in whatever the mark does. Separately, whenever floating profit is at or above +25% of collateral, the keeper closes 20% of the position and routes the realised profit half to holders as dividends, a quarter to buy-and-burn (or the LP slice) and a quarter to treasury — 75% burn, 25% treasury on a coin that pays no dividends — at most once every six hours, so a position far over the bar steps down one slice at a time. The only time growth stops is a seat that is underwater to zero.

A top-up strictly increases collateral, so it can only improve the seat — the keeper declines to add margin only when the position is already underwater to zero. Adding margin can never itself become the cause of a liquidation.

External tokens

A coin that launched elsewhere can attach the same flywheel. Its creator generates a one-use sub-wallet derived from their router and the token contract, then points creator fees at it. From the first claim onward it runs on the same keeper and burn schedule as a native launch, on the classic split: 50% perp, 15% creator, 20% protocol, 15% buyback and burn.

No wallet connection is required to derive the address, so the mechanic can be evaluated in full before anything is granted.

Security

Zellic reviewed the two contracts Perps Hood wrote and deployed itself — the Hookr launcher and the flywheel sweep module — over two person-days at a pinned commit, and returned zero findings at every severity with one discussion note and no code change requested.

That is two contracts, not the whole platform. The Pons curve and factory, the keeper, holder payouts, and the treasury Safes and key custody were all outside the engagement, the last two as explicit non-goals. The panel below names what was covered, what was not, and the two weaknesses we found ourselves and accepted.