Pump.fun Perps on Hyperliquid: How the 0.10% Builder Fee Works

On a $10,000 Bitcoin perpetual order placed through Pump.fun, Pump.fun can charge up to $10. Hyperliquid , the exchange that actually matches and settles the trade, charges a standard taker $4.50. Only one of those fees has a written rule sending it toward a token burn, and it's Hyperliquid's. Most launch coverage focused on whether to buy HYPE or SOL. The more useful question for PUMP holders is where each dollar of perps fees goes. When you compare Pump.fun's fee schedule, its buyback methodology and Hyperliquid's fee documentation, then, you'll see they don't connect the way many people assume.