Perpforge / market designer
Leverage for the long tail, priced in the open.
A design desk for permissionless perpetual markets on Solana. Choose a token, pick an oracle, shape the funding curve, and stress the guardrails against live data before anyone commits a dollar.
- Perps live on Hyperliquid
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- Solana-native among them
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- Solana slot, confirmed
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Data from Hyperliquid, DexScreener and Solana RPC. No custody: nothing here signs or trades.
Live terminal for the perps that already exist
Hyperliquid marks, candles and depth, refreshed every few seconds.
Chart data unavailable right now. Retrying shortly.
Order book
spread —Source: Hyperliquid public info API. Refreshes every 5 s.
Forge a market
Paste any Solana mint. Perpforge reads the mint account through RPC and the deepest pools from DexScreener, then turns your choices into a market spec with guardrail checks that update as you move each control.
- Price
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- Pool liquidity
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- 24h volume
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- Pairs found
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- Decimals
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- Supply
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- Mint authority
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- Freeze authority
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- Hyperliquid
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Guardrail checks
—- Waiting for a token.
Oracle manipulation budget model
Cost-to-attack versus payoff, from constant-product slippage on the pool's reported liquidity.
Market spec
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Funding, simulated and replayed
Funding is what keeps a perp honest: when the mark drifts above the index, longs pay shorts. Run your curve through a simulated premium path, or replay the last 72 hours of real hourly funding on a Hyperliquid market.
Uses the k and cap from the forge. Seeded random walk, labelled simulation.
Real hourly funding prints from Hyperliquid's public fundingHistory.
Simulated hourly funding
simulationFunding history unavailable. Try another market.
Where the position breaks
An isolated-margin liquidation calculator with fees, maintenance margin, and a volatility read from real candles: how far the liquidation sits from the mark, in standard deviations of recent movement.
- Position size
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- Notional
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- Fees reserved
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- Maintenance at entry
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- Hourly volatility (48 h, real)
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- Distance in 24 h sigmas
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- Touch odds within 24 h model
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- Leverage the venue allows
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Touch odds use a driftless random-walk model on 48 hourly log returns. It ignores fat tails and gaps, so read it as a lower bound.
What the order-book venue already lists
Every live Hyperliquid perp, with funding, open interest and volume. Filter to Solana-native tokens to see which ones already have deep leverage elsewhere, and which are still unserved.
| Funding skew | |||||||
|---|---|---|---|---|---|---|---|
Source: Hyperliquid metaAndAssetCtxs, refreshed every 30 s. "k" markets quote 1,000 tokens.
How a permissionless perp is wired
No listing committee and no auction. The market's safety comes from the parameters themselves, so every one of them is public before the first trade.
Step 1 of 4 · Configure
- Configure. The creator picks the token, oracle, leverage ceiling, funding curve and open-interest cap. Perpforge flags combinations the pool cannot support.
- Price. A pool EWMA reads a pinned on-chain pool and smooths it, so a single block cannot jump the mark. A push feed is used where one exists.
- Match. Traders take the opposite side of a per-market LP vault. Each market's vault is isolated, so one bad market cannot drain another.
- Settle. Funding flows hourly between longs and shorts. Underwater positions are closed before equity goes negative; the insurance buffer absorbs what slips through.
The readout in the engine uses the values you set in the forge above.
Who pays when a liquidation slips
Drag the gap size. Losses beyond a trader's margin fall first on the insurance buffer, then on LP equity, and only last on winning traders through auto-deleveraging. The order is what matters.
Insurance seed comes from the forge. Margin is the notional divided by the forge's max leverage. Model only.
Questions, answered plainly
Does Perpforge deploy markets or take trades?
No. This site is a design and analysis desk. It reads public data and computes in your browser. Nothing is deployed, minted, traded, custodied or signed, and there is no wallet connection.
Where do the live numbers come from?
Perp marks, funding, open interest, candles and order books come from Hyperliquid's public info API. Pool liquidity and prices come from DexScreener. Mint authorities, decimals and supply come from a read-only Solana RPC call made through this site's own server.
Which numbers are models?
Anything labelled model or simulation: the funding simulator path, liquidation touch odds, the oracle manipulation budget, the guardrail score and the loss waterfall. They use stated formulas on live inputs, but they are estimates, not predictions.
Why does the forge cap leverage on thin pools?
A pool-priced perp is only as strong as the pool. If moving the pool to a liquidation level costs less than the open interest an attacker can profit from, the market can be farmed. The forge compares those two numbers and warns you.
What is the funding formula?
Hourly funding = clamp(k × (premium + clamp(interest − premium, ±0.05%)) ÷ 8, ±cap). It is a common design across perp venues; k and the cap are yours to set.
Why compare against Hyperliquid?
It is the deepest public order-book venue with a keyless API. If a token already trades there with high leverage, a new market competes on access, not novelty. If it is absent, that is the long tail Perpforge is built for.