About liq.fun

liq.fun is a flash perps platform, and it is about one decision: when to get out. You open a position on the live price of $PUMP at 10,000x leverage, and every second you hold it the number on the button moves and the liquidation line gets closer. Close in time and you keep it. Wait one tick too long and it is gone. Positions here live for seconds.

What flash perps are

Perpetual futures at the highest leverage trading allows: 10,000x. At 10,000x a 1 basis point move against you — 0.01% of the price, a fraction of a second of $PUMP — ends the position, so a trade lasts seconds, not hours. Go higher and a position would be gone before it could be traded at all.

Traded in real time

A flash perp is not a position you open and come back to: it exists only while you are here watching it. Close the tab, reload the page or lose your connection, and it is closed at the market price of that moment. There is no stop-loss to set and walk away from — you are the stop-loss.

One market: $PUMP, at its real price

Everything here trades $PUMP, and only $PUMP. Nothing is simulated, smoothed or invented: if $PUMP moves, your position moves with it.

Two modes

FREE RUN is paper: a paper bank, no sign-in, nothing recorded, and nothing to lose. COIN RUN is real money: you deposit USDC, pick a stake and every close settles to your balance the moment it happens. What is on your balance can be withdrawn to your wallet.

What you are trading against

No order reaches an exchange. The other side of every COIN RUN trade is a liquidity pool. A losing close or a liquidation pays into the pool; a win is paid out of it. The pool is capped at $3,000,000. Nothing you do here can move a price anywhere.

What it costs

Nothing to open a position. Everything we take comes out of a winning close, in three steps: a win is measured as if the exit were 0.2 basis points less favourable, so a win smaller than that pays nothing; the gain left is trimmed by a haircut that is largest on small moves and shrinks as the move grows; and 2% of what remains is our fee. A loss costs you the loss and nothing more — 2% of it is our fee too, but it is taken out of what the pool receives, not added to what you lose. The multiplier on the button is always what a close would pay you, after all of this.

Where the liquidation line is

At 10,000x a position is liquidated after a 1 basis point move against it — that is what the leverage means. The line on the chart is that point. A win is paid after the fees above, so it grows more slowly than the leverage alone would make it: the multiplier on the button is what you get. A liquidation loses the stake, and earns LIQ.

Your wallet is your account

You sign in by signing a short message with a Solana wallet. It costs nothing, moves nothing and approves nothing. Deposits come from that wallet, and withdrawals can only go back to it — never to an address typed into a form. Lose the wallet and you lose the account, and we have no way to give it back.

LIQ, the liquidation coin

LIQ is the liquidation coin. It is earned in one way only: by being liquidated in COIN RUN. Every dollar of stake a liquidation takes mints 100 LIQ to the player it took it from, the moment it happens. No utility is promised: it is the receipt for every position the market took from you.

A fair launch, in the strictest sense

Supply starts at zero. There is no pre-mint, no team allocation, no investor allocation, no airdrop and no vesting schedule. Every LIQ that will ever exist is minted by a liquidation, and only a liquidation can mint one — so the whole supply belongs to the people who traded, by definition. There will only ever be 1,000,000,000 LIQ; once that many have been minted, minting stops.

Burned for as long as the game runs

Minting has a cap; burning does not. Once LIQ trades as a token, 50% of every house fee goes to buying LIQ back on the open market and burning it — continuously, for as long as the game runs — and so does every dollar the pool holds above its $3,000,000 cap. More trading means more burning, and once all 1,000,000,000 LIQ are minted, burning is the only thing left that changes the supply. The token has not launched yet and there is no date; until it does, LIQ is counted here, on your account. None of this is a promise about its price.

Where every fee goes

Every fee the house earns is split three ways: 50% buys LIQ back and burns it, 40% is liq.fun's, and 10% is the team's — the 10 partners who bring the most players holding 1,000 LIQ, 1% of all house fees each, for life. Anyone holding 1,000 LIQ has a link of their own to bring traders with. Payouts are not live yet; their terms will be published before the first one.

And it is skill, not a coin flip

Everyone trades the same price, under the same rules. What separates two players is when they enter and when they close, and nothing else — there is no upgrade to buy and no better fill to pay for.