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What is a flash perp?
A flash perp is a perpetual future at 10,000x leverage that lives for seconds: a 0.01% move against it is a liquidation. Here is how it works.
A flash perp is a perpetual future at extreme leverage, 10,000x on liq.fun, that lives for seconds instead of days. A 0.01% move against it is a liquidation. The whole trade is one decision: when to close.
Flash perp vs. regular perp
| Regular perp | Flash perp | |
|---|---|---|
| Leverage | usually 20x–125x | 10,000x |
| Move that liquidates | several percent | 0.01% (1 basis point) |
| Typical trade | hours to days | about 5 seconds |
| Stop-loss | an order you set | you |
| Most you can lose | your margin | your stake, nothing more |
How a trade works
- Pick a stake. Paper money in FREE RUN, or $1–$100 of USDC in COIN RUN.
- Press LONG or SHORT. The entry fills one second later at the live price.
- Watch the multiplier. The number on the button is exactly what closing pays right now, after fees.
- Close, or get liquidated. Close in time and you keep it. A 1 basis point move against you and the stake is gone.
Why 10,000x means 1 basis point
Leverage is one over the distance to liquidation: 1 / 10,000 = 0.01%, one basis point. On $PUMP that is often less than a second of price movement. So a flash perp is not something you open and check later. The median trade lasts about five seconds.
What you can win and lose
- Loss: at most your stake. No margin calls, no funding payments, no debt.
- Win: grows with the move. A move of about 5.4 basis points in your favour doubles the stake.
- Fees: opening is free. A win is measured 0.2 basis points less favourably, trimmed by a haircut that shrinks as the move grows, and 2% of what remains is the fee. The button already shows the result.
Where the price comes from
The real price of $PUMP, averaged across five exchanges and updated five times a second. Nothing is simulated or smoothed. Your order never reaches an exchange: the other side of every trade is a liquidity pool, so nothing you do can move the market.
You are the stop-loss
A flash perp exists only while you are watching it. Close the tab and it closes at the market price. If your connection drops, it is closed within about six seconds.
Try one
- FREE RUN: paper money, no sign-in, nothing to lose.
- COIN RUN: real USDC on Solana. Every close settles to your balance at once, and every liquidation mints 100 $LIQ per dollar it took.
Flash perps are high risk: any stake can be lost in full, in seconds. Nothing here is financial advice.