Coins with a real position underneath.

1. Token

Supply and authorities

A standard Sui coin with a fixed supply of 1,000,000,000. The whole supply is minted into the pool at launch. The coin's package is published immutable and its mint and metadata authorities are deleted in the same step. No admin key, no upgrade path, no team wallet that can mint, freeze, or claw back a balance.

No liquidity to rug

There is no LP token and no liquidity for a creator to withdraw. The coin's supply and its backing sit inside a shared Move object that only the pool's own functions can touch. The only way value leaves the pool is a holder selling tokens back into it. A rug in the ordinary sense is not a thing that can happen here.

2. Pool and price

Each coin trades in its own pool quoted in USDC. The pool holds the unsold supply on one side and the backing basket on the other, and prices trades on a constant-product curve between the two. Buy and the basket grows. Sell and you are paid out of it.

That makes the price honest in a way an ordinary curve is not. The value of the backing is the floor of the token, on chain, every block. When the position underneath gains, the floor rises without anyone pressing a button. When it loses, the floor falls and the page says so. There is no hidden treasury and no buyback you have to trust will happen.

Every buy returns a receipt object to your wallet. Receipts carry their own history, can be locked for bigger dividends, split, joined, and sold in part. Wallet balances never sit with the protocol.

3. The backing basket

The basket is what makes a Perpsplexity coin different. By default it is split three ways, and the creator can tune the split at launch.

The perp engine is its own immutable contract. It opens the position at the leverage and side the creator chose, at activation, and keeps it for the life of the pool. Buys add to it, sells redeem from it, and the pool's keeper rebalances the three sleeves back toward the target split in small steps, never more than a few percent of the pool per call.

4. Leverage and margin

Pick a market, pick a side, pick a multiple

Any market Aftermath lists is available: stocks like META, NVDA and TSLA, crypto majors, commodities. Long or short. Leverage from 1x up to whatever the venue's own initial margin allows for that market, read from the venue at launch so a creator can never pick a multiple the venue would refuse.

Margin the venue can see, cushion it cannot

A position only needs its margin at the venue. The engine keeps at least 55% of every deposit as venue collateral, three times what a 3x position requires, and lends the rest. The venue is told a margin ratio equal to that share divided by the leverage, so the cushion scales with the multiple: a 3x pool sits about 14% away from its liquidation price, a 1x pool can never be liquidated at all.

Three lines of defense before a liquidation

1. Lending recall. The keeper watches margin every few seconds. If collateral drifts toward the floor it pulls the engine's own lending deposits back into margin. Anyone can call this; it needs no key.
2. Treasury defense. If lending is spent, the pool's fee treasury is deposited as margin. Only the shortfall is taken; the rest stays as insurance.
3. Public top-up. Anyone can add USDC straight into the position's margin from the pool page. Nothing is minted for it. It just pushes the liquidation price further away.

If a liquidation still happens, only the venue collateral is lost. The lending sleeve, the cash buffer and the pool's own lending survive, so the worst case is a haircut, not a wipe. The keeper then rebuilds the position from what is left, in steps, at the current price. See section 15 for the numbers.

5. The lending sleeve

This is the part most launchpads skip. Money that is not needed at the venue should not sit at the venue. Idle collateral there earns nothing and is exposed to liquidation and to socialized losses.

Perpsplexity lends it instead. Up to 45% of the engine's deposit and the pool's own lending sleeve are supplied to Suilend, the largest lending market on Sui, where it earns USDC yield for the pool every block. The engine holds the lending receipts inside the same immutable contract, so the deposits are as locked as everything else.

The yield is not the point. The point is that the lending sleeve is the pool's first responder. It can be recalled into margin in one transaction, by anyone, the moment the position needs it, and it sits outside the blast radius of the venue until then. A pool on Perpsplexity has more of its money working and less of it at risk than a pool that posts everything as collateral.

6. Fees and where they go

Every buy and sell pays a 1% pool fee. It is split on the spot, on chain, the same way for every coin.

The treasury flywheel

The treasury keeps a buffer sized to cover the position's funding costs. Everything above that buffer is surplus. At each epoch the creator's reinvest share of that surplus is deposited into the position, opening more exposure at the same leverage, and the rest is added to the dividend pot. More trading means a bigger position and bigger dividends, forever, with no one deciding when.

7. Dividends

Holders are paid. Not with burns you have to believe in, with USDC you can claim. Creators are paid too: 10% of every fee, forever, and anyone can trigger the payout. Every epoch the dividend pot is distributed across every receipt in the pool according to its weight.

The distribution uses a conviction ledger: a calendar of every receipt's weight over time, plus a running reward-per-weight mark. Settling a receipt is one arithmetic step no matter how many holders the pool has. A pool can have a hundred holders or a hundred thousand, and claiming costs the same.

Claim from the pool page or the Telegram bot, per receipt, whenever you like. Unclaimed dividends wait for you. Selling a receipt settles what it earned first.

8. Locks

Conviction is rewarded. Lock a receipt and its dividend weight is multiplied for the whole lock.

A locked receipt cannot be sold until it unlocks, unless the holder takes the early-exit penalty. Locks are per receipt, so you can lock part of a position and keep the rest liquid.

9. Exit fee

Sells pay an exit fee that starts at 5% and decays toward 0.5% with a 30 hour half-life, measured from when each lot was bought. Flip in the first hour and you pay for it. Hold a day and it is almost gone. Hold a week and it is the minimum. The fee goes to the same split as every other fee, so snipers pay holders.

10. Epochs and the keeper

Once a day the pool runs an epoch: the treasury settles funding, reinvests its surplus, and pays the dividend pot. Between epochs the keeper rebalances sleeves, recalls lending into margin when needed, and wakes or hibernates pools.

The keeper holds no keys to any pool. Every action it takes is a public function of the contracts that anyone can call, with fixed rules on chain about what may move where. Trading, redemption, dividends and locks never depend on it. Anyone can run a keeper, and the pools cannot tell the difference.

11. Hibernation

A pool that goes quiet should not sit in a leveraged position paying funding for nobody. When volume stays below a creator-set floor, the pool winds its exposure down to cash and lending, and the token keeps trading against that cash. When volume returns, the pool wakes and rebuilds the position. Creators choose whether their pool hibernates at all.

12. Launching

Three signatures from your wallet. Publish the coin's immutable package. Prepare the pool: mint the supply into it, delete the authorities, pay the 5 SUI launch fee, escrow your starting liquidity. Activate: the seed goes into the basket and the position opens. Optionally, a fourth: your own first buy, before anyone else can trade.

You choose the market, the side, the leverage, the reinvest share, the basket split, and whether trades are capped. Caps are off by default. Everything you chose is on the pool page for anyone to read.

Starting market cap and the cash phase

Nobody wants to seed a launch with five figures, and nobody wants a chart that opens at five dollars. So you pick a starting market cap, say $5,000, and the pool adds virtual liquidity to the curve to open there. The first buyer gets a fair slice instead of half the supply. The virtual part is phantom depth for pricing only: it is never withdrawable, the seed is locked in the pool, and every sell pays out of real value. The seed can be as small as 1 USDC, and coins adopted from outside never get virtual liquidity.

A launch with a starting cap opens in its cash phase. The seed and every buy sit in cash and lending, earning yield, with no leveraged position and nothing to liquidate. Locks, fees and dividends work as normal. The pool bonds when the real money in it equals the starting cap, which is about four times the starting cap in market cap. A $5,000 launch bonds near $20,000.

Bonding

When real money in the curve reaches the starting cap, anyone can bond the pool. The virtual liquidity is retired and half of the unsold reserve is burned, so the price does not move and every dollar of market cap is real from that block on. Then the keeper opens the position you chose, and the pool trades like any fully backed pool: backing gains and losses move the curve, liquidity can be added, and the treasury defends the margin. The pool page shows the bond target, the progress toward it, and the moment it bonded.

13. Adopting an existing coin

A coin that already lives on Sui can get the same engine. The adopter deposits coins they hold as the pool's reserve, seeds the USDC side, pays the launch fee, and picks a market, side and leverage like any other launch. From then on the pool trades, earns, pays dividends and defends margin exactly like a native launch. The coin's own supply and authorities stay whatever its issuer made them, and the pool page says the coin was adopted.

14. Spot pools

Not every coin needs a position under it. A spot pool pairs your coin with a coin already in wallets, SUI or USDC, on the same curve with the same fees, receipts, locks, dividends and exit decay. Same rules, no perp.

15. What you can verify

• Every package is published immutable. Core 0x8455…9868, engine 0x2ec5…e8c1, venue adapter 0xbf32…fd37.
• Every pool, receipt, position, epoch, dividend claim and fee is a confirmed Sui transaction with a public object id.
• Each pool page links its pool object, its perp position on Aftermath, and its lending deposits. The banner shows the market price and the live liquidation price.
• The platform's own fees are indexed on the Revenue page, accrued and collected, per asset.
• Protocol parameters can only change through the admin wallet with a 48 hour on-chain timelock, and can never touch a pool's backing.

16. Risks

Market risk

The backing moves with the market the creator chose, multiplied by the leverage. A position can gain or lose value, and shorts pay funding on hot markets. The market price and the live liquidation line are on every pool page so nobody trades blind.

Liquidation

A leveraged position can be liquidated. On Perpsplexity that is a haircut, not a wipe: with the default split the lending and cash sleeves survive, and the pool rebuilds its position from them. Lower leverage means a wider cushion and a smaller haircut.

The usual

Positions live on Aftermath and lending on Suilend, and everything here is code on a public chain. None of this is investment advice.