PerpDAO — Decentralized Launchpad for Perpetual Futures

Whitepaper Sept 2025

1. Executive Summary

PerpDAO.fun is a decentralized launchpad for perpetual futures markets built on Hyperliquid L1. The protocol democratizes access to deploying new perpetuals by pooling community capital, governed by a DAO that decides which markets to launch.

The Hyperliquid protocol requires 500,000 $HYPE to be staked to qualify as a perpetual futures DEX deployer. Through PerpDAO.fun, this capital requirement is met collectively: DAO members stake to contribute toward the 500K threshold, enabling the DAO to operate as a recognized deployer on Hyperliquid.

Once activated, DAO token holders ($pDAO) vote on which perpetual markets should be launched via HIP-3, Hyperliquid’s deployer framework. A portion of the DAO’s staking interest and treasury funds covers launch fees, while DAO members who participate in successful votes earn a share of ongoing trading fees from those markets.

PerpDAO.fun unites collective governance, sustainable capital deployment, and automated liquidity strategies to power the next generation of community-driven derivatives.

2. Vision

PerpDAO.fun aims to turn perpetual futures deployment into a permissionless, community-owned process. By aligning incentives between capital providers, market deployers, and traders, the protocol establishes a new paradigm where market creation itself becomes a decentralized, value-accruing activity.

Our long-term vision is to create an ecosystem of DAO-governed perpetuals that reward early governance, enhance market diversity on Hyperliquid, and bring DeFi-native coordination to derivatives trading.

3. The Problem

Launching perpetual markets today faces several challenges:

  • Capital Barriers: Deploying perps on Hyperliquid requires a 500K $HYPE stake — an amount prohibitive for individuals or small teams.

  • Centralized Access: Only privileged deployers can list new perpetuals, limiting innovation and diversity.

  • No Community Ownership: Traders and early supporters do not benefit from the success of the markets they help create.

  • Liquidity Fragmentation: New markets often struggle to bootstrap liquidity at launch, reducing early trading activity.

4. The PerpDAO Solution

PerpDAO.fun solves these challenges through DAO-powered collective deployment.

Key Features

  • Collective Staking

DAO members stake $HYPE into the PerpDAO.fun treasury which is staked directly on a Hyperliquid validator via a smart contract. DAO members can unstake their share at any time.

Once the 500K threshold is reached, the DAO qualifies as an official Hyperliquid Perpetual Deployer.

Stakers receive DAO governance tokens ($pDAO) representing their share in decision-making and rewards.

Once unstaking is triggered, during the 7 day Hyperliquid unstaking queue, the DAO becomes open to new users to top the stake up.

  • Governance-Driven Market Selection

  • DAO members propose new perpetual markets (e.g., “OIL/USD”, “FEDCUT/USD”).

  • Proposals include parameters such as:

  • Oracle source

  • Leverage limits

  • Funding mechanisms

  • Members vote using $pDAO tokens, and only proposals passing quorum and majority thresholds are deployed according to a weekly cycle.

  • HIP-3 Launch Integration

  • Upon approval, the DAO deploys the selected perpetual market via HIP-3 on Hyperliquid.

  • Deployment costs are paid from the DAO’s staking interest or treasury reserves.

  • Automated Market Making (AMM)

  • PerpDAO.fun uses an internal AMM strategy to seed initial liquidity.

  • This ensures each launched perpetual begins with sufficient market depth and minimal slippage.

  • AMM profits (or losses) are fed back into the DAO treasury.

  • Fee Distribution

  • Trading fees generated on launched markets flow back to the DAO.

  • DAO members who voted for successful launches receive periodic fee rewards.

  • Remaining fees support the treasury, staking yields, and operational sustainability.

5. System Architecture

5.1 Overview

The PerpDAO.fun architecture consists of four primary layers:

  1. DAO Treasury Layer: Stores staked $HYPE used for deployer qualification and yield generation.

  2. Governance Layer: Manages proposal creation, voting, and execution through smart contracts.

  3. Deployment Layer: Interfaces with Hyperliquid HIP-3 to list new perpetuals once governance approves.

  4. Liquidity Layer: Operates AMM strategies to bootstrap trading liquidity for new markets.

5.2 Workflow

  • Members stake $HYPE → receive $pDAO tokens.

  • DAO reaches 500K threshold → becomes deployer.

  • Member proposes a new perp → DAO votes.

  • Proposal passes → deployer contract lists the market via HIP-3.

  • DAO AMM provides seed liquidity.

  • Trading begins → fees collected and redistributed.

6. Tokenomics

Component

Description

$HYPE

The native Hyperliquid staking asset required for deployer qualification.

$pDAO

DAO governance and reward token representing staked participation in PerpDAO.fun.

Treasury Yield

Generated from the DAO’s staked $HYPE; used for launch fees and sustainability.

Trading Fees

Collected from DAO-launched perpetuals and distributed among DAO voters.

$PRPd

Memecoin representing community attention.

7. Governance Model

PerpDAO.fun follows a fully on-chain governance structure:

  1. Proposal Phase – Members submit perpetual proposals with a small deposit (anti-spam mechanism).

  2. Voting Phase – Token-weighted voting determines which proposals move forward.

  3. Execution Phase – Approved proposals are automatically deployed via HIP-3.

  4. Reward Phase – Once the market is live, trading fees are streamed back to DAO participants.

Voting Weight Formula:

"VoteWeight"="pDAOHoldings"×f("stakingduration")"Vote Weight"="pDAO Holdings"×f("staking duration")

where is a multiplier incentivizing long-term staking.

8. Conclusion

PerpDAO.fun represents a new frontier in decentralized derivatives infrastructure. By transforming the 500K $HYPE requirement into a collective opportunity, it enables communities to decide which markets deserve to exist — and to profit from their success.

Through DAO governance, HIP-3 integration, and on-chain liquidity provisioning, PerpDAO.fun turns perpetual market deployment into a transparent, democratic, and rewarding process.

PerpDAO.fun — Build. Vote. Earn. Together.

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