How it works

A pump.fun coin has to clear a bar before it's tradable on FLUF:

• Minimum age since creation (currently 48h, mock)
• Mint authority revoked
• Freeze authority revoked
• Live, sufficiently deep PumpSwap pool

Coins that don't clear the bar don't get a market. Anyone can request a listing, but requesting doesn't guarantee approval.

Every position is collateralized on its own — margin you post for a $ANSEM short does nothing for a $CHILLHOUSE long. Nothing cross-collateralizes, and a liquidation on one coin can't cascade into another.

The tradeoff: you can't offset losses on one market with unused margin sitting on another. Each ticket stands alone.

Leverage is set per coin, based on liquidity and volatility — 2x or 5x (mock). 1x is always available and carries no liquidation price: max loss at 1x isolated is exactly the margin you post.

Above 1x, you can be liquidated. Max loss is not capped at some fraction of your margin — it is your full margin, and it can happen before you decide to close.

Every leveraged ticket shows a liquidation price before you confirm. It's computed from your entry, leverage, and a maintenance margin requirement. If mark price reaches it, the position is closed automatically and the isolated margin is forfeit to the pool.

Mark price — not the last trade — is what liquidation references. Mark is a rolling median (6h or 24h, per market) of PumpSwap trade price, so a single thin-liquidity wick can't liquidate you on its own. The feed itself is mocked in this build; see the README for what a live oracle needs.

When long and short open interest are imbalanced, the heavier side pays the lighter side an hourly rate, mocked per market on the markets pages. It pushes the book back toward balance instead of relying on FLUF's vault to absorb the skew.

Opening and closing a position both pay a trading fee. It splits in two:

• Half routes to the solvency pool, backstopping isolated markets against bad debt
• Half buys $FLUF on the open market and burns it — visible in the burn queue

$FLUF is the fee-burn token. It is never listed as a tradable market on FLUF itself — you can't long or short $FLUF here.

FLUF is its own thing — its own team, its own code, its own risk model.