A perp-backed coin is a Prism coin whose backing is a leveraged position on a real market, owned by the pool.

The cash phase

The coin launches priced in USDC, and buys accumulate USDC in the pool. The creator picked a market on Hyperliquid (a stock, an index, a commodity, a crypto major), a side and a leverage of 1–5x. The coin page shows how far the pool is from the bond threshold, $15,000.

The bond

Once the pool holds the threshold, anyone can bond the coin, one recorded step at a time:

1. the position that holds the supply is removed into the coin's vault, the one time a position leaves the locker;
2. the USDC is split: 80% margin, 20% buffer;
3. the margin goes to the coin's own Hyperliquid account, an address the vault controls through NEAR's chain signatures;
4. the keeper opens the position at the chosen leverage; it holds an agent key that can trade and never withdraw;
5. the vault mints a share token against the whole backing, priced at NAV;
6. the coin is re-paired: a new pool of coin / share, opened at the same coin price, with the supply put back as the same single-sided position in the locker.

After the bond

The coin trades against its backing. A buy routes USDC into the share and the share into the coin through two pools in one swap; a sale does the reverse.

NAV is the Hyperliquid account's equity plus the buffer, posted by the keeper with a staleness bound. The floor: anyone can redeem shares at NAV from the buffer; larger redemptions queue while the keeper pulls margin back.

Margin defense, in order: the buffer tops the margin up; then the protocol's fee treasury; then anyone, from the coin's page. A liquidation costs the venue collateral only; the buffer survives and the pool keeps trading against it.

Funding is paid from a share of the coin's fees, not from the NAV.

Where it stands

Perp-backed launches open in a later phase, after a pilot on one coin with real money. The launch form is complete and gated until then.