Percolator Guide
Everything you need to know about launching and trading perpetual futures markets on Solana.
What is Percolator?
Percolator is pump.fun for perps — anyone can launch a perpetual futures market for any Solana token in one click. No approvals, no gatekeepers.
Paste a token address, set your terms, and your market goes live on-chain instantly. Traders can open leveraged long/short positions using the token itself as collateral.
Devnet vs Mainnet
| Aspect | Devnet | Mainnet |
|---|---|---|
| Oracle | Admin pushes prices manually | Live Pyth / DexScreener / Jupiter feeds |
| Tokens | Test tokens from faucet | Real SPL tokens with DEX pools |
| SOL | Free from faucet | Real SOL |
| Risk | Play money — test freely | Real money at risk |
| Markets | Anyone can create (free) | Anyone can create (~$65+ rent cost) |
How Markets Work
Coin-Margined
You deposit the same token you are trading as collateral — not USDC or SOL. Each market is isolated to its own token.
vAMM Liquidity
LP provides liquidity via a virtual AMM (matcher program). The vAMM determines spread and price impact based on configurable parameters.
Crank Service
An off-chain crank processes funding rate payments, liquidations, and PnL settlements on a regular cadence.
Insurance Fund
Each market has an insurance fund that absorbs losses from liquidations, protecting the system against socialized losses.
Oracle Modes
Admin Oracle
devnetMarket creator pushes prices manually from the My Markets page. Ideal for testing. The oracle authority can be transferred or delegated to the crank service.
Pyth Oracle
mainnetAutomatic real-time prices from the Pyth network. Set the Pyth feed ID during market creation. Supports hundreds of Solana tokens.
DexScreener / Jupiter
mainnetAuto-detected for tokens with DEX pools (PumpSwap, Raydium, Meteora). No configuration needed — the pool address is used as the price source.
Market Tiers
| Tier | Trader Slots | Approx. Cost |
|---|---|---|
| Small | 256 | ~$65 (~0.44 SOL) |
| Medium | 1,024 | ~$260 (~1.8 SOL) |
| Large | 4,096 | ~$1,000 (~7 SOL) |
Costs are rent deposits (recoverable if market is closed). Prices approximate at current SOL rates.
Getting Started on Devnet
Connect Phantom
Open Phantom wallet settings and switch network to Devnet.
Get Test SOL
Use the Solana faucet or run 'solana airdrop 2' in your terminal to get free devnet SOL.
Create a Test Token
Go to /devnet-mint to create a test SPL token with configurable supply and decimals.
Launch a Market
Go to /create, paste your token mint, and use Quick Launch. With no DEX pool, it defaults to admin oracle mode.
Push Oracle Prices
Go to /my-markets. Click 'push price' on your market to set the oracle price manually.
Open Trades
Navigate to the trade page, deposit collateral, and open your first leveraged position.
Frequently Asked Questions
What happens if the oracle price is not updated?
The crank service will detect stale prices. On admin oracle markets, you must push prices manually. If the price is too stale, trading may be paused automatically.
Can I recover the rent from a market?
The slab account rent is recoverable if the market is fully closed and all positions are settled. Admin can close the market through on-chain instructions.
What is the insurance fund for?
The insurance fund absorbs losses from underwater liquidations. If a position is liquidated below zero, the insurance fund covers the deficit instead of socializing the loss across other traders.
Can I use any Solana token?
Yes. Any SPL token with a valid mint can be used as collateral. For mainnet, the token should have a DEX pool or Pyth feed for live pricing.
What is coin-margined trading?
Unlike USDC-margined perps, you post the token itself as collateral. If you are trading a WIF perp, you deposit WIF. Your PnL is also settled in WIF.
How do I switch between devnet and mainnet?
Click the network badge in the header to toggle. Your wallet must also be set to the matching network in its settings.