Overview

What ElyPerps is

ElyPerps lists a perpetual market for any coin on Elysium that has a spot pool on Ascend or its own ElyPerps pool. Each market is a price source and an engine. By default the price source is the coin's launch pool on Ascend, read onchain through a venue adapter by PerpSampler. A coin can instead open its own pool, whose hook (PerpHook) records the price once per block, serves a 60-second TWAP and the pool's HYPE depth, and pays the pool's LPs. PerpEngine, one per market, holds margin in HYPE, settles funding every block and runs liquidations.

  launch pool on Ascend  ──▶  VenueV4Price / V2PairPrice
        │  sample(coin): anyone, every 5 s, ±1% per step, median of 12
  own pool  coin / HYPE  ──swap──▶  PerpHook.beforeSwap (optional)
        │  start-of-block price, ±0.1% per step
        ▼
  PerpEngine (one per market) ◀── mark · spot · depth
        │ margin · funding · queue · liquidations
        ├──▶ PerpFees ── 40% PerpInsurance · 30% $ELYP burn · 20% donate() · 10% KNTQ burn
        └──▶ PerpInsurance.cover()  when a liquidation leaves bad debt

The hook never changes a swap. A perp failure cannot revert a spot trade, and a new engine version can ship without moving the pool's liquidity.

The rule

A market can never hold more open interest than its spot pool can defend. Every cap is a fraction of the pool's own depth, read onchain: open interest per side is 10% of the HYPE within ±20% of the price, one account holds at most 2%, and leverage is 3x, 5x or 10x by depth.

Who takes the other side

Longs and shorts are matched. The insurance vault backs a skew, the open interest one side holds above the other, of 10% of its HYPE. Past that cap, an open on the heavy side waits in a queue with its margin held, and fills when the other side arrives. Cancelling refunds the margin in full.

The vault starts empty, so on day one every long is matched by a short. Funding, set by the skew, pays whoever takes the light side. The vault fills from fees and liquidation penalties, and the skew it can back grows with it.

HIP-3 filing

A market whose 30-day volume and open interest pass the published thresholds gets a filed request to Markets.xyz, Kinetiq's HIP-3 venue. Self-deploying perps on Hyperliquid takes 1,000,000 HYPE staked, so this is an application; Kinetiq decides. The status shows on the market page.

Chain

Elysium, Kinetiq's L2: HYPE pays gas and a block lands every 100 ms. The site reads chain 99801 until chain 99901 opens on 2026-11-09 at 00:00 UTC and its addresses are published; the switch is configuration. When a chain stops producing blocks, the app says how old the last block is and shows the state as of that block. The contracts are unaudited; the global open interest cap starts at 2,000 HYPE across all markets and rises only through the 48-hour timelock.