What Coral is
Coral connects a pump.fun launch to a perpetual strategy that belongs to the token. A share of the trading fees the token already generates is swept into its vault, and the vault trades perps on Jupiter.
At launch the creator picks the strategy, who can change it, and how profit is split between buybacks and holder payouts. From then on the token has an economy running next to it instead of only a chart.
Key terms
- Creator fees — the share of pump.fun trading fees credited to the token's creator.
- Vault — where those fees land and where the strategy's collateral sits.
- Collateral — what the vault puts up to hold a position; it is never paid out.
- Settled profit — what comes back above collateral after a position closes.
Launching a token
The launch happens on pump.fun. You choose the name, ticker, artwork and an optional first buy, then the strategy the vault should run and who controls it.
What you choose
- Market: SOL, ETH or BTC.
- Direction: long or short.
- Leverage: up to the market maximum.
- Control: fixed, DAO or delegated.
- Profit split between holder payouts and buy-and-burn.
Use the launch page. It checks every field and prices the first buy before anything leaves the browser, and nothing reaches the chain until you sign in your wallet.
Fees and the split
There is no transfer tax. A trader pays exactly the pump.fun fee they would pay anywhere else. The difference is where the creator's share of that fee goes.
1 SOL of trading volume
├── pump.fun protocol fee
└── creator share
├── vault
├── holder payouts
├── buy & burn
└── liquidity
The token is not a claim on the vault. Holding 1% of supply does not entitle you to 1% of its capital. The link runs through buybacks, payouts and, where enabled, voting.
Strategy vaults
Claimed fees arrive in the vault as SOL. When the balance clears the sweep threshold, a keeper opens the position saved for the token on Jupiter Perps using that balance as collateral.
Taking profit
- Profit is taken only from realized gains, never from open PnL.
- Collateral returns to the vault before anything is called profit.
- Cycles are spaced apart so a vault does not churn fees.
Nobody can deposit into a vault. It grows only from the token's own trading. A quiet token has an idle vault; a traded one has a funded vault.
Perps on Jupiter
Jupiter Perpetuals runs on a pool rather than an order book. A position borrows from that pool, so the cost of holding it is an open fee plus a borrow rate that moves with utilization.
Three markets are available: SOL, ETH and BTC, with leverage up to 100x and collateral in SOL or USDC. Prices come from the pool's oracle, and liquidation is priced from the same source.
The perp desk on this site uses exactly the same API, so you can open the same trade a vault holds, from your own wallet, on the perp desk.
Governance modes
- Fixed — the creator sets the strategy once and the protocol keeps it.
- DAO — holders propose and vote on the next position under rules set at launch.
- Delegated — a master and their delegates manage the book; only the master can hand over the seat.
Every mode changes what the vault trades. None of them changes where the money can go.
Custody
The path is fixed: creator fees are claimed into the vault, the vault posts collateral to a Jupiter position, the position settles back to the vault, and the vault pays out along the split chosen at launch.
- The trading authority can open, adjust and close positions.
- It cannot choose a different recipient for the collateral.
- Payouts follow the split fixed at launch, not a runtime instruction.
That separation is what makes it safe to hand strategy control to a DAO or to a stranger.
Frequently asked
Do traders pay extra?
No. There is no transfer tax. The vault is funded from the creator's share of the fee that pump.fun already charges.
Is the token a share of the vault?
No. The token is a standard SPL token. The vault's results reach holders through buybacks, burns and payouts.
Can the creator withdraw the vault?
Strategy authority changes positions, not recipients. There is no path that sends collateral to a personal wallet.
Which markets can a vault trade?
SOL, ETH and BTC on Jupiter Perps today. More markets as the venue adds them.
What happens on a loss?
The vault simply has less collateral until fees refill it. Losses are never covered by holders or by the protocol.