Percolator docs

Protocol overview

PERC is being built as a Solana perpetual-market workspace based on Percolator's composable risk-engine architecture. It is not a pump.fun launchpad or a Hyperliquid fee-trading interface.

A market's accepted collateral, authorized price sources, matching and risk parameters must be verified independently. A token's existence does not make it a supported perpetual market.

Source & deployment verification

The original Percolator program explicitly describes itself as educational, experimental and unaudited, and warns against production or real-fund use. PERC does not imply Toly's endorsement or claim ownership of the linked Percolator service.

PERC checks the published mainnet program addresses and their executable accounts through Solana. This proves connection, not that deployed bytecode matches the linked source or published hashes. Independent source-build verification remains outstanding. Market and account reads use the pinned layout; a failed read is not an empty market list. Deposits, withdrawals, market creation and trading require a reviewed deployment and a verified transaction flow before activation.

Enabling test transactions requires a reviewed source revision, executable program identity, cluster confirmation, account-layout compatibility, collateral and oracle checks, and a demonstrated simulation/confirmation flow. Mainnet additionally requires separate security review and funded end-to-end verification.

Permissionless market creation

The original program supports a configurable permissionless asset-creation policy. In the pinned source, a nonzero creation fee permits public asset creation and routes the fee to asset-0 insurance; a zero creation fee requires market authority. This is not an unconditional free listing promise.

Before creation, validate the market policy, collateral, oracle, matching rules, margin, fees and insurance against the exact deployment. The creation screen currently reviews these requirements without preparing a transaction.

Collateral & account state

Collateral mint, units, token decimals and custody rules are deployment-specific. A connected wallet alone does not prove any deposited collateral, available margin or exchange position.

Deposits and withdrawals require supported program instructions and confirmed account readback. SOL gas balances and perpetual collateral must remain distinct.

Matching & liquidity

Percolator separates risk accounting from configurable execution and matching. An order interface must use the selected deployment's supported matching rules, authorized counterparties and actual executable liquidity.

A displayed price is not a guaranteed fill. Unsupported order types, insufficient liquidity or failed simulation must stop submission rather than substitute another venue.

Margin, insurance & oracles

Initial margin, maintenance margin, fees, funding and liquidation behavior come from the verified market, not PERC's previous saved leverage preferences. The former $10 fee-strategy trigger is not a Percolator liquidation guarantee.

The original architecture describes asset- and domain-specific insurance and backing. Source claims and tests do not establish the safety of an unknown deployed program. Losses, liquidations, oracle faults and unavailable keeper infrastructure can put collateral at risk.

Authorized oracle ownership, price units and freshness bounds must be checked before a risk-increasing trade. Missing or stale risk data must fail closed.

Legacy launch records

Previous pump.fun coins, immutable metadata and submitted-transaction recovery are preserved separately. They are not Percolator markets and saved strategies are not exchange positions. No historical launch is modified by this conversion.