What Pppercolator does

A perps trading terminal in your browser with two modes.

Paper mode is a full perps market that runs inside the page on the Percolator risk engine, marked to live prices. No wallet, no funds.
Real mode (beta) sends real orders to Hyperliquid from your own wallet. The site never holds your money.

Percolator is the open source perps risk engine written by Anatoly Yakovenko. Pppercolator uses it unmodified, compiled to WebAssembly. This is an independent project and is not affiliated with or endorsed by him.

Paper mode

You start with $10,000 of paper money. Every margin check, fee, margin call and loss is decided by the engine, the same code a real deployment would run.

Setting	Value
Starting balance	$10,000 paper
Max leverage	10x (10% initial margin)
Maintenance margin	5%
Trade fee	0.10%, paid to the paper insurance fund
Margin call fee	0.50%
Engine	Percolator at commit `37cb14e`

How a trade works: you trade against a house account. Bot traders trade in the same market so the engine has real load. If your account falls below maintenance margin, the house closes your position at the mark price. If the engine refuses that, its own liquidation runs.

Checks panel: three solvency checks run after every step and are shown live. You can also share a replay link of your session; anyone opening it sees the same engine produce the same result.

Not modelled yet in paper mode: funding payments. Nothing in paper mode is on chain.

Real mode (beta)

Real mode is a front end for Hyperliquid. Your funds stay in your own Hyperliquid account.

Open the terminal and switch the order ticket to Real.
Connect your wallet. You need USDC in your Hyperliquid perps account.
Approve trading. Your wallet signs two approvals: a trading-only key kept in your browser, and the site fee. That key can place and close orders. It cannot withdraw.
Place an order. Orders are market style (immediate or cancel) with a 1% price limit.

Real mode uses real money and you can lose all of it. It is beta software and has not been audited. It is not available to US persons. Start small.

You can remove the trading key at any time with Disable trading, or from Hyperliquid itself.

Fees

Where	Fee
Paper mode	0.10% in paper money
Real mode, site fee	0.03% per order (Hyperliquid builder fee)
Real mode, exchange	Hyperliquid's own trading fees apply on top

The site fee is paid to the builder address 0x4bf1B0952d7011E6B6768eF4aF4255a6534c0298. The terminal reads the total earned live from Hyperliquid and shows it.

The team uses site fees to buy back $PPP. Each buyback is listed on the terminal with its transaction once it has been made. Nothing is listed until it has happened.

Markets

Market	Paper	Real
SOL, BTC, ETH	Yes	Yes
NVDA, TSLA, AAPL	Yes	Not yet

Prices, candles and funding rates come live from Hyperliquid's public data feed. If the feed is unreachable, paper mode falls back to simulated prices and says so in the header.

Launchpad

launchpad.pppercolator.fun is a retro desktop game where you start a company and launch its coin on Pump.fun from your own wallet. Beta.

You sign the launch yourself. The site never holds your keys or funds.
The creator earns the Pump.fun creator fee on their coin.
The launchpad takes no platform cut today.

$PPP

$PPP is a memecoin on Pump.fun launched by the Pppercolator team. The contract address is shown on the terminal.

$PPP gives no claim on this project, its fees or anything else. It is not connected to the Percolator author. Memecoins can go to zero. Nothing here is financial advice.

Safety

No real funds touch the Percolator engine here. Its own README says it is an educational research project, not production ready and not audited.
Real orders go only to Hyperliquid, from your wallet. Pppercolator has no custody and no deposit address.
The trading key lives in your browser storage. Use a device you trust, and disable trading when you are done on a shared one.
The code is open. The engine folder matches the upstream commit byte for byte and its test suite runs on every change.