How it works

Every deployed perpgame market has two core on-chain contracts:

• a treasury that holds the selected basket and any idle settlement asset, and
• a bonding curve that is both the token's ERC-20 and its only market — minting on buys, burning on sells, and driving the treasury accordingly.

The creator's stablecoin seed funds the treasury and mints the opening supply to the creator. After deployment, buys mint supply and add assets; sells burn supply and withdraw value. There is no graduation or migration step.

Backing types

Leveraged tokens

HyperEVM treasuries hold Bounce leveraged-token ERC-20s representing long or short Hyperliquid exposure, plus idle USDC. Examples include BTC3L (3× long BTC) and ETH2S (2× short ETH). Their values come from the LT contracts' live base-asset conversion rates.

Memecoins

Robinhood Chain memecoin treasuries hold supported ERC-20s plus idle USDG. The registry defines each supported token and its swap route. Display quotes use live Uniswap liquidity, while treasury valuation uses the registry's on-chain pricing path.

Tokenized stocks

Equity treasuries use the Robinhood Chain treasury path with the supported tokenized-equity universe. They are separate from memecoin baskets even though both settle in USDG.

NAV

A token's value is anchored to its treasury's net asset value: the marked value of every held asset plus idle settlement cash.

$\text{NAV} = \sum_i \text{value}_i(\text{asset}_i) + \text{stable}_{\text{idle}}$

NAV is computed from the treasury's live holdings rather than a stored purchase cost. The economically meaningful figure is NAV per share, $\pi = \text{NAV} / S$, where $S$ is total token supply.

The bonding curve

Instantaneous price is NAV-per-share scaled by a supply-dependent premium multiplier:

$\text{price}(S) = \frac{\text{NAV}}{S}\cdot\text{premium}(S)$

The premium ramps quadratically from 1.0× at genesis to the market's configured ceiling at its premium-cap supply. The contract limits the extra premium to 4×, so the total multiplier cannot exceed 5×. Supply itself is not capped by this mechanism; only the premium saturates.

Buying

A buyer sends the chain's settlement token. The protocol fee is removed first, and the net amount is deployed into the basket and used to size the mint:

$\text{tokensOut} = \frac{\text{stableNet}\cdot S \cdot 10^{18}}{\text{NAV}\cdot\text{premium}(S)}$

Quoting is against pre-trade $S$ and NAV, so a buy cannot bootstrap its own price within the same call. The net settlement asset is routed into the treasury and allocated toward its target weights.

Genesis

The creator's seed is pulled during deployment and the curve mints the opening supply at the 1:1 genesis anchor ($1 seed = 1 token). The backing type determines whether the seed is USDC on HyperEVM or USDG on Robinhood Chain.

Selling

Selling burns tokens and withdraws the holder's pro-rata treasury value without the buy premium. HyperEVM exits combine a pro-rata idle-USDC payment with LT redemptions; legs that cannot redeem immediately can be returned in kind when that option is selected. Robinhood Chain exits use the treasury's configured token swap routes. Sells revert while a rebalance is in flight.

Why the premium accrues to holders

Buyers pay the premium; sellers exit without it. For a net stablecoin buy of $u$ at premium $p \ge 1$:

$\pi' = \frac{\text{NAV} + u}{\,S + \frac{uS}{\text{NAV}\cdot p}\,} = \pi \cdot \frac{(\text{NAV}+u)\,p}{\text{NAV}\,p + u} \ge \pi$

Ignoring execution costs, a premium buy raises NAV per share for existing holders, and a pro-rata exit does not dilute it. Asset prices, swap impact, redemption fees, and other execution costs can still lower NAV per share. The protocol fee is removed before the net deposit reaches the treasury.

Rebalancing (Agentic vs Classic)

• Classic tokens are managed manually by their creator. A creator can update the target composition and submit a rebalance.
• Agentic tokens use an off-chain agent to review the portfolio, save a reasoned target composition, and enqueue a rebalance on the configured cadence.

Rebalancing moves value between supported treasury assets. The backend first records new on-chain targets, then executes bounded passes that trim overweight legs and grow underweight legs.

HyperEVM redemptions may settle asynchronously through Bounce. While credits are pending, the treasury is marked in flight and trading is gated. Once credits clear, the worker finalizes settlement and continues the remaining mint passes. Robinhood Chain swaps are atomic but can fail when pool liquidity cannot satisfy the minimum output.

The rebalancer can change supported holdings and weights. It cannot mint user-facing curve tokens or withdraw treasury value to an arbitrary recipient.

Next: Creating a token · Buying and selling · Fees