What is Fylor?
Fylor is a permissionless perpetual futures protocol on Solana.
Anyone can launch a leveraged trading market for any SPL token —
no listing fees, no governance, no middlemen. Think "Pump.fun
for Perps".
How It Works
1. Pick any Solana token with on-chain liquidity (PumpSwap,
Raydium, Meteora) 2. Set your parameters: leverage (up to 20x),
trading fees, and seed liquidity 3. Deploy — your market goes live
on-chain in ~30 seconds 4. Share the link — anyone with a wallet
can trade long or short 5. The vAMM provides automatic initial
liquidity via a constant-product curve
Coin-Margined
Traders deposit the same token they're trading as collateral.
Trading a BONK perp? You deposit BONK. PnL is settled in BONK. No
USDC dependency.
Oracles
Fylor supports three oracle sources: • DEX Oracle (permissionless)
— reads prices directly from PumpSwap, Raydium CLMM, and Meteora
DLMM pools • Pyth V2 — institutional-grade price feeds • Authority
Push — manual price updates for custom markets
vAMM
Every market launches with a virtual AMM (vAMM) that provides
automatic liquidity using a constant-product x*y=k curve.
Features: • 0.3% swap fee (configurable) • Circuit breaker (max 5%
price impact per trade) • Auto-recenter to oracle price
(keeper-driven) • No impermanent loss — it's virtual
liquidity
Insurance Fund
Each market has an insurance fund that collects liquidation fees
and protects against bad debt. Anyone can deposit into the
insurance fund and receive LP tokens proportional to their share.
Fee Structure
Trading fees are split three ways: 82% to the LP vault
(insurance/liquidity), 10% to the protocol, and 8% to the market
creator. Fees are accumulated and distributed via a permissionless
crank.
Keeper Network
Keepers are permissionless bots that maintain the protocol: •
Crank funding rates every slot • Push oracle prices from DEX pools
• Scan and execute liquidations • Recenter vAMM to oracle price •
Distribute accumulated fees
For Market Creators
As a market creator, you earn 8% of all trading fees generated on
your market — forever. Launch a market for a trending token, share
the link, and earn passive income from every trade.
Technical Details
• Program: Raw Solana BPF (no Anchor) — 38 instructions • Risk
Engine: Percolator by Anatoly Yakovenko (Apache 2.0) •
Architecture: Slab-based (1 account = 1 market) • Max leverage:
Configurable up to 20x • Margin: Initial (5%) + Maintenance (1%)
defaults • Funding: Continuous, proportional to OI skew