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How bluf.fun works

This is the reference for the live book. Numbers and rules below come from the vault, quote, pool, and settlement code. Every SOL transfer is signed in Phantom or Solflare.

What this is

Each listed coin is a matchup on an approved pump.fun token. Believers deposit SOL into that coin's pool. Doubters open a short for 6 hours or 24 hours. If the PumpSwap price falls by settlement, the short is paid SOL from that pool. If it rises, the pool keeps the short's stake.

There is no margin and no liquidation. Long tickets are not offered. If you think a coin holds or rises, you back its pool.

Short vs back

A short that cannot settle because the 15 minute price window is thin is void, or if the platform is paused before a round is finalized, or the coin's pool becomes unreadable. Stake, premium, and fee all come back.

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Wallet and vault

Connect a wallet only to deposit, withdraw, or short. The site does not hold keys. Portfolio is that wallet's shares and positions on the server.

Custody

All SOL sits in one platform wallet, the vault. Pools are a ledger on top of it. Only the settlement worker can send from the vault, and every payout is checked before it is signed: it can only go to the wallet that opened the ticket or owns the shares, and never above what that ticket or share is worth. If the vault ever holds less than it owes, new shorts and deposits pause automatically. Every pool's books are on its pool page.

Open a short

Pick a live coin, a stake in SOL, and a term. Sign the transfer. The short opens on confirm. You cannot close early.

Payoff

Move is (settle minus strike) divided by strike, then clamped between a total loss and a total win. SOL paid is stake times (1 minus that move).

The fee is split in half: one half to the pool that filled the short, one half to buy and burn $BLUF.

The slider is the stake result only. Premium and fee sit on top.

Caps and gates

A live quote refuses a short when any of these fail.

Pool size cap

New backing is refused once seed plus backers plus queued deposits pass the greater of 10 SOL and (5% of the reference reserve, divided by the 60% use cap, then times 1.25). A second cap sits on top: 50 SOL in one coin pool, and 250 SOL of deposits across every pool. Whichever limit is lower wins. Past that, the deposit shows Pool full and queues nothing.

Index overflow

The index will not use more than 60% of the SOL that has joined it. Per coin: 10% while the index is under 1,000 SOL, then 3%. Per expiry bucket: 20% under 1,000 SOL, then 10%.

A short can use that SOL as soon as the deposit confirms.

Which coins are listed

Coins are approved by hand, and every approved coin must:

• trade on its canonical PumpSwap pool, with at least 300 SOL on the SOL side
• be at least 7 days old
• have mint and freeze authority revoked
• not already have a perpetual, unless it is approved by hand
• not show fake holder patterns (for example, dozens of wallets holding identical amounts)

Approved coins are checked again each day and paused if they stop qualifying. Pausing one coin stops new shorts and deposits on that coin. Open shorts on it still settle. A pause of the whole book is different: a round that expires while the platform is paused is void.

Deposits

Deposit SOL into one coin's pool. That SOL only backs shorts on that coin. Minimum is 0.05 SOL. Deposits join as soon as the transfer confirms. You can withdraw free SOL after 24 hours.

You own shares of the backer slice. Protocol seed, if any, is junior. When shorts win, seed takes the loss first, then backers. When shorts lose, gains split by how much seed and backers hold. Premium and the backer half of the fee are added to backers.

Backing risk

Backing a coin is not a savings account. When shorts on your coin win, your pool pays them. Protocol seed takes that loss first, then backers. Open shorts can reserve the SOL backing your coin, so a sharp drop in your coin during a round can cost you a real part of your deposit. You only take risk on the coin you back. You are never exposed to other coins.

Withdrawals

You can withdraw free SOL after 24 hours. Only SOL that is not reserved against an open short can leave. If the pool cannot free the full amount, the rest stays queued.

Whatever remains of your deposit comes back as SOL. Gains come back as SOL, or as the coin if you set that payout and a Jupiter route exists.

You set SOL or coin after you already have a share. It is saved per wallet per pool.

Price and settle

The book does not settle on a USD print. Live price is SOL in the canonical PumpSwap pool divided by tokens in that pool. Market cap and dollar price on the site are Dexscreener, for display only.

How a fill books

Stake is reserved on the coin pool first, up to 60% of the SOL that has joined it. Queued deposits don't count. A pool with 10 SOL can fill 6 SOL of shorts. Remainder tries the index, on the same 60% rule. If both books cannot cover it, the quote is rejected with remaining capacity.

Reserved SOL cannot withdraw until those shorts expire. After settle, the reserve is released and the pool books the gain or loss. If the vault cannot open the position after your deposit lands, it tries to send the SOL back.

Premium, fee, and $BLUF burn

Premium

Base curve at 6 hours: 0.1% plus 0.3% times how full the pool is, counting fullness only up to 60%. A 24 hour term doubles that curve. Momentum is added: 1 hour return (clamped to plus or minus 5%) times 0.05, plus 6 hour return (clamped to plus or minus 10%) times 0.03. After a dump, premium can floor at zero. A split fill uses the size weighted blend of coin and index rates.

Fee

Buy and burn

Half goes to one platform wide queue that buys $BLUF on Jupiter (1% slippage) at random times, 2 to 6 times a day, and burns it. Each run spends at most a quarter of the queue. Listed coins are never bought or burned by the platform. See $BLUF and /burn.

Spec ticket: 10 SOL, 6 hours, pool 40% full, quiet tape. Premium 0.03 SOL, fee 0.05 SOL, you send 10.080 SOL.

$BLUF

$BLUF is the bluf.fun token. It launched on pump.fun and trades on PumpSwap. It is the only coin the platform buys.

Every short buys $BLUF.

Every short pays a fee: 0.50% of stake for 6 hours, 0.75% for 24 hours. Half of that fee goes to the pool that filled the short. The other half goes into one queue that buys $BLUF and burns it.

• Buys run on Jupiter, SOL → $BLUF, at most 1% slippage.
• They run 2 to 6 times a day, at random times, so no one can trade ahead of them.
• Each run spends at most a quarter of what is waiting, so buys are spread out instead of landing all at once.
• Every $BLUF bought is burned. Burned tokens are gone from supply for good.
• Every buy and burn is public on /burn: SOL spent, $BLUF burned, transaction links, and what is waiting now.

The buy doesn't depend on who wins. A short that pays out and a short that loses both paid the same fee, so both buy the same $BLUF.

More shorts, more burn.

The burn scales with how much is shorted, on every listed coin at once.

24 hour shorts pay a higher fee, so they buy more: 0.375% of stake instead of 0.25%. Each new listed coin is one more market feeding the same queue.

$BLUF's own trading funds the platform.

Every $BLUF trade on pump.fun pays a creator fee. Those fees go to a separate treasury wallet, not the vault, and are split:

• 50% incentive reserve. Paid slowly to backers, matched to the fees their pool earns each week.
• 20% first loss capital. Seed that sits under backers in coin pools, and the index pool's buffer. It takes losses first.
• 30% treasury. Running costs.

How it fits together.

Trading $BLUF funds backer rewards and first loss capital. That makes backing safer and better paid, which makes pools deeper. Deeper pools can fill more shorts. More shorts pay more fees, and half of every fee buys and burns $BLUF.

What $BLUF is not.

• It is not a share of the vault or any pool. Holding it pays nothing directly.
• You don't need it to short or back.
• It can never be listed, shorted or backed on bluf.fun.
• A burn reduces supply. It doesn't set a price.

Index pool

The index is a second book. It only takes a short after that coin's own backers have no free room. Two slices: protocol buffer (first to take a loss) and public depositors.

Worked example

You short 10 SOL for 6 hours. Pool is 40% in use. Tape is flat. You sign 10.080 SOL. Strike is 1.000 in the book's SOL per token units.

On the down 20% path, backers pay the 2 SOL of price result, seed first if seed exists. They keep 0.03 premium and 0.025 of the fee. The other 0.025 goes to the $BLUF buyback queue.

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