Pump.fun has introduced cross margin functionality to its Hyperliquid-powered perpetual futures service, replacing the previous isolated margin-only structure. The update enables traders to share collateral across multiple positions rather than dedicating separate margin for each trade. With cross margin active, losses on any single position now draw from a unified collateral pool, potentially eroding the backing available for other open trades. The change expands risk management options for users of the platform's perp trading product built on Hyperliquid infrastructure.