RunUp has launched what it describes as the first perpetual treasury on Injective, opening with a $9,086 position in INJ at 2x leverage. The treasury maintains a fixed 2x long exposure, so gains and losses are approximately twice INJ's price movement. Trades are executed through Injective's RFQ (request-for-quote) system, where market makers provide prices directly. Profits are intended to fund open-market purchases of RUNNER, which are then permanently burned to reduce the token's supply. RunUp launched on October 1, 2026, when public RUNNER trading also began, after a 333-spot whitelist phase that attracted more than 10,000 to 15,000 sign-ups, according to the project's research. RUNNER's supply is capped at 1 billion tokens, allocated across whitelist participants, a public bonding curve, a liquidity pool and an airdrop. At a target breakout point of about $81,000 in fully diluted valuation, 85% of launch capital will go to liquidity and 15% to the perpetual treasury. Injective governance approved the arrangement through Proposal #704, covering RunUp's Native Factory and Native Treasury contracts. For holders, buybacks and burns depend on treasury profits: rising INJ could generate funds, while a decline could leave nothing available to burn, with leverage increasing potential losses.