Wallet connection ("Connect wallet" button in the header): Clicking "Connect wallet" made the page call the WalletConnect/web3modal API (getWallets plus wallet images), so a wallet picker seems to load, but no modal text showed up in the visible page. Actually connecting a wallet is blocked in this sandbox, so a working connection could not be checked.E112
Extra observation: market search filter: Typing "MRGN" into the Live markets search box narrowed the list from 4 markets to 3. The "Margin Cat" entry was removed and Mrgn Cat, MRGN CAT and mrgn.fun stayed. No network calls were made, so the filtering seems to happen in the browser.E111E113
Extra observation: homepage market and position data: The homepage showed 4 token markets, each linked to a Hyperliquid long position, with figures like market cap, fees in SOL, collateral deployed ($107.29) and open notional ($321.55). The header price changed slightly between loads ($93.34 → $93.35 → $93.34). No data requests appeared in the network log while I was there.E111E112E113
Tech check: the site claims wallet connection, and its public page shows matching evidence.E109E13E14E15
We saw no known analytics or advertising services load on the first visit.E1
1 cookie was set in your browser, 1 of them by other companies' domains.E8
Its code can ask your wallet to give an old-style 'eth_sign' signature, approve token spending, sign structured data (logins, orders or off-chain approvals), send transactions and 2 more. Read every wallet pop-up before approving.E80E87E81E82E86E88
Tech check
What the site says about itself, next to what its public page actually loads. Facts only, no verdict: you decide.
Evidence found
Wallet connection
“…tokens, tickers, markets… Ctrl K $93.30 Launch market Connect wallet TOKENS × HYPERLIQUID PERPS Launch tokens with built-in…”E109
Wallet libraries in its code: WalletConnect / Reown, wagmi, viemE13E14E15E16
Wallet requests in its code: eth_sign, approve, eth_signTypedDataE80E87E81E82
Contract calls in its codename, symbol, balanceOfE89E90E91E92
Talks to AI servicesnone seen
Live connectionskeeps a live two-way connection open to a serverE23
What the AI agent tried
An AI agent (claude-opus-5-5) used the site in our sandbox for 3 steps and saw 2 of 3 claimed features working. It can't connect a wallet, pay, sign or log in, so those features count as "couldn't test". What it reports is what it observed, not a verdict.
Couldn't test
Wallet connection ("Connect wallet" button in the header)
Clicking "Connect wallet" made the page call the WalletConnect/web3modal API (getWallets plus wallet images), so a wallet picker seems to load, but no modal text showed up in the visible page. Actually connecting a wallet is blocked in this sandbox, so a working connection could not be checked.E112
Seen working
Extra observation: market search filter
Typing "MRGN" into the Live markets search box narrowed the list from 4 markets to 3. The "Margin Cat" entry was removed and Mrgn Cat, MRGN CAT and mrgn.fun stayed. No network calls were made, so the filtering seems to happen in the browser.E111E113
Seen working
Extra observation: homepage market and position data
The homepage showed 4 token markets, each linked to a Hyperliquid long position, with figures like market cap, fees in SOL, collateral deployed ($107.29) and open notional ($321.55). The header price changed slightly between loads ($93.34 → $93.35 → $93.34). No data requests appeared in the network log while I was there.E111E112E113
What it is
The Internet Archive has never saved this site, so it is probably new.E110
The site describes itself as: “Every token launches with a position on Hyperliquid. Creator fees build the position, realized profit buys the token back and burns it.”E2
It's built with Next.js and React (common tools for building web apps).E11E12
In your browser it can read your clipboard (your browser asks first), can copy text to your clipboard, stores data in your browser's built-in database, saves small bits of data in your browser and 1 more.E19E20E21E22E23
It has sections such as /explore, /activity, /launch, /docs, /t and /appkit/v1/transfers/quote.E55E56
While loading, it called 1 endpoint on its own servers, such as /api/spark.E25
Where your data goes
Crypto & walletsConnect wallets, read blockchains or fetch token prices.3
ws-feed.exchange.coinbase.com
Coinbase Wallet / CDP: Coinbase wallet connection and APIs
15 contract or wallet addresses are written into the code, including USDC on Ethereum, USDT on Ethereum and USDC on Base.E93E95E102
15 addresses found in the code
0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 · USDC on Ethereum0x2791bca1f2de4661ed88a30c99a7a9449aa841740xdac17f958d2ee523a2206206994597c13d831ec7 · USDT on Ethereum0xc2132d05d31c914a87c6611c10748aeb04b58e8f0x9702230a8ea53601f5cd2dc00fdbc13d4df4a8c70x919c1c267bc06a7039e03fcc2ef738525769109c0x48065fbbe25f71c9282ddf5e1cd6d6a887483d5e0x55d398326f99059ff775485246999027b31979550xfd086bc7cd5c481dcc9c85ebe478a1c0b69fcbb90x833589fcd6edb6e08f4c7c32d4f71b54bda02913 · USDC on Base0x0b2c639c533813f4aa9d7837caf62653d097ff850xaf88d065e77c8cc2239327c5edb3a432268e58310x3c499c542cef5e3811e1192ce70d8cc03d5c33590x94b008aa00579c1307b0ef2c499ad98a8ce58e580x036cbd53842c5426634e7929541ec2318f3dcf7e
Paste any of these into the box on the home page to get the contract's report.
How key features work
What it can ask your wallet to sign
Its code can ask your wallet for eth_sign, approve, eth_signTypedData, eth_sendTransaction and 4 more. Each of these opens a wallet pop-up you must approve; read it before you click.E80E87E81E82E86E88
It connects to crypto wallets using WalletConnect / Reown, wagmi, viem, Coinbase Wallet SDK and 4 more. Connecting shows the site your wallet address; it doesn't move funds by itself.E13E14E15E16E17E18
It reads blockchain data (Solana, ws-feed.exchange.coinbase.com, api.web3modal.org and pulse.walletconnect.org) to show balances, prices or contract state.E108
Every sentence above points to one of these. Code references show the file, line:column and the short identifier that matched, never the site's code itself.
E1
Page title: mrgn.fun · Launch tokens with built-in Hyperliquid positions
page title · https://mrgn.fun/
E2
Page description: Every token launches with a position on Hyperliquid. Creator fees build the position, realized profit buys the token back and burns it.
page description · https://mrgn.fun/
E3
Main heading: Launch tokens with built-in perp positions
page h1 · https://mrgn.fun/
E4
76 request(s) to mrgn.fun
types: 42 script, 17 fetch, 12 image
GET https://mrgn.fun/ · script · 76 requests · network recording
E5
10 request(s) to api.web3modal.org
types: 10 fetch
GET https://api.web3modal.org/appkit/v1/config · fetch · 10 requests · network recording
E6
2 request(s) to pulse.walletconnect.org
types: 2 ping
GET https://pulse.walletconnect.org/batch · ping · 2 requests · network recording
E7
1 request(s) to ws-feed.exchange.coinbase.com
types: 1 websocket
GET wss://ws-feed.exchange.coinbase.com/ · websocket · network recording
E8
Cookie '__cf_bm' set for exchange.coinbase.com
kept for about 0 days
cookie __cf_bm on exchange.coinbase.com · value not stored
E9
localStorage: 4 key(s) saved in your browser
localStorage keys: @appkit/connection_status, @appkit/disconnected_connector_ids, @appkit/active_caip_network_id, @appkit/active_namespace · values not stored
E10
IndexedDB: 1 key(s) saved in your browser
IndexedDB keys: WALLET_CONNECT_V2_INDEXED_DB · values not stored
E11
Next.js detected by The code reader (next-runtime)
confidence: high
mrgn.fun/ · “next-runtime” · The code reader analyze-web-bundle 6.4.0
E12
React detected by The code reader (react-runtime)
confidence: medium
mrgn.fun/_next/static/chunks/42fj03vx_wnq2.js · “react-runtime” · The code reader analyze-web-bundle 6.4.0
The site says: “…tokens, tickers, markets… Ctrl K $93.30 Launch market Connect wallet TOKENS × HYPERLIQUID PERPS Launch tokens with built-in…”
page text · https://mrgn.fun/ · …tokens, tickers, markets… Ctrl K $93.30 Launch market Connect wallet TOKENS × HYPERLIQUID PERPS Launch tokens with built-in…
E110
The Internet Archive has no saved copy of mrgn.fun
page web archive · https://web.archive.org/web/*/mrgn.fun
E111
Agent step 1: view
AI agent step 1 · view on /
E112
Agent step 2: click Connect wallet
AI agent step 2 · click on / · page called GET api.web3modal.org/public/getAssetImage/ef1a1fcf-7fe8-4d69-bd6d-fda1345b4400, GET api.web3modal.org/getWallets, GET api.web3modal.org/public/getAssetImage/a1b58899-f671-4276-6a5e-56ca5bd59700, GET api.web3modal.org/getWalletImage/41869009-80c0-4daa-ebfb-edfedfec1700, GET api.web3modal.org/getWall
E113
Agent step 3: type Search tokens ← “MRGN”
AI agent step 3 · type on /
Limits
We only see what your browser sees: code and requests on a first visit, without logging in or accepting cookie banners. What the servers do with data is invisible from outside.
Site code is usually minified (compressed), so names are partly lost and some code may be only partly analysed.
Some trackers only load after you accept cookies or log in, so the real list can be longer.
We visited from a server in the United States. Sites load different trackers and cookie banners in different countries (visitors in the EU usually get a consent banner first).
The tech check compares the site's own words with what its public page loads. Work done on servers, in private code or in separate apps isn't visible here, so 'nothing found' means not visible on the public page, not that it doesn't exist.
This text was written from fixed templates because no AI writer was available. It uses exactly the same evidence.
The code reader hit its size budget on parts of 42 large bundle file(s); those parts weren't fully analysed.
Facts, not judgements: this page describes what the code and traffic show, not anyone's intent. Not financial advice. Case id uO84f69x.
WELCOME TO TRENCHCOAT
1 of 3 · What it does
Know the coin before you buy it
Paste any coin address, wallet or X post. We scan it in seconds, free, no sign-up.
Every coin gets a green, yellow or red light and a score out of 100, and every point links to its source.
2 of 3 · How to read a check
Three questions, then the money
Is the tech real? Is the dev legit? Fair launch? Each has its own score and its top reasons.
Who's behind it: the dev's linked wallets, crews that buy launches together, and the launch block by who paid for it.
Money taken out: what the dev and launch-block wallets sold or pulled in the first 24 hours.
3 of 3 · Stay on it
Track coins and wallets
Press Track on any coin or wallet. You'll get a browser notification when the dev sells, liquidity is pulled, the price moves hard, or a tracked wallet trades.
No account: it's tied to this browser. See everything you track under Tracking.