Trading on the bonding curve
pump.fun describes its curve as a constant-product AMM with two virtual reserves, SOL and the coin's supply. Buys push the price up and sells push it down, with no order book or market makers. Price impact grows with trade size, so larger trades get a worse fill. The first trade can happen right after launch.
Fees
- The total fee on the SOL bonding curve starts at 1.25% in the first market-cap band and falls at higher bands. The creator's share starts at 0.30%.
- Creating a coin has no platform fee. You pay the network fee and a small deposit for the token's accounts.
- Custom pair coins show 0.30% creator, 0.95% protocol and 0% LP, 1.25% in total.
See the fee page for current tables.
Graduation
When market cap reaches the threshold the curve closes and liquidity moves to PumpSwap. It is automatic and irreversible, with a 0.015 SOL charge for every coin. Coin pages show a bonding curve progress meter. Afterwards fees follow the PumpSwap schedule, read what PumpSwap is.
Practical notes
Keep SOL for fees on top of your trade amount, and test with a small amount first. If a trade fails, see pump.fun transaction failed. More on pump.fun.