How does a bonding curve work on pump.fun?#
pump.fun's program keeps two reserve numbers for each coin, SOL and tokens, and holds their product constant on every trade, the same rule a Uniswap V2 pool uses. Price = SOL reserves ÷ token reserves.
The reserves start *virtual*: the curve behaves as if 30 SOL were already in it, so the first buyer pays a defined price. The values are published in the pump.fun program docs.
| Parameter (Global account) | Value |
|---|---|
| Initial virtual SOL reserves | 30 SOL |
| Initial virtual token reserves | 1,073,000,000 |
| Real tokens sold through the curve | 793,100,000 |
| Total supply | 1,000,000,000 |
At launch the price is 30 ÷ 1,073,000,000, about 0.000000028 SOL per token, which puts the value of a brand-new coin near 28 SOL. A buy adds SOL and removes tokens, so the next token costs more.
The curve completes when its last real token is sold, and the coin graduates to a PumpSwap pool. Raydium LaunchLab and Meteora DBC run their own curve designs with their own parameters.
Why it matters when you trade#
Because the price is a formula, your own order moves it. Early on, with little SOL in the curve, a small order can move the price a lot; later, the same order moves it less. Sells walk the price back down the same way.
On top of that the venue charges a swap fee, about 1.25% on pump.fun curve trades at Fullport's last check. The bonding curve calculator shows how many tokens a given buy gets and how far it moves the price, and the pump.fun bonding curve walks the math in full.
Fullport prices every curve-stage order from a fresh read of the coin's bonding-curve account, using the venue's own formula, including the impact of your earlier buys on the same coin. Orders that would move the price more than 15% are sent back for resizing under the impact cap.
So a funded account fills curve coins the way the chain would. Trade them in the browser terminal or with Fullport Tap on the terminal you already use, and keep 80% of payouts; the fill policy shows where each price comes from.
Quick answers
- How does a pump.fun bonding curve set the price?
- It holds the product of its SOL and token reserves constant. Price equals SOL reserves divided by token reserves, so each buy adds SOL, removes tokens and raises the price, and each sell does the opposite. The reserves start at 30 virtual SOL and 1,073,000,000 virtual tokens.
- What happens when a bonding curve is complete?
- On pump.fun the curve is marked complete when a buy takes its real token reserves to zero. The liquidity is then migrated to a PumpSwap pool, the LP tokens from that pool are burnt, and the coin trades on the pool from then on.
- Can you sell on a bonding curve?
- Yes. Selling returns tokens to the curve and takes SOL out, which lowers the price along the same formula that buying raised it. A large sell on a young curve with little SOL in it moves the price down sharply.