What is PumpSwap? pump.fun's AMM, its fee tiers and how it differs from the curve

PumpSwap is pump.fun's own decentralized exchange on Solana: an automated market maker where pump.fun coins trade after they graduate from the bonding curve. Each graduated coin gets a SOL pool, and that pool sets its price from then on. Trades pay a fee of 1.25%, falling in steps to 0.30% as the coin's market cap grows.

Why does pump.fun have its own exchange?

Before March 2025, graduated pump.fun coins moved to Raydium instead. With the pool in-house, pump.fun keeps earning trading fees after graduation, and a share of every fee goes to the coin's creator. Graduation itself costs 0.015 SOL, per pump.fun's fee page.

How does a PumpSwap pool work?

A PumpSwap pool is a plain constant-product market: SOL on one side, the coin on the other, with the two reserves multiplied together staying constant on each trade. Buying adds SOL and removes tokens, so the price rises; selling does the reverse.

Unlike the pump.fun bonding curve, the pool has no virtual reserves and no end point. The price can rise or fall without limit, and the depth is only what is really in the pool.

The two are stages of the same coin, not competing venues. **A coin trades on the pump.fun curve first and on PumpSwap after graduation, never on both at once.**

Why does the price move more right after graduation?

Near the end of the curve, the 30 SOL of virtual reserve makes the coin trade as if it held about 115 SOL. The fresh pool holds only the real 85 SOL or so. So the same buy moves the price more right after graduation than right before it.

The fee on a canonical PumpSwap pool depends on the coin's market cap in SOL. It starts at 1.25% and steps down through 25 tiers to 0.30% for the largest coins. Selected rows from pump.fun's fee page:

Who gets the PumpSwap fee?

Each fee is split three ways: a creator fee to the coin's creator, a protocol fee to pump.fun, and an LP fee that stays in the pool. The split changes by tier:

• 0 – 420 SOL (1.25%): 0.30% creator, 0.93% protocol, 0.02% LP.
• 420 – 1,470 SOL (1.20%): 0.95% creator, 0.05% protocol, 0.20% LP.
• 4,420 – 9,820 SOL (1.00%): 0.75% creator, 0.05% protocol, 0.20% LP.
• 98,240 SOL and above (0.30%): 0.05% creator, 0.05% protocol, 0.20% LP.

What the schedule means for traders

A coin that has just graduated sits at about 411 SOL of market cap, inside the first tier, so it still charges 1.25%, the same as the curve. Once it crosses 420 SOL the protocol's cut drops to 0.05% and the creator's rises to 0.95%, so mid-sized coins pay their creators the most.

By the time a coin is above about 98,000 SOL of market cap, the total is 0.30%, about a quarter of what an early trader pays. None of these percentages include the Solana network fee, any priority fee or a terminal's own fee; what a memecoin trade actually costs adds them up.

Anyone can create a PumpSwap pool for any pair. The pool created by graduation is the canonical one, and only it gets the tiered fee schedule and creator fees. It sits at an address derived from the coin itself.

Other pools for the same coin can exist, with a flat 0.30% fee and no creator share. For traders this mostly matters when an aggregator splits an order across pools, or when an explorer shows liquidity: check that you are looking at the canonical pool, not a small side pool showing a different price.

• Liquidity is thinnest right after graduation. About 85 SOL against about 207 million tokens. A 1 SOL buy moves the price about 2.3% at that point, before fees.
• Expect selling from early holders. Wallets that bought low on the curve often take profit on the pool. Graduation is not a buy signal by itself.
• Fees fall as the coin grows. A coin that keeps climbing gets cheaper to trade, which matters for anyone scalping it repeatedly.
• The LP is burnt, but the supply is not locked. Nobody can pull the migrated liquidity. Holders can still sell, so concentration still matters; see how not to get rugged.

How do you trade on PumpSwap?

You rarely need to visit it separately. The coin's page on pump.fun switches to the pool after graduation, and terminals such as Axiom or GMGN, plus aggregators, route your swap to it. Set slippage with the thinner post-graduation depth in mind; memecoin slippage settings explains how.

Fullport prices graduated pump.fun coins from the canonical pool's vault balances, read fresh at execution, with PumpSwap's tiered fee applied at its on-chain rate. A pool only counts as live once it holds at least 1 SOL, and orders are rejected with TOKEN_MIGRATING while a coin is between curve and pool.

Each fill also charges a modeled network fee, a 1% platform fee and your own impact; the fill policy has the detail. Your cost is capped at the one-time fee of $120, $195 or $300 for $25,000 to $125,000: trading losses come out of the simulated balance, never your wallet. Pass the +6% target while staying above the 4% floor, and funded payouts send you 80% of profit in SOL.

You can trade the same PumpSwap coins from the browser terminal, or from pump.fun's own page with Fullport Tap. The rules list everything else.