What Happens After a Pump.fun Token Graduates to PumpSwap

Every pump.fun token starts life on a bonding curve. If enough SOL flows in, the curve completes and the token "graduates". It is a milestone creators chase, but what actually changes for someone holding the coin - and for a tool trading it - is less often explained. Here is what happens, step by step.

Before graduation: the bonding curve

On the curve, every buy and sell trades against pump.fun's program at a price set by a formula over virtual reserves (how the pricing works). There is no pool and no liquidity provider: the curve itself is the counterparty. It holds a fixed share of the supply for sale, and the token graduates when that share is sold - which takes about 85 SOL of real reserves, though the exact amount for any token depends on its live state (verified here).

The moment it completes

1. The curve closes. It is marked complete and stops accepting buys and sells. Any transaction still aimed at the curve fails from this point on.
2. Liquidity migrates. The SOL in the curve and the remaining tokens are moved into a liquidity pool on PumpSwap, pump.fun's own AMM. Each graduated token has one canonical PumpSwap pool.
3. Trading resumes on the pool. From now on the price is set by the pool's reserves, the way any constant-product AMM works, and anyone can trade it through PumpSwap or any aggregator that routes to it.

Coins that graduated before PumpSwap existed migrated to Raydium instead. That is history now; new graduations go to PumpSwap.

What changes for a holder

• Your tokens don't move. They stay in your wallet, the same mint. Nothing to claim or convert.
• Liquidity is deeper. The pool starts with all the SOL the curve collected, so the same size trade moves the price less than it did late on the curve.
• Fees are different. PumpSwap charges its own pool fees instead of the curve's trading fee.
• The token is visible everywhere. Pools are indexed by DEX screeners and aggregators, which usually brings a new wave of buyers - and sellers.

What changes for the creator

pump.fun pays the coin's creator a share of trading fees, and that continues after graduation - fees from PumpSwap trades accrue too. How to see and withdraw them is in how to claim pump.fun creator fees.

Trading through graduation with SolBundle

The terminal reads where a token trades every time you open it and before every trade. While the curve is live it trades on the curve, with a badge showing how complete it is. Once it graduates, the badge switches to PumpSwap and every buy, sell, Sell all and task goes to the token's PumpSwap pool automatically - nothing to change on your side. PnL carries straight through, because it is built from each wallet's own transactions on either venue.

A practical tip: graduation is often volatile. Tasks keep working across it, so a take profit or stop loss armed on the curve still fires on the pool.

Frequently asked questions