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PumpSwap: Pump Fun's DEX Explained
PumpSwap is Pump.fun's own exchange on Solana. Every Pump.fun coin that sells out its bonding curve moves there, and you trade it from the Pumpfun app, the website or Terminal. The pool fee starts at 1.25% on a new graduate and drops to 0.30% as the coin grows. In the app, code BonusReward cuts the platform fee from 0.45% to 0.40%.
BonusReward
What is PumpSwap?
Pump.fun's own exchange on Solana, where graduated coins trade.
| Type | Constant product AMM on Solana, built like Uniswap v2 and Raydium v4 |
|---|---|
| Live since | March 20, 2025 |
| Which coins | Every Pump.fun coin that fills its bonding curve, plus any pool someone creates |
| Graduation cost | 0.015 SOL, down from 6 SOL before PumpSwap |
| Pool fee | 1.25% for a new graduate, falling step by step to 0.30% |
| Where to trade | Pumpfun app, pump.fun website, Terminal, and most Solana wallets and aggregators |
| App and website fee | 0.45% per trade, or 0.40% with code BonusReward |
| Referral code | BonusReward |
Why did Pump.fun build its own DEX?
To make graduation instant and cheap, and to pay creators from trading fees.
Until March 2025, a coin that filled its bonding curve moved to a Raydium pool. The move cost 6 SOL and took a while, and a coin's momentum often faded while traders waited. On March 20, 2025, Pump.fun switched graduation to PumpSwap. Migration became instant, and the 6 SOL fee was dropped.
PumpSwap is a constant product AMM. Each pool holds two tokens, and the price follows the ratio between them. A buy adds SOL to the pool and takes coins out, so the price rises. A sell does the opposite. Pump.fun said the program went through nine security audits before launch.
It grew quickly. PumpSwap handled roughly $200 billion in trades in the 12 months to November 2026 and held about $300 million in liquidity at the time of writing.
The PumpSwap launch clip
The 47 second clip that introduced PumpSwap in March 2025, including the deposit screen for creating a pool.
- Graduated coins move to PumpSwap at once, with no 6 SOL fee
- Anyone can create a pool or add liquidity
- Creator revenue sharing was promised here and went live in May 2025
How does a Pump Fun coin graduate to PumpSwap?
It sells out its bonding curve, then moves to a PumpSwap pool automatically.
Every new coin starts on a bonding curve. The curve holds about 793 million of the coin's 1 billion tokens and sells them at a price that rises with each buy. When the last curve token is sold, the coin has graduated. For a standard SOL-paired coin, that takes about 85 SOL of buying and happens at a market cap of roughly 410 SOL.
The migration then runs on its own:
- The SOL and the leftover tokens go into a new PumpSwap pool. Pump.fun calls it the coin's canonical pool.
- A 0.015 SOL fee covers the accounts the move creates. For a SOL-paired coin it comes out of the curve.
- The pool's LP tokens are burned. No one, the creator included, can pull that liquidity. It only leaves the pool through trades.
- BOOST mode starts, in most cases.
A burned LP stops one kind of rug. It does not stop the creator or a big holder from selling their coins.
BOOST mode after graduation
Since July 2026, new graduates go through BOOST mode. For about five minutes after migration, an automated buyer spends SOL set aside at migration on the coin and burns the coins it buys. Terminal shows a countdown, a bar with the SOL burned so far, and each BOOST buy as a bubble on the chart. Pump.fun said on October 13, 2026 that BOOST had put $106 million back into coins since it started.
The buying stops when the timer runs out. Part of the early price action comes from the BOOST buyer, so it tells you little about real demand.
How much are PumpSwap fees?
Between 1.25% and 0.30% per trade, depending on the coin's market cap.
A graduated coin pays a pool fee on every buy and sell. The fee is split between the creator, Pump.fun and the pool itself, where the LP share stays. The total shrinks as the coin grows. Market cap here means the price in SOL times 1 billion tokens. Fees are taken in SOL or USDC, never in the coin you trade.
| Market cap (SOL) | Creator fee | Total fee |
|---|---|---|
| Under 420 | 0.30% | 1.25% |
| 420 to 1,470 | 0.95% | 1.20% |
| 1,470 to 2,460 | 0.90% | 1.15% |
| 2,460 to 3,440 | 0.85% | 1.10% |
| 3,440 to 4,420 | 0.80% | 1.05% |
| 4,420 to 9,820 | 0.75% | 1.00% |
| 9,820 to 14,740 | 0.70% | 0.95% |
| 14,740 to 19,650 | 0.65% | 0.90% |
| 19,650 to 24,560 | 0.60% | 0.85% |
| 24,560 to 29,470 | 0.55% | 0.80% |
| 29,470 to 34,380 | 0.50% | 0.75% |
| 34,380 to 39,300 | 0.45% | 0.70% |
| 39,300 to 44,210 | 0.40% | 0.65% |
| 44,210 to 49,120 | 0.35% | 0.60% |
| 49,120 to 54,030 | 0.30% | 0.55% |
| 54,030 to 58,940 | 0.275% | 0.525% |
| 58,940 to 63,860 | 0.25% | 0.50% |
| 63,860 to 68,770 | 0.225% | 0.475% |
| 68,770 to 73,681 | 0.20% | 0.45% |
| 73,681 to 78,590 | 0.175% | 0.425% |
| 78,590 to 83,500 | 0.15% | 0.40% |
| 83,500 to 88,400 | 0.125% | 0.375% |
| 88,400 to 93,330 | 0.10% | 0.35% |
| 93,330 to 98,240 | 0.075% | 0.325% |
| 98,240 and up | 0.05% | 0.30% |
Below 420 SOL, Pump.fun takes 0.93% and the LP fee is 0.02%, so a fresh graduate costs the same 1.25% it paid on the bonding curve. From 420 SOL up, the protocol fee is 0.05% and the LP fee 0.20% at every tier. Only the creator fee moves.
USDC-paired coins follow a similar ladder in dollars: 1.25% under 59,000 USDC, 1.20% up to 300,000 USDC, and 0.30% from 20 million USDC. Pools that someone creates by hand charge a flat 0.30%: 0.25% to their liquidity providers and 0.05% to Pump.fun, with no creator fee. Coins paired with other assets, such as the tokenized stocks on our Pump Fun stocks page, also pay a flat 0.30% on PumpSwap.
How the fees got here
- March 20, 2025. PumpSwap opened with a flat 0.25%: 0.20% to liquidity providers and 0.05% to Pump.fun.
- May 12, 2025. Creators started earning 0.05% of every trade on their coin, which took the total to 0.30%.
- September 2, 2025. Dynamic Fees tied the creator fee to market cap, up to 0.95% on small coins.
- September 12, 2026. Holder Rewards let a creator send the creator fee to the coin's holders.
Pump.fun's head of content defended the model on October 27, 2026. On a coin above $100 million, he wrote, the old Raydium pool charged 0.25% and PumpSwap charges 0.30%. The difference goes to creators or holders, plus a small extra cut for Pump.fun.
Where the creator fee goes
By default, the creator fee goes to the wallet that launched the coin. The creator claims it from their profile, as often as they like.
Some coins route it elsewhere. A creator can pick Holder Rewards at launch, and then the same fee is shared among holders. A creator can also send it to a charity. When a community takes over an abandoned coin, its team can apply to receive the fee instead.
What does a PumpSwap trade cost in the Pumpfun app?
The pool fee plus the platform fee, which is 0.40% with code BonusReward.
Here is what a $100 buy of a SOL-paired coin costs in fees in the Pumpfun app:
| Coin market cap | Pool fee | With a code | Without |
|---|---|---|---|
| Under 420 SOL | 1.25% | $1.65 | $1.70 |
| 5,000 SOL | 1.00% | $1.40 | $1.45 |
| 30,000 SOL | 0.75% | $1.15 | $1.20 |
| 100,000 SOL | 0.30% | $0.70 | $0.75 |
Selling costs the same again. Solana network fees and price impact come on top, and on a thin pool, price impact can cost more than every fee combined.
The platform fee applies in the Pumpfun app and on the pump.fun website. Terminal and outside apps do not charge it. They set their own fees, though, and the referral code does not work there.
How do you trade on PumpSwap?
Open any graduated coin in the Pumpfun app, the website or Terminal.
Install with the code
Open pump.fun/join/BonusReward on your phone and install the Pumpfun app, or follow our app download guide. You can also enter BonusReward under Profile, Rewards, Referrals. Do it before your first purchase.
Fund the wallet
Deposit SOL or USDC, or buy inside the app. A first in-app purchase can earn up to $50 in matched funds for you and the referrer, if you then trade on 5 separate days within 10 days. It is paid in parts after a review.
Find the right coin
Search by name or paste the contract address. Take the address from the coin's own page or community, because copycat coins reuse popular names.
Buy and plan the exit
Pick a size you can afford to lose. The app sends a graduated coin's trade to its PumpSwap pool for you, so you never choose a venue.
1Open the app
2Go to your profile
3Open Rewards
4Open ReferralsWhere you can trade PumpSwap coins
| Where | Pump.fun platform fee | Referral code |
|---|---|---|
| Pumpfun app | 0.45%, or 0.40% with code BonusReward | Applies |
| pump.fun website | 0.45%, or 0.40% with code BonusReward | Applies |
| Terminal | Not charged. Terminal sets its own fee. | Does not apply |
| Other wallets, aggregators and bots | Not charged. They may add their own. | Does not apply |
Terminal lists graduated coins in the Migrated column of its Trenches feed. At launch, Pump.fun also opened a standalone PumpSwap site at swap.pump.fun for swaps and pools, but most traders never need it.
Outside apps route trades to PumpSwap pools too. Watch coins paired with another Pump.fun coin: since October 8, 2026, the Pumpfun app, the website and Terminal charge the pool fees once on those trades, while apps on an older program may charge them at every pool along the way. To check a coin before you buy, see our memecoin trading guide.
Can you add liquidity to PumpSwap pools?
Yes. Anyone can create a pool or add to one and earn LP fees.
PumpSwap is open to anyone. You can create a pool for any two Solana tokens without a Pump.fun fee, though the network asks for a small deposit for the new accounts. You can also add to an existing pool, in most cases including a graduated coin's pool.
- You deposit both tokens at the pool's current ratio and get LP tokens for your share.
- Your share earns the LP part of each trade's fee. The fee stays in the pool, so your share grows instead of paying out.
- You withdraw by handing the LP tokens back. Deposits and withdrawals carry no PumpSwap fee.
- On a graduated coin's pool, the LP fee is 0.20% from 420 SOL up and only 0.02% below it. A pool you create earns 0.25%.
Liquidity in a memecoin pool is a bet on the coin. If the price falls, the pool keeps selling your SOL for the coin on the way down. You withdraw mostly coins worth far less, and fees rarely make up for a crash.
What is PumpSwap v2?
A program update for apps and bots. Prices and fees did not change.
By November 2026, the PumpSwap program had new v2 trade instructions. They do the same buys and sells with fewer accounts, so apps can fit more into a single Solana transaction. The old instructions still work.
The same round of updates added multi-hop swaps. One trade can pass through several pools in a row, for example SOL to a pair coin, then the pair coin to the coin you want. That is how paired coins get charged their fees once instead of on every hop.
For a trader, nothing changes. There is no new exchange to move to, and Pump.fun has not issued a separate PumpSwap token. Coins named PumpSwap or PumpSwap v2 on Solana are made by other people.
What are the risks of trading on PumpSwap?
Most graduated coins still fall, and fees bite hardest on small coins.
- Graduation is not a quality check. Many coins drop hard after migration, and a burned LP does not stop the creator or big holders from selling.
- New graduates cost the most to trade: a 1.25% pool fee plus 0.40% in the app, on the buy and again on the sell.
- Thin pools move a lot on one order. Set slippage on purpose and keep sizes small.
- Copycat coins reuse names and tickers. Check the contract address every time.
- Outside apps can add their own fees, and some charge stacked fees on paired coins.
- Liquidity providers can end up holding a coin that went to zero.
- Pump.fun can change the fee schedule at any time by updating its fees page.
PumpSwap FAQ
Is PumpSwap part of Pump Fun?
Yes. PumpSwap is Pump.fun's own exchange. It launched on March 20, 2025, and every Pump.fun coin that fills its bonding curve moves there.
Do Pump Fun coins still go to Raydium?
No. Since March 20, 2025, graduated coins migrate to PumpSwap. Coins that graduated before then still trade in their old Raydium pools.
What is the PumpSwap fee?
It depends on market cap. A SOL-paired coin pays 1.25% below 420 SOL. The fee then falls step by step to 0.30% at 98,240 SOL and above.
Can a creator rug a PumpSwap pool?
Not by pulling liquidity, because the LP tokens from graduation are burned. A creator can still sell their own coins, and that can crash the price.
Does the referral code lower PumpSwap fees?
It lowers the platform fee in the Pumpfun app and on the website from 0.45% to 0.40%. The pool fee stays the same, and the code does not apply in Terminal.
Can I trade PumpSwap coins in other wallets?
Yes. Most Solana wallets and aggregators route trades through PumpSwap pools. They skip the Pump.fun platform fee but may charge their own.
Is there a PumpSwap v2 token?
No. PumpSwap v2 is an update to the exchange's program. Coins that use the name are made by other people.
Trade graduated coins in the Pumpfun app with code BonusReward.
BonusRewardDisclosure: BonusReward is our referral code. When you use it, we earn part of the platform fees you pay. You pay the same 0.40% with any valid code.
More about trading on Pump.fun
Pump Fun Referral Code: BonusRewardAdd code BonusReward before your first purchase: 0.40% fees instead of 0.45% and a deposit match of up to $50.
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Pump Fun Sniper BotThere is no official Pump Fun sniper bot. See why most snipes lose, which Terminal tools come close, and how to vet a free bot before it gets your key.
Pump Fun Copy TradingPump Fun has no automatic copy trading. See what the Pumpfun app and Terminal offer instead, which wallets to copy, and why copying late loses money.