By What PumpSwap is
PumpSwap is pump.fun's own automated market maker (AMM). It launched in March 2025 and runs as the on-chain program pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA.
Every pump.fun token starts life on a bonding curve. PumpSwap is where the token goes next: once the curve completes, trading moves out of the curve and into a PumpSwap liquidity pool.
What happens when a pump.fun token graduates
When a bonding curve completes - usually called graduating - the token stops trading on the curve and moves to its canonical PumpSwap pool. From that point on, buys and sells go through the pool, not through pump.fun's curve program.
Tokens that graduated before PumpSwap existed went to Raydium instead. Those Raydium-era tokens are not in a PumpSwap pool, so any tool that only speaks pump.fun and PumpSwap cannot trade them.
- Before graduation: trades go through the pump.fun bonding curve.
- After graduation (PumpSwap era): trades go through the token's canonical PumpSwap pool.
- Graduated before PumpSwap launched: the token went to Raydium.
How PumpSwap pools are structured
PumpSwap pools pair the token with SOL, held in the pool as wrapped SOL (WSOL). In practice you never handle WSOL yourself - the swap SDK wraps SOL before a buy and unwraps it after a sell, so a wallet only needs plain SOL.
pump.fun tokens use 6 decimals, which matters when reading raw token balances from the chain: a raw balance has to be divided by one million to get the human-readable amount.
Curve, PumpSwap and Raydium compared
| Token state | Where it trades | Terminal behavior |
|---|---|---|
| On the bonding curve | pump.fun curve | Trades through pump.fun |
| Graduated (PumpSwap era) | Canonical PumpSwap pool | Trades through PumpSwap, same 1% fee, Jito protection and 5% slippage |
| Graduated before PumpSwap | Raydium | Shows a clear message - trade it on a DEX from the wallet |
Trading a graduated token from many wallets
TokenBundle's Terminal on Solana takes any pump.fun mint and shows every wallet holding the token, with its token balance, SOL value and PNL, next to a live chart and trade feed. It detects automatically whether the curve is complete, so you do not need to know in advance whether a token has graduated.
For a graduated token, buys and sells go through the PumpSwap canonical pool with the same 1% platform fee, Jito protection and 5% slippage used on the curve. Holdings value and PNL switch to PumpSwap prices.
- Per-wallet sell presets: 10%, 25%, 50%, 75% and 100%, plus a Sell all button.
- Per-wallet buys, a SOL for all preset, and Buy with all funded wallets.
- Before buying, a wallet that cannot cover the buy plus 1%, the 0.0001 SOL Jito tip and about 0.003 SOL for fees and token-account rent shows Not enough SOL, and its Buy is disabled.
How PNL is calculated after graduation
PNL in the Terminal carries across graduation. Each wallet's PNL is read from the chain: every buy and sell that moved the token, including the launch buys, at the SOL the wallet actually paid or received (fees, tips and rent included). Current value is what selling the holdings would return now - for a graduated token, priced against the PumpSwap pool. PNL is received plus value minus spent.
Trade amounts are read from the confirmed transaction - the real SOL and token change - so every fee is included in the numbers rather than estimated.
How the PumpSwap path was verified
The PumpSwap trading path was checked by read-only mainnet simulation: a buy and a 10% sell on real graduated tokens were run through simulateTransaction, which executes the transaction against current chain state without sending it.
FAQ
- What is PumpSwap? PumpSwap is pump.fun's own AMM, launched in March 2025, where tokens go after their bonding curve completes.
- Where does a pump.fun token go after graduation? It moves to its canonical PumpSwap pool, unless it graduated before PumpSwap existed, in which case it went to Raydium.
- Do I need WSOL to trade on PumpSwap? No. PumpSwap pools are SOL (WSOL) pairs, but the swap SDK wraps and unwraps SOL for you.
- Can TokenBundle trade Raydium-era pump.fun tokens? No. The Terminal trades pump.fun coins on the curve and on PumpSwap; for older tokens that migrated to Raydium, trade them on a DEX from the wallet.
- Does the fee change after a token graduates? No. Graduated tokens trade with the same 1% platform fee, Jito protection and 5% slippage as tokens on the curve.
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