Bonding curve
Pricing, graduation and the math.
Every coin starts on pump.fun’s constant-product curve with virtual reserves: vSol × vTok = k, starting at 30 virtual SOL and 1.073B virtual tokens. Price is vSol / vTok, so a fresh coin starts at about 28 SOL of market cap.
Buying and selling
A buy pays pump.fun’s fees first (0.95% protocol plus the 0.30% creator fee). The rest, x SOL, goes into vSol and pays out vTok − k / (vSol + x) tokens. Sells run the same formula in reverse, with the fees taken from the SOL you receive.
Graduation
When about 85 SOL sits in the curve, the coin graduates: trading moves to a PumpSwap pool and the coin shows “On DEX”. After that, trades pay pump.fun’s pool fees, which pump.fun tiers by market cap: 1.25% in total around graduation, stepping down to 0.30% for the largest coins. The creator part of the pool fee is split the same way, 70 / 15 / 15. The character announces it.