What Is PumpSwap? pump.fun's Solana DEX Explained

A coin launched on pump.fun starts on a bonding curve, a contract that sells the token at a price that rises as more is bought. When the curve fills, the token "completes" and pump.fun's program calls a migrate instruction. That instruction creates the coin's canonical PumpSwap pool and seeds it with the curve's liquidity ¹. Before March 2025, graduated tokens went to Raydium and paid a 6 SOL migration fee. PumpSwap removed that fee ³.

For the common search "graduation to Raydium or PumpSwap": pump.fun graduations go to PumpSwap. Anyone can still create other pools for the same token on other DEXs.

Each pool holds two tokens, usually a memecoin and SOL or USDC. The pool prices trades by the ratio of its reserves (x × y = k) ¹. Bigger trades move the price more, so check slippage on thinly traded coins. You can trade:

• in the pump.fun app;
• through Solana aggregators and bots that route to PumpSwap;
• directly against the program.

Liquidity providers deposit both tokens into a pool and earn the LP share of trading fees. PumpSwap charges no fee on deposits and withdrawals ¹. LPs take on impermanent loss and the price risk of a memecoin that can fall to near zero.

PumpSwap has two fee regimes:

• Flat fee (non-canonical pools). The PumpSwap docs set 20 bps (0.20%) to LPs and 5 bps (0.05%) to the protocol on every buy and sell ¹. That matches the 0.25% announced at launch ³.
• Market-cap tiers (graduated coins). Since a fee update effective September 1 (2025), canonical pools for graduated coins use fees that vary with the coin's market cap. A share goes to the coin's creator ². DefiLlama's methodology counts a 0.05% coin-creator fee on top of the LP and protocol fees ⁴.

Calculated from DefiLlama data: PumpSwap generated about $116 million in fees on about $9.9 billion of volume over the 30 days to October 23, 2026. That averages about 1.2% of volume, well above the 0.25% base rate ⁴. The actual fee on a given trade depends on the pool and the coin's market cap, so check the quote before you swap. Solana network and priority fees are extra.

PumpSwap's on-chain program ID is pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA on both mainnet and devnet ¹. pump.fun publishes the program interface (IDL), an SDK and instruction docs in its public GitHub repository ¹. The docs name an admin key that can change fee settings and fee recipients and can disable operations ¹. PumpSwap is not governed by token holders.

• Token risk outweighs DEX risk. Most PumpSwap pairs are newly launched memecoins. Many lose most of their value, and a listing is not a check of the token.
• Fake volume. "Volume bot" tools are marketed to inflate PumpSwap activity. High volume on a new pair does not prove real demand.
• Admin control. pump.fun's admin key can change fees and pause features ¹.
• Platform history. In May 2024, before PumpSwap existed, pump.fun's bonding-curve platform lost about $1.9 million in an incident DefiLlama classifies as a private-key compromise ⁵.

pump.fun launched in January 2024 ⁷. Court reporting names Baton Corporation Ltd, described as UK-based, as its parent company. It names Noah Tweedale as CEO and Alon Cohen as co-founder and COO ⁶. pump.fun sold its PUMP token in an ICO on July 12, 2025, with a maximum supply of 1 trillion ⁷. You do not need PUMP to trade on PumpSwap.

In January 2025 a proposed class action, Aguilar v. Baton Corp. Ltd., was filed in the Southern District of New York. It alleges pump.fun operated an unregistered securities exchange ⁶. These are allegations, not findings.