PumpSwap is the decentralized exchange built by Pump.fun, where a memecoin moves after it completes its bonding curve and “graduates”. Launched in March 2025, it replaced the old route to Raydium, so a graduated coin now lands in a PumpSwap liquidity pool with no migration fee. By late October 2026, DefiLlama shows PumpSwap processing about $9.9 billion in 30-day volume with roughly $338 million in total value locked, ahead of Raydium’s main AMM on volume.
Key Facts
- Owner: PumpSwap is run by Pump.fun, the Solana memecoin launchpad.
- Launch: March 2025, replacing the previous migration of graduated coins to Raydium.
- Model: a constant-product AMM, the same basic pool design as Raydium’s classic pools.
- Volume: about $9.86 billion over the 30 days to October 25, 2026 (DefiLlama), versus about $5.75 billion for Raydium AMM, roughly 1.7 times more.
- Fees: in canonical pools for graduated coins, the total fee falls across 25 market cap tiers from 1.25% to 0.30%; above 420 SOL market cap, LPs receive 0.20%, the protocol 0.05%, and the creator the rest (Pump.fun fee schedule).
- Effective take: DefiLlama records about $115 million in 30-day fees, about 1.17% of volume, which shows how much of the flow trades at the higher creator-fee tiers.
How a Coin Reaches PumpSwap
Every Pump.fun coin starts on a bonding curve: a pricing formula, not a pool, where each buy raises the price along a fixed schedule. When enough SOL has flowed in, the curve completes and the coin graduates. At that moment the accumulated SOL and the remaining tokens are deposited into a PumpSwap pool, and from then on the price is set by the pool’s reserves like any other DEX. The full sequence is covered in Pump.fun graduation explained.
Before PumpSwap, graduation sent liquidity to Raydium and charged a migration fee. Moving it in-house let Pump.fun remove that fee, keep trading fees inside its own ecosystem, and pay creators a share of every trade.
PumpSwap Fees
| Pool type | LP fee | Protocol fee | Creator fee |
|---|---|---|---|
| Canonical, 0-420 SOL market cap | 0.02% | 0.93% | 0.30% (1.25% total) |
| Canonical, 420-1,470 SOL | 0.20% | 0.05% | 0.95% (1.20% total) |
| Canonical, 98,240+ SOL | 0.20% | 0.05% | 0.05% (0.30% total) |
| Non-canonical (anyone’s pool) | 0.20% | 0.05% | None: creator fees apply only to canonical pools |
The creator share is the part that changes. Pump.fun’s fee model ties it to market cap tiers, so small graduated coins pay creators a much larger cut than large ones. For a trader, a round trip on a freshly graduated coin costs about 2.4% in fees versus 0.6% on a coin above 98,240 SOL market cap, four times more, before slippage and priority fees. The full 25-tier schedule and worked examples are in Pump.fun fees explained. Always check the current tier table in the Pump.fun fee docs rather than relying on a number from an old screenshot.
PumpSwap vs Raydium
| PumpSwap | Raydium AMM | |
|---|---|---|
| Who lists | Graduated Pump.fun coins automatically, plus anyone | Anyone |
| 30-day volume (DefiLlama, 25.10.2026) | ~$9.86B | ~$5.75B |
| TVL | ~$338M | ~$1.15B |
| Creator fee | Yes, in canonical pools | No |
The ratio is the interesting part: PumpSwap moves 1.7 times Raydium AMM’s volume on less than a third of its liquidity. That is what memecoin trading looks like, with fast turnover in thin pools, and it is also why price impact on PumpSwap can be severe. Read price impact vs slippage before sizing any trade there.
Risks and Limits
- Thin pools: a graduated coin’s pool starts with only the liquidity from its curve, so large orders move the price hard.
- Fee drag: creator tiers make small-cap round trips expensive.
- No vetting: graduation means a coin hit a SOL target, not that it is safe. Rug pull checks still apply.
- Copy pools: non-canonical pools can carry the same ticker. Verify the mint address on DEXScreener or the Pump.fun page.
PumpSwap and a Fair-Launch Token Like $DOLAN
PumpSwap’s design favors coins that launch through Pump.fun’s curve. DOLAN Duck ($DOLAN) is a different case: a fair-launch SPL token with a fixed 98.3M supply and roughly 10,700 holders, trading through regular Solana DEX pools. The comparison is useful because the mechanics are the same once a token sits in a constant-product pool: price follows reserves, fees go to LPs, and your cost depends on pool depth. Whatever the venue, the token’s contract address is what you verify, as explained in contract addresses for memecoins.
PumpSwap is Pump.fun's own decentralized exchange on Solana. Coins that complete their bonding curve on Pump.fun graduate into PumpSwap pools.
PumpSwap launched in March 2025, replacing the earlier migration of graduated Pump.fun coins to Raydium.
In canonical pools the total fee falls from 1.25% to 0.30% as market cap rises, with LPs getting 0.20% and the protocol 0.05% above 420 SOL market cap. Non-canonical pools pay LP and protocol fees but no creator fee, because Pump.fun's program sends creator fees only from canonical pools.
By trading volume, yes: about $9.86 billion versus $5.75 billion for Raydium AMM over 30 days to October 25, 2026, per DefiLlama. Raydium still holds more liquidity.
No. Moving graduation in-house removed the migration fee that applied when coins went to Raydium.
Yes, but pools created outside graduation are non-canonical and pay no creator fee under Pump.fun's program rules. Always confirm the mint address before trading.