{"id":503,"date":"2026-10-28T06:39:59","date_gmt":"2026-10-28T10:39:59","guid":{"rendered":"https:\/\/dolanduck.io\/blog\/?p=503"},"modified":"2026-10-28T06:39:59","modified_gmt":"2026-10-28T10:39:59","slug":"what-is-pumpswap","status":"publish","type":"post","link":"https:\/\/dolanduck.io\/blog\/what-is-pumpswap\/","title":{"rendered":"What Is PumpSwap? Pump.fun&#8217;s DEX, Fees and Graduation Explained"},"content":{"rendered":"\n<p>PumpSwap is the decentralized exchange built by Pump.fun, where a memecoin moves after it completes its bonding curve and &#8220;graduates&#8221;. 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&#8217;s main AMM on volume.<\/p>\n\n\n<!--more-->\n\n\n<h2 class=\"wp-block-heading\">Key Facts<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Owner:<\/strong> PumpSwap is run by Pump.fun, the Solana memecoin launchpad.<\/li><li><strong>Launch:<\/strong> March 2025, replacing the previous migration of graduated coins to Raydium.<\/li><li><strong>Model:<\/strong> a constant-product AMM, the same basic pool design as Raydium&#8217;s classic pools.<\/li><li><strong>Volume:<\/strong> 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.<\/li><li><strong>Fees:<\/strong> 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).<\/li><li><strong>Effective take:<\/strong> 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.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How a Coin Reaches PumpSwap<\/h2>\n\n\n\n<p>Every Pump.fun coin starts on a <a href=\"\/blog\/bonding-curve-pumpfun-explained\/\">bonding curve<\/a>: 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&#8217;s reserves like any other DEX. The full sequence is covered in <a href=\"\/blog\/pumpfun-graduation-explained\/\">Pump.fun graduation explained<\/a>.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">PumpSwap Fees<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Pool type<\/th><th>LP fee<\/th><th>Protocol fee<\/th><th>Creator fee<\/th><\/tr><\/thead><tbody><tr><td>Canonical, 0-420 SOL market cap<\/td><td>0.02%<\/td><td>0.93%<\/td><td>0.30% (1.25% total)<\/td><\/tr><tr><td>Canonical, 420-1,470 SOL<\/td><td>0.20%<\/td><td>0.05%<\/td><td>0.95% (1.20% total)<\/td><\/tr><tr><td>Canonical, 98,240+ SOL<\/td><td>0.20%<\/td><td>0.05%<\/td><td>0.05% (0.30% total)<\/td><\/tr><tr><td>Non-canonical (anyone&#8217;s pool)<\/td><td>0.20%<\/td><td>0.05%<\/td><td>None: creator fees apply only to canonical pools<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The creator share is the part that changes. Pump.fun&#8217;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 <a href=\"\/blog\/pump-fun-fees\/\">Pump.fun fees explained<\/a>. Always check the current tier table in the <a href=\"https:\/\/pump.fun\/docs\/fees\" target=\"_blank\" rel=\"nofollow noopener\">Pump.fun fee docs<\/a> rather than relying on a number from an old screenshot.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">PumpSwap vs Raydium<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th><\/th><th>PumpSwap<\/th><th>Raydium AMM<\/th><\/tr><\/thead><tbody><tr><td>Who lists<\/td><td>Graduated Pump.fun coins automatically, plus anyone<\/td><td>Anyone<\/td><\/tr><tr><td>30-day volume (DefiLlama, 25.10.2026)<\/td><td>~$9.86B<\/td><td>~$5.75B<\/td><\/tr><tr><td>TVL<\/td><td>~$338M<\/td><td>~$1.15B<\/td><\/tr><tr><td>Creator fee<\/td><td>Yes, in canonical pools<\/td><td>No<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The ratio is the interesting part: PumpSwap moves 1.7 times Raydium AMM&#8217;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 <a href=\"\/blog\/price-impact-vs-slippage-dex\/\">price impact vs slippage<\/a> before sizing any trade there.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Risks and Limits<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Thin pools:<\/strong> a graduated coin&#8217;s pool starts with only the liquidity from its curve, so large orders move the price hard.<\/li><li><strong>Fee drag:<\/strong> creator tiers make small-cap round trips expensive.<\/li><li><strong>No vetting:<\/strong> graduation means a coin hit a SOL target, not that it is safe. Rug pull checks still apply.<\/li><li><strong>Copy pools:<\/strong> non-canonical pools can carry the same ticker. Verify the mint address on <a href=\"https:\/\/dexscreener.com\" target=\"_blank\" rel=\"nofollow noopener\">DEXScreener<\/a> or the Pump.fun page.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">PumpSwap and a Fair-Launch Token Like $DOLAN<\/h2>\n\n\n\n<p>PumpSwap&#8217;s design favors coins that launch through Pump.fun&#8217;s curve. DOLAN Duck ($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&#8217;s contract address is what you verify, as explained in <a href=\"\/blog\/contract-address-memecoin-explained\/\">contract addresses for memecoins<\/a>.<\/p>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1792924732099\"><strong class=\"schema-faq-question\">What is PumpSwap?<\/strong> <p class=\"schema-faq-answer\">PumpSwap is Pump.fun&#x27;s own decentralized exchange on Solana. Coins that complete their bonding curve on Pump.fun graduate into PumpSwap pools.<\/p> <\/div><div class=\"schema-faq-section\" id=\"faq-question-1792924732100\"><strong class=\"schema-faq-question\">When did PumpSwap launch?<\/strong> <p class=\"schema-faq-answer\">PumpSwap launched in March 2025, replacing the earlier migration of graduated Pump.fun coins to Raydium.<\/p> <\/div><div class=\"schema-faq-section\" id=\"faq-question-1792924732101\"><strong class=\"schema-faq-question\">What are PumpSwap fees?<\/strong> <p class=\"schema-faq-answer\">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&#x27;s program sends creator fees only from canonical pools.<\/p> <\/div><div class=\"schema-faq-section\" id=\"faq-question-1792924732102\"><strong class=\"schema-faq-question\">Is PumpSwap bigger than Raydium?<\/strong> <p class=\"schema-faq-answer\">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.<\/p> <\/div><div class=\"schema-faq-section\" id=\"faq-question-1792924732103\"><strong class=\"schema-faq-question\">Is there a migration fee to PumpSwap?<\/strong> <p class=\"schema-faq-answer\">No. Moving graduation in-house removed the migration fee that applied when coins went to Raydium.<\/p> <\/div><div class=\"schema-faq-section\" id=\"faq-question-1792924732104\"><strong class=\"schema-faq-question\">Can anyone create a PumpSwap pool?<\/strong> <p class=\"schema-faq-answer\">Yes, but pools created outside graduation are non-canonical and pay no creator fee under Pump.fun&#x27;s program rules. Always confirm the mint address before trading.<\/p> <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>PumpSwap is the decentralized exchange built by Pump.fun, where a memecoin moves after it completes its bonding curve and &#8220;graduates&#8221;. Launched in March 2025, it&#8230;<\/p>\n","protected":false},"author":2,"featured_media":504,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-memecoins"],"_links":{"self":[{"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/posts\/503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/comments?post=503"}],"version-history":[{"count":1,"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/posts\/503\/revisions"}],"predecessor-version":[{"id":524,"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/posts\/503\/revisions\/524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/media\/504"}],"wp:attachment":[{"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/media?parent=503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/categories?post=503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dolanduck.io\/blog\/wp-json\/wp\/v2\/tags?post=503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}