Pump.fun graduation (migration to PumpSwap)
Graduation is the moment a Pump.fun coin's bonding curve sells out and its liquidity moves into a PumpSwap pool. From then on the coin trades against that pool, with tiered PumpSwap fees, instead of against the curve.
What triggers graduation
Pump.fun's program docs say a curve is marked complete when a buy leaves no real tokens on it. Once complete, any further trade on the curve fails until the coin is migrated. The migrate instruction is permissionless, so anyone can run it, and running it twice does nothing. An older instruction that moved liquidity to Raydium from an off-chain server is now disabled.
Newer v3 buy instructions allow a synthetic migration. The buy that empties the curve can be larger than what is left on it. The excess is priced from the tokens and SOL that would go into the new pool, so the price is continuous across the migration.
What moves into the pool
The program docs say the liquidity from the curve is migrated to PumpSwap, a constant-product AMM, and the LP tokens received from the pool are then burnt. Pump.fun's fees page lists a graduation fee of 0.015 SOL for every coin. For a SOL-paired coin it is deducted from the bonding curve.
The Block reported on 2026-07-29 that a Pump.fun feature called BOOST now uses roughly 20% of migration liquidity, which previously stayed locked in the pool, for automatic market buys during the first five minutes after migration. The tokens bought are burned. The same article reported daily graduation rates of a few percent of launches, peaking at 6.7% on one day.
Fees after graduation
A graduated coin's pool is its canonical pool. Pump.fun's fees page sets canonical-pool fees by market cap. A SOL-paired coin pays 1.25% in total below 420 SOL of market cap, stepping down to 0.30% at 98,240 SOL and above. Non-canonical PumpSwap pools charge a flat 0.30%. App trades from 2026-10-17 also carry the 0.45% Platform Fee, or 0.40% with a referral code.
What it means for a trader
Graduation means a token reached a fill threshold, not that it was reviewed or that it will hold its price. Volatility around migration is often high, and terminals such as Axiom offer buy-on-migration and sell-on-migration tools, so you may be trading against automated orders at that moment. Check whether you are buying in the canonical pool or a copy pool, because fees and depth differ.
Where this shows up
- pump.fun — Creators launching a memecoin in one click, and traders buying early on the bonding curve before graduation.
- PumpSwap — Traders of pump.fun coins after graduation, and LPs in those pools.
- Axiom — Desktop Solana and BNB Chain memecoin traders who want spot, Hyperliquid perps and wallet tracking in one web terminal.
- GMGN — Multichain memecoin traders who want smart-money tracking and copy trading across a web terminal and Telegram bots.
- DEX Screener — Traders who want a free, multi-chain view of new and trending DEX pairs before they trade on a separate DEX, wallet or bot.
- Jupiter — Solana traders who want aggregated routing across DEXes with low or zero fees on major and stable pairs.
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Pump program README (pump.fun public docs) — checked 2026-10-16
- Synthetic Migration (pump.fun public docs) — checked 2026-10-16
- PumpSwap (Pump AMM) program README (pump.fun public docs) — checked 2026-10-16
- pump.fun Fees — checked 2026-10-16
- Pump.fun token graduation rate jumps after BOOST changes launch incentives (The Block, 2026-07-29) — checked 2026-10-16
- Axiom docs — checked 2026-10-16