PumpSwap

PumpSwap is Pump.fun’s native decentralized exchange (DEX). Tokens usually arrive on PumpSwap after graduating from PumpFun’s bonding curve, although pools can also be created directly.

Program Address: pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA

What To Check Before Trading

Before trading a PumpSwap pool, check:

• Whether the token migrated from PumpFun: Prefer migrated pools. Directly created pools are often scams and usually do not have locked liquidity.
• Quote currency: Pools can be paired against SOL (wrapped SOL) or USDC.
• Cashback mode: Cashback pools route the creator-fee portion of each trade back to traders.

You can detect the quote asset and cashback status in our WebSocket feed:

• quoteMint appears on PumpSwap create and liquidity events
• isCashback appears on PumpSwap trade events

See the WebSocket examples for the full message shape.

Trading On PumpSwap

Quote Currencies

PumpSwap pools can be paired against:

• SOL / WSOL: The most common quote asset for graduated PumpFun tokens
• USDC: Stablecoin-paired pools that settle trades in USDC

In the SDK, you can pass quote aliases like 'SOL', 'WSOL' or 'USDC' as quoteMint. In the REST API, use the actual mint addresses in inputMint and outputMint.

Fees And Cashback

PumpSwap uses tiered fees that decrease as market cap grows. Fees are distributed between the protocol, token creators and liquidity providers (LPs).

For cashback pools, the creator-fee portion is redirected to traders instead of the token creator.

• Normal pool: Protocol fee + creator fee + LP fee
• Cashback pool: Protocol fee + trader cashback + LP fee

Cashback is inherited from PumpFun. If a token was created with cashback enabled, that setting carries through after graduation to PumpSwap. Accrued cashback can be claimed through PumpFun’s claim_cashback_v2 instruction.

Identify cashback trades with isCashback:

"isCashback": true

Fee Structure

The exact fee split depends on market cap:

Market Cap (SOL)	Total Fee	Protocol	Creator	LP
0–420	1.25%	0.93%	0.30%	0.02%
420–1,470	1.20%	0.05%	0.95%	0.20%
1,470–2,460	1.15%	0.05%	0.90%	0.20%
…	…	…	…	…
98,000+	0.30%	0.05%	0.05%	0.20%

How the AMM Works

PumpSwap uses a constant product automated market maker (AMM), similar to Uniswap V2.

Constant Product Formula

The AMM maintains the invariant: x × y = k

• x = amount of tokens in the pool
• y = amount of quote asset in the pool (SOL, WSOL or USDC)
• k = constant that must be preserved after each trade

Price Determination

The price is determined by the ratio of reserves in the pool. When you buy tokens:

1. You add the quote asset to the pool
2. The pool gives you tokens
3. The ratio shifts, making tokens more expensive
4. The product (k) stays constant

This creates automatic price discovery based on supply and demand.

Migration From PumpFun

When a token’s bonding curve completes on PumpFun, it automatically migrates to PumpSwap:

• Instant migration: No waiting period or manual steps required
• Zero fees: Previously, migration to Raydium cost 6 SOL; PumpSwap eliminates this fee
• Locked liquidity: The quote assets and tokens from the bonding curve are permanently locked as liquidity

Migrated Tokens vs. Direct Pools

Migrated Tokens (Safe)

Tokens that graduate from PumpFun have their initial liquidity permanently locked. No one can withdraw that liquidity, which makes these pools safer to trade.

Direct Pool Creation (Risky)

Anyone can create a new liquidity pool directly on PumpSwap without going through PumpFun’s bonding curve. These pools do NOT have locked liquidity and are often used for scams.

Liquidity Rug Risk

For pools created directly on PumpSwap (not migrated from PumpFun):

• Withdrawable liquidity: The pool creator can remove their liquidity at any time
• Rug pull: If a large LP withdraws all liquidity, the pool becomes illiquid
• Stuck tokens: Remaining token holders cannot sell because there’s no liquidity to trade against

How to Stay Safe

• Avoid directly created pools by default: Most legitimate Pump.fun tokens reach PumpSwap by graduating from PumpFun.
• Prefer migrated tokens: Trade tokens that graduated from PumpFun and have locked initial liquidity.
• Treat direct pools as high risk: Only trade them if you have verified the pool, liquidity distribution and token provenance yourself.