Field manual 09 · Hermes Legion University
pump.fun Bonding Curves
Read the curve before reading the candles
Understand how a pump.fun bonding curve quotes meme coin prices, how trade size changes price impact, and what graduation to PumpSwap means.
Short answer
A pump.fun bonding curve is the token’s initial onchain market. Buys and sells change virtual reserves, which changes the next quote; larger orders create greater price impact. Confirm curve progress, current fees, your exact expected output, and whether the token has graduated to PumpSwap before interpreting the chart.
The curve is the first market
A new pump.fun coin begins on a deterministic bonding curve rather than a traditional order book. The curve uses onchain reserves to quote buys and sells. Each buy changes those reserves and moves the next quoted price higher; each sell moves it lower. Your fill depends on both the curve state and the size of your trade.
Progress changes the risk picture
A token early in its curve can have a different holder distribution, available supply, price sensitivity, and trading history than one close to graduation. Curve progress is not proof of quality or future demand. It is context for understanding where price discovery is happening and how rapidly a larger order could move the quote.
Graduation changes the venue
Pump documentation describes graduation as the point when the bonding curve closes and liquidity migrates to PumpSwap. After that transition, evaluate the live pool, route, liquidity, holders, and current fee schedule rather than assuming pre-graduation conditions still apply. Always verify the venue shown by the current official interface.
Practical field note
Quote the same order at two curve stages
Record expected output, price impact, and fees for a fixed input while the token is early on the curve. Repeat later if progress changes materially. The comparison demonstrates how reserve state changes execution even when your input is identical. If the coin graduates, begin a new record for the PumpSwap pool rather than treating it as the same market.
Common mistakes
Treating progress as endorsement
Movement along the curve shows trading activity, not token quality or future demand.
Using an old fee assumption
Platform and creator fee schedules can change; check current official documentation.
Carrying curve data past graduation
The migrated pool requires a fresh liquidity, holder, route, and fee review.
Field checklist
- Confirm whether trading is on the curve or PumpSwap
- Record curve progress before entry
- Test price impact at your exact size
- Review the current official fee schedule
- Re-check liquidity after graduation
Common questions
Frequently asked questions
What moves price on a pump.fun bonding curve?+
Trades change the curve’s reserves. Buys move the quoted price higher and sells move it lower, with impact increasing as order size becomes larger relative to the curve.
Does graduation mean a meme coin is safe?+
No. Graduation changes the venue and liquidity structure. Contract, holder, creator, narrative, liquidity, and execution risks still remain.
What should I check after graduation?+
Verify the current PumpSwap pool, liquidity, paired asset, route, fees, holder distribution, and expected output for your position size.
Continue learning
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Primary documentation
Interfaces, fees, and routing systems change. Confirm current behavior in official documentation before acting.