PumpFun bonding curve math, graduation mechanics, instruction parsing, and PumpSwap migration

PumpFun Mechanics — Bonding Curves, Graduation & Instruction Parsing PumpFun is the dominant Solana token launchpad. Understanding its bonding curve math, graduation process, and instruction formats is essential for analyzing new token launches, building trading strategies around graduation events, and parsing on chain PumpFun activity. Bonding Curve Math PumpFun uses a virtual constant product (CPMM) bonding curve: Initial Parameters Parameter Value Initial Virtual SOL 30 SOL (30,000,000,000 lamports) Initial Virtual Tokens ~1.073B tokens (1,073,000,000,000,000 raw, 6 decimals) Token Total Supply 1B tokens (1,000,000,000,000,000 raw) Real Token Reserves ~793M tokens (793,000,000,000,000 raw) Real SOL Reserves 0 (no real SOL at launch) Fee 1% (applied externally by the program) Virtual vs Real : Virtual reserves define the curve shape. Real reserves track actual withdrawable funds. The difference (1.073B 793M = 280M virtual tokens) shapes the initial price but can never be withdrawn. Spot Price Buy Tokens (SOL → Tokens) Sell Tokens (Tokens → SOL) Buy Cost (Exact token amount → SOL needed) Fee Handling The 1% fee is not part of the curve math. It's applied externally: Market Cap Graduation Graduation occurs when realSolReserves reaches ~85 SOL (~$12K 14K depending on SOL price). Only ~1.4% of PumpFun tokens ever graduate. What Happens 1. complete flag set to true on bonding curve account 2. CompleteEvent emitted (discriminator 5f72619cd42e9808 ) 3. Bonding curve stops accepting trades 4. ~$12K liquidity deposited to the destination DEX 5. Token becomes tradeable on PumpSwap (or Raydium for older tokens) Fill Percentage Migration Targets March 2025+ : PumpSwap ( pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA ) — native AMM, no migration fee Before March 2025 : Raydium V4 ( 675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8 ) — 6 SOL fee PumpSwap Post Graduation PumpSwap is a constant product AMM with 1% fee (same as bonding curve). Key differences: Base asset is always WSOL, quote is token Instruction semantics are inverted: "buy" instruction sells tokens, "sell" instruction buys tokens Supports creator revenue sharing (0.05% of volume to original creator) Program IDs & Addresses Program/Account Address PumpFun Program 6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P PumpSwap Program pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA Fee Program pfeeUxB6jkeY1Hxd7CsFCAjcbHA9rWtchMGdZ6VojVZ Global Account 4wTV1YmiEkRvAtNtsSGPtUrqRYQMe5SKy2uB4Jjaxnjf Fee Recipient 62qc2CNXwrYqQScmEdiZFFAnJR262PxWEuNQtxfafNgV Event Authority Ce6TQqeHC9p8KetsN6JsjHK7UTZk7nasjjnr7XxXp9F1 Event Parsing Events are Anchor style: sha256("event:<EventName ")[0..8] Event Discriminator (hex) CreateEvent 1b72a94ddeeb6376 TradeEvent bddb7fd34ee661ee CompleteEvent 5f72619cd42e9808 TradeEvent Layout (after 8 byte discriminator) Critical : Events are in CPI inner instructions. Search for discriminators anywhere in instruction data, not just at offset 0. Bonding Curve Account Layout PDA Derivation PDA Seeds Bonding Curve ["bonding curve", mint] Bonding Curve V2 ["bonding curve v2", mint] Creator Vault ["creator vault", creator] Instruction Discriminators Instruction Hex Notes buy exact sol in (V2) 38fc74089edfcd5f Current production buy sell (V2) 33e685a4017f83ad Current production sell buy (V1/legacy) 66063d1201daebea Legacy, still seen occasionally create 181ec828051c0777 Token creation Buy Instruction Data (24 bytes) Sell Instruction Data (24 bytes) Price Impact & Sizing Files References references/bonding curve math.md — Complete mathematical derivations with worked examples references/graduation process.md — Graduation threshold, migration, PumpSwap mechanics references/instruction reference.md — Full instruction and event layouts for parsing Scripts scripts/curve calculator.py — Interactive bonding curve calculator: price, impact, fill % scripts/parse events.py — Parse PumpFun events from transaction data

pumpfun-mechanics