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:

k = virtualSolReserves × virtualTokenReserves

Initial Parameters