TL;DR
PumpSwap is Pump.fun’s native decentralized exchange that handles post-graduation token trading directly, replacing the previous Raydium migration and keeping trading within the Pump.fun ecosystem.
PumpSwap is the built-in DEX created by Pump.fun to handle trading of tokens after they graduate from the bonding curve. Previously, when a Pump.fun token filled its bonding curve (~85 SOL), it automatically migrated to a Raydium AMM pool. With PumpSwap, graduated tokens now trade on Pump.fun’s own AMM instead. This keeps liquidity, fees, and trading activity within the Pump.fun ecosystem rather than sending it to a third-party DEX.
The key differences: zero migration fee (Raydium migration previously cost 6 SOL), instant trading continuation after graduation with no gap, and deeper integration with the Pump.fun interface. PumpSwap uses a constant-product AMM similar to Raydium’s standard pools. Tokens still show up on Jupiter and other aggregators since PumpSwap pools are on-chain and publicly accessible. For traders, the experience is largely seamless — the token just trades on a different underlying pool.
For graduation snipers, PumpSwap changes the transaction structure to monitor. Bots that previously watched for Raydium pool creation now need to detect PumpSwap pool creation instead. Most major trading bots and snipers have already integrated PumpSwap support. Liquidity depth may differ from Raydium pools since PumpSwap is newer and has its own liquidity dynamics. Jupiter routes through PumpSwap automatically when it offers the best price.
PumpSwap introduced a creator revenue-sharing model where token creators earn a percentage of trading fees generated by their token’s pool. This incentivizes creators to keep promoting and building around their tokens post-graduation rather than abandoning them. LPs can also provide additional liquidity to PumpSwap pools to earn swap fees. This combination of creator incentives and LP rewards aims to create a self-sustaining ecosystem for graduated tokens.