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Short answer: Under Pump.fun’s current documented process, a token that reaches its bonding-curve graduation threshold does not normally migrate to Raydium. The curve closes, and its liquidity moves atomically into a canonical PumpSwap pool. Graduation is automatic and irreversible; it is not a voluntary exchange listing or a promise that the token will keep rising.
Raydium has a separate launch system called LaunchLab. A LaunchLab token can graduate from its own curve into a Raydium constant-product market-maker (CPMM) pool, but that is a different lifecycle from a Pump.fun launch. Keeping those two systems separate prevents the most common misunderstanding behind this question.
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What “graduation” means on Pump.fun
A Pump.fun token begins life on a bonding curve. Instead of trading against a conventional exchange pool from the first transaction, buys and sells are quoted from virtual SOL and token reserves controlled by the curve. Purchases move the quoted price upward; sales move it downward. Because the reserves change with every trade, a larger order generally creates more price impact than a smaller order.
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After closure, the liquidity associated with the curve becomes the canonical liquidity pool for the token on PumpSwap. Pump.fun’s bonding-curve documentation describes the migrated SOL and token amounts as that pool’s initial liquidity. It also states that Pump.fun does not seed or remove liquidity after graduation; the pool is protocol-owned. The token therefore moves from a curve-based market to an automated-market-maker pool without requiring a separate human listing step.
The current Pump.fun transition, step by step
- The curve reaches its configured threshold. Trading on the bonding curve has accumulated enough of the required reserve or progress measure for the launch to graduate.
- The curve closes. The launch can no longer continue quoting trades as an ungraduated Pump.fun curve. This closure is part of the protocol transition.
- Liquidity migrates atomically. The SOL and token balances designated for the post-graduation market are moved in the same protocol operation. “Atomically” means the migration is executed as one indivisible transaction sequence rather than as a series of optional manual deposits.
- A PumpSwap pool becomes the canonical market. Once the migration succeeds, subsequent trading uses the post-graduation pool rather than the original bonding curve.
- The state cannot be reversed through the normal flow. Graduation is documented as irreversible. A token does not return to its earlier curve phase merely because its price later falls or trading activity slows.
This sequence is why the phrase “graduates to Raydium” is misleading for a standard Pump.fun launch. The current documented destination is PumpSwap. A particular token could have other pools or venues created later, but the reviewed protocol documentation does not establish Raydium as the normal destination for Pump.fun graduation.
Bonding curve versus the post-graduation pool
The most important practical change is the market mechanism. Both phases can be described broadly as automated trading, but the source of the quote and the way liquidity is represented are different.
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| Feature | Before graduation | After graduation |
|---|---|---|
| Trading venue | Pump.fun bonding curve | Canonical PumpSwap pool |
| Pricing source | Virtual SOL and token reserves on the curve | Reserves held by the automated-market-maker pool |
| Trigger for the change | Curve has not yet reached its configured threshold | Threshold reached; curve closes and migration executes |
| Liquidity status | Curve reserves determine the quote | Migrated SOL and token amounts form the protocol-owned pool liquidity |
| Reversibility | Curve remains active until graduation | Graduation is automatic and irreversible |
| Fee treatment | Bonding-curve schedule applies | PumpSwap schedule applies, with the applicable tier set by the smart contracts |
The migration itself does not guarantee a particular market price. The first post-graduation quote depends on the pool’s reserves and the trades that follow. A large buy can move the pool price sharply; a large sell can move it the other way. The fact that a token crossed the threshold says where liquidity was routed, not what return a trader will receive.
Fees at graduation and during trading
Migration fee
Pump.fun’s fee page, marked “Last Updated: 08 October 2026,” lists a 0.015 SOL fee for a coin graduating from Pump.fun to PumpSwap. That is a schedule amount, not a trading-performance statistic. The page was served from a Pump preview subdomain, so treat the figure as provisional and verify the current live schedule or the transaction that performs the migration before relying on it.
For a SOL-paired coin, the fee is deducted from the bonding curve. For a coin paired with another asset, the fee is normally paid in SOL by the account performing the migration, which is normally Pump.fun. If a user’s trade is the transaction that triggers migration, that user can be the account charged for the fee under the stated rules. The payer therefore depends on both the pair configuration and which account submits the triggering transaction.
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Trading fees before graduation
For SOL- and USDC-paired coins, the same fee schedule lists a 1.25% total bonding-curve trading fee. The current schedule allocates that total among creator, protocol and liquidity-pool categories. The percentage applies to the curve phase; it should not be assumed to describe the post-graduation pool.
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Trading fees after graduation
Canonical PumpSwap fees vary by market-cap tier. The fee page says the applicable schedule is determined by the smart contracts and may change. There is therefore no single post-graduation percentage that can be quoted accurately for every token. Check the current contract-controlled tier and the token’s paired asset when estimating the cost of a trade.
Why Raydium appears in the question
Raydium’s LaunchLab also uses bonding curves and a graduation concept. In that system, a LaunchLab curve graduates by creating a Raydium CPMM pool. The similarity of the words “bonding curve” and “graduation” makes the two flows easy to conflate, but they are separate launch platforms.
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| Launch system | Curve before graduation | Destination at graduation | What the distinction means |
|---|---|---|---|
| Pump.fun | Pump.fun bonding curve | PumpSwap canonical pool | This is the current documented Pump.fun route |
| Raydium LaunchLab | LaunchLab bonding curve | Raydium CPMM pool | This is Raydium’s own launch lifecycle, not a Pump.fun migration |
A token launched on Pump.fun could later be traded in additional venues if someone creates or supports those markets, but that possibility is different from the protocol’s graduation destination. Conversely, a LaunchLab token’s move into a Raydium CPMM pool should not be used as evidence that Pump.fun uses the same route.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What a trader should expect around the transition
Before the threshold
While the curve is active, the quoted buy and sell prices come from the curve reserves. Watch the quoted output for the exact order size rather than relying on a headline price. A larger order can receive a materially worse average price because its own execution changes the reserves. The 1.25% total curve fee for SOL- and USDC-paired coins is also part of the cost calculation.
At the triggering transaction
The trade that reaches the threshold can be the transaction in which the curve closes and migration occurs. Because the operation is atomic, the migration either completes according to the contract’s rules or the transaction fails; it is not a promise that a later manual deposit will finish the job. For non-SOL pairs, inspect who paid the SOL migration fee, especially if your trade caused the transition.
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Immediately after graduation
Use the canonical PumpSwap pool for the token, not an old curve quote. The pool’s reserves establish the new market price, and your order size relative to those reserves determines price impact. Confirm that your trading interface has switched to the post-graduation pool before submitting an order; a stale screen can display an outdated curve state.
When checking a transaction
Look for evidence that the curve closed, the expected SOL and token amounts moved, and the canonical pool was created or funded in the same transaction sequence. The exact pool address, reserves and execution price are token-specific and are not established by the general graduation documentation. Use the transaction record and the current contract state for those values rather than assuming every graduation has identical liquidity.
What graduation does not tell you
- It is not a guarantee of profit. Graduation confirms that a configured threshold was reached; it does not predict future demand or price direction.
- It is not a safety certification. The protocol event does not establish that the token’s code, creator, holders or marketing are trustworthy.
- It is not a guarantee of deep liquidity. The pool has specific reserves. A large order can still suffer substantial slippage, and low demand can leave the token difficult to sell.
- It is not a permanent exchange listing. The canonical pool can exist while activity declines, spreads widen or the token loses value.
- It does not fix the price at the graduation moment. Once the pool is active, subsequent buys and sells move its reserves and price.
The protocol documentation explains the mechanics of the transition, not the outcome of any individual trade. Execution depends on pool reserves, order size, fees, slippage settings and market conditions at the time you transact.
A practical checklist for identifying the correct venue
- Confirm which launch system created the token: Pump.fun or Raydium LaunchLab.
- For a Pump.fun token, check whether the bonding curve is marked closed and whether a PumpSwap pool is identified as canonical.
- Read the migration transaction to verify the pool destination and the SOL and token amounts actually moved.
- Check the current fee schedule and the token’s pair and market-cap tier; do not reuse the 0.015 SOL migration figure or a curve fee as a universal post-graduation rate.
- Compare the order size with the pool reserves and set slippage for the conditions you can accept.
- After trading, retain the transaction record so you can distinguish the execution price and fees from the token’s later market price.
Bottom line for the Raydium question
For the current documented Pump.fun flow, graduation means the bonding curve reaches its threshold, closes permanently and migrates its liquidity to PumpSwap. It does not normally send the token to Raydium. Raydium’s CPMM destination belongs to the separate LaunchLab lifecycle. Treat any later Raydium market as an additional venue, not as the standard result of Pump.fun graduation, and evaluate the actual pool reserves, fees and trade conditions before assuming the transition improves a token’s price or liquidity.
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