Pump.fun migration: what happens when a coin graduates
Updated 22 October 2026 · by AtroX · Belphor Research · the data behind this guide
What happens after a pump.fun migration?
The coin leaves its bonding curve and starts trading in a PumpSwap pool. As of October 2026, pump.fun moves the curve's liquidity into that pool, charges a 0.015 SOL migration fee and burns the pool's LP tokens. In Belphor's record, most migrated coins later fell to a fifth of their migration price or lower.
Migration, or graduation: the moment a pump.fun coin's bonding curve has sold every token it holds and the coin moves to a liquidity pool.
From the live data page, updated 2026-10-11 (n 10,977): "Of the 10,977 pump.fun migrations Belphor detected between 25 Aug 2026 and 11 Oct 2026 that have a price reading at least six hours later, 93% were at 20% of their migration price or lower when last checked, 14% reached +50% after migrating, 4.0% reached +200%, and 5.2% were above the migration price at the last reading." The tables further down are this guide's dated snapshot of 3 October 2026.
Read next: migration outcomes by liquidity at migration, on the live data page.
A pump.fun coin graduates when its bonding curve has sold every token it holds: as of October 2026 its liquidity moves into a new PumpSwap pool, pump.fun charges a 0.015 SOL migration fee and the pool's LP tokens are burned. Graduation is rarely a happy ending. As of 3 October 2026, 90% of the 8,590 pump.fun migrations Belphor recorded since 25 August 2026 were down 80% or more at their latest reading, and 7.5% were above their migration price.
Note added 22 October 2026: on 8 October 2026 Belphor corrected the price marks of the migrations it recorded from 19 September to 7 October 2026, after the migration figures here were taken. The correction put more of those coins at 80% down or worse and fewer above their migration price; the live table carries the corrected record.
- On the bonding curve there is no pool: a formula sets the price, and trackers often show liquidity as unknown, which many tools misread as zero.
- Graduation moves the curve's liquidity into a PumpSwap pool and burns its LP tokens; Raydium migration is deprecated (pump.fun documentation, as of October 2026).
- 90% of 8,590 migrations were down 80% or more at their latest reading and 7.5% were above the migration price (Belphor, as of 3 October 2026).
- Migration sniping is a real strategy with a short window and severe adverse selection; Belphor withdrew its own preset on 2 September 2026.
Life on the bonding curve
When a coin launches on pump.fun there is no liquidity pool. Buys and sells trade against a bonding curve, a formula that raises the price as more of the supply is bought and lowers it as coins are sold back. The curve is the market maker; for a SOL-quoted coin, the curve's SOL reserve provides its backing liquidity. USDC-quoted launches use their quote-asset reserve. Every trade on it pays pump.fun's 1.25% fee as of October 2026, split in pump.fun creator fees explained.
This stage confuses tooling. Chart sites often report the coin's liquidity as null or unknown, because there is no pool to measure, and naive systems misread that as zero and dismiss the coin as dust. Real money moves on the curve every day; it is simply measured differently, by the curve's reserve and the coin's market cap rather than by pool depth. What is a bonding curve covers the formula.
What graduation does, as of October 2026
pump.fun's developer documentation sets the trigger: a curve is complete when it has no real tokens left to sell. At that point the coin migrates, and the steps are published.
| Step | What happens |
|---|---|
| Trigger | The bonding curve has sold every token it holds for sale |
| Destination | A new PumpSwap pool, the coin's canonical pool |
| Who can run it | Anyone: the migrate instruction is permissionless |
| Migration fee | 0.015 SOL |
| LP tokens | The LP tokens the pool issues for the migrated liquidity are burned |
| Fee after migration | 1.25% under 420 SOL of market cap, then a falling tier table down to 0.30% |
Sources: pump.fun's fee page and its developer documentation, read 3 October 2026; the links are listed at the end.
Raydium is history. Graduating coins once went to Raydium through a withdrawal run from pump.fun's own server; the developer documentation now describes that instruction as deprecated and disabled. Coins that migrated to Raydium before the change still trade there and pay no pump.fun creator fee.
Burning the LP tokens matters for one specific risk: the liquidity that came from the curve cannot be pulled back out by whoever holds the LP tokens, because no one does. It does not stop holders from selling into that pool, which is how most migrated coins fall.
What happens to migrated coins: the record
Belphor records every pump.fun migration whose new pool reaches $15k of liquidity within 30 minutes and reads each one again later. As of 3 October 2026, 90% of the 8,590 migrations recorded between 25 August and 3 October 2026 were at 20% of their migration price or lower at their latest reading, taken at least six hours after migration, and 7.5% were above it.
| Migrations | Down 80% or more | Reached +50% | Reached +200% | Above the migration price | |
|---|---|---|---|---|---|
| All migrations | 8,590 | 90% | 14% | 3.9% | 7.5% |
| $15k to $30k | 3,922 | 89% | 7.5% | 2.7% | 6.0% |
| $30k to $60k | 1,198 | 96% | 11% | 4.1% | 3.1% |
| over $60k | 3,470 | 89% | 23% | 5.3% | 11% |
Fetched from the public JSON on 3 October 2026. The live table refreshes daily; this article is a dated snapshot of it. How each column is measured: how Belphor measures outcomes.
The week-by-week table and what "recovers" means in this record are in how long after a pump.fun migration coins die.
Why price often moves at migration
Three forces meet in the first minutes after graduation. Attention: migration is a milestone that gets posted, screenshotted and celebrated, so new eyes arrive. Access: many traders, bots and platforms refuse curve-stage coins on principle, so migration is the moment their capital is even allowed to enter. And mechanics: the new pool's depth is thin relative to the sudden flow, so modest buying moves price fast, in either direction.
The same forces explain the other outcome, which the record shows is the usual one. A coin that graduates with exhausted momentum often dumps soon after, as curve-stage buyers use the new liquidity as their exit, the pattern described in what is exit liquidity. Migration is a starting gun, not a promise.
Migration sniping, assessed
Sniping means buying within minutes of graduation to ride the attention wave. The edge, where it exists, decays in minutes, which forces speed, and speed without filters is dangerous: the migrations most heavily promoted in advance are the ones where early holders wait to distribute. Belphor ran migration sniping as a paper preset with a freshness window, a liquidity floor and a dump guard; the published migration signal record showed frequent large declines, and the preset was withdrawn from members on 2 September 2026.
What to check before touching a fresh migration
The pool's actual depth, not the coin's market cap. How much time has passed since graduation, because minute ten is a different trade from minute one. Whether price has already retraced hard from the migration print. And all the standard rug checks, since graduation does not clean a coin's holders: read the anatomy of a rug pull for that list.
What happens to pump.fun coins after they migrate? The live table behind this guide, recomputed daily, by starting liquidity and by week, with its JSON and CSV twins. In the Academy, measured: how long after migration pump.fun coins die. Where they trade afterwards: PumpSwap, Raydium and Jupiter; what each trade pays: every fee a pump.fun trade pays; the other launchpad: bonk.fun vs pump.fun.
Frequently asked
What happens when a pump.fun coin migrates?
When the bonding curve has sold every token it holds, the coin graduates. As of October 2026, pump.fun moves the curve's liquidity into a PumpSwap pool, charges a 0.015 SOL migration fee and burns the LP tokens the pool issues for that liquidity.
Do pump.fun coins still migrate to Raydium?
No. pump.fun's developer documentation describes the old Raydium withdrawal as deprecated and disabled, and graduating coins migrate to PumpSwap. Coins that migrated to Raydium earlier still trade there, and pump.fun's creator fee does not apply to them.
What share of migrated pump.fun coins survive?
In Belphor's record as of 3 October 2026, 90% of the 8,590 migrations recorded since 25 August 2026 were down 80% or more at their latest reading, and 7.5% were above their migration price.
Sources
Every statement about a named company on this page was checked against that company's own page on the date shown. Fees and features change; the page is the authority, this guide is a dated reading of it. Belphor is not affiliated with, or endorsed by, any company named here.
- pump.fun, Fees (page last updated 20 May 2026): https://pump.fun/docs/fees, fetched 3 October 2026
- pump.fun developer documentation, the pump program: https://github.com/pump-fun/pump-public-docs/blob/main/docs/PUMP_PROGRAM_README.md, fetched 3 October 2026
- pump.fun developer documentation, creator fees: https://github.com/pump-fun/pump-public-docs/blob/main/docs/PUMP_CREATOR_FEE_README.md, fetched 3 October 2026
- pump.fun developer documentation, README: https://github.com/pump-fun/pump-public-docs, fetched 3 October 2026
Belphor records pump.fun takeovers on-chain, scores each signal 0 to 100 and publishes measured outcomes with their sample sizes, windows and missing readings. Reflex Bot is coming soon and priced separately. The tables in this guide come from that record.
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