pumpfun-mechanics

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PumpFun Mechanics — Bonding Curves, Graduation & Instruction Parsing

PumpFun 机制解析 — Bonding Curve、毕业与指令解析

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.

PumpFun 是 Solana 上最主流的代币发行平台。理解其 Bonding Curve 数学原理、毕业流程以及指令格式，对于分析新代币发行、围绕毕业事件构建交易策略，以及解析链上 PumpFun 活动至关重要。

Bonding Curve Math

Bonding Curve 数学原理

PumpFun uses a virtual constant-product (CPMM) bonding curve:

k = virtualSolReserves × virtualTokenReserves

PumpFun 采用虚拟常数乘积（CPMM） Bonding Curve：

k = virtualSolReserves × virtualTokenReserves

Initial Parameters

初始参数

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 The difference (1.073B - 793M = 280M virtual tokens) shapes the initial price but can never be withdrawn.

参数	值
初始虚拟 SOL	30 SOL（30,000,000,000 lamports）
初始虚拟代币	约10.73亿枚（1,073,000,000,000,000 原始单位，6位小数）
代币总供应量	10亿枚（1,000,000,000,000,000 原始单位）
实际代币储备	约7.93亿枚（793,000,000,000,000 原始单位）
实际 SOL 储备	0（发行时无实际 SOL）
手续费	1%（由程序在外部收取）

虚拟储备 vs 实际储备：虚拟储备决定曲线形状，实际储备追踪可提取的实际资金。两者的差值（10.73亿 - 7.93亿 = 2.8亿虚拟代币）决定了初始价格，但永远无法被提取。

Spot Price

现货价格

python

price_sol_per_token = virtual_sol_reserves / virtual_token_reserves

python

price_sol_per_token = virtual_sol_reserves / virtual_token_reserves

In human-readable units:

price = (virtual_sol / 1e9) / (virtual_token / 1e6)

At genesis: 30 / 1,073,000,000 ≈ 2.796e-8 SOL/token

At graduation: ~4.1e-7 SOL/token (~14.7x from launch)

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Buy Tokens (SOL → Tokens)

买入代币（SOL → 代币）

python

def buy_tokens(v_sol: int, v_tok: int, real_tok: int, sol_in: int) -> int:
    """Calculate tokens received for a given SOL input.

    Args:
        v_sol: Virtual SOL reserves (lamports).
        v_tok: Virtual token reserves (raw).
        real_tok: Real token reserves (raw).
        sol_in: SOL to spend (lamports, BEFORE 1% fee).

    Returns:
        Tokens received (raw units).
    """
    k = v_sol * v_tok
    new_v_sol = v_sol + sol_in
    new_v_tok = k // new_v_sol + 1  # +1 matches on-chain rounding
    tokens_out = v_tok - new_v_tok
    return min(tokens_out, real_tok)

python

def buy_tokens(v_sol: int, v_tok: int, real_tok: int, sol_in: int) -> int:
    """Calculate tokens received for a given SOL input.

    Args:
        v_sol: Virtual SOL reserves (lamports).
        v_tok: Virtual token reserves (raw).
        real_tok: Real token reserves (raw).
        sol_in: SOL to spend (lamports, BEFORE 1% fee).

    Returns:
        Tokens received (raw units).
    """
    k = v_sol * v_tok
    new_v_sol = v_sol + sol_in
    new_v_tok = k // new_v_sol + 1  # +1 matches on-chain rounding
    tokens_out = v_tok - new_v_tok
    return min(tokens_out, real_tok)

Sell Tokens (Tokens → SOL)

卖出代币（代币 → SOL）

python

def sell_tokens(v_sol: int, v_tok: int, real_sol: int, tokens_in: int) -> int:
    """Calculate SOL received for selling tokens.

    Args:
        v_sol: Virtual SOL reserves (lamports).
        v_tok: Virtual token reserves (raw).
        real_sol: Real SOL reserves (lamports).
        tokens_in: Tokens to sell (raw units).

    Returns:
        SOL received (lamports, BEFORE 1% fee).
    """
    k = v_sol * v_tok
    new_v_tok = v_tok + tokens_in
    new_v_sol = k // new_v_tok
    sol_out = v_sol - new_v_sol - 1  # -1 matches on-chain floor rounding
    return min(sol_out, real_sol)

python

def sell_tokens(v_sol: int, v_tok: int, real_sol: int, tokens_in: int) -> int:
    """Calculate SOL received for selling tokens.

    Args:
        v_sol: Virtual SOL reserves (lamports).
        v_tok: Virtual token reserves (raw).
        real_sol: Real SOL reserves (lamports).
        tokens_in: Tokens to sell (raw units).

    Returns:
        SOL received (lamports, BEFORE 1% fee).
    """
    k = v_sol * v_tok
    new_v_tok = v_tok + tokens_in
    new_v_sol = k // new_v_tok
    sol_out = v_sol - new_v_sol - 1  # -1 matches on-chain floor rounding
    return min(sol_out, real_sol)

Buy Cost (Exact token amount → SOL needed)

买入成本（精确代币数量 → 所需 SOL）

python

def buy_cost(v_sol: int, v_tok: int, tokens_wanted: int) -> int:
    """Calculate SOL needed to buy exact token amount.

    Returns:
        SOL cost in lamports (before fee). Returns max int if impossible.
    """
    if tokens_wanted >= v_tok:
        return 2**64 - 1  # impossible
    k = v_sol * v_tok
    new_v_tok = v_tok - tokens_wanted
    new_v_sol = k // new_v_tok + 1
    return new_v_sol - v_sol

python

def buy_cost(v_sol: int, v_tok: int, tokens_wanted: int) -> int:
    """Calculate SOL needed to buy exact token amount.

    Returns:
        SOL cost in lamports (before fee). Returns max int if impossible.
    """
    if tokens_wanted >= v_tok:
        return 2**64 - 1  # impossible
    k = v_sol * v_tok
    new_v_tok = v_tok - tokens_wanted
    new_v_sol = k // new_v_tok + 1
    return new_v_sol - v_sol

Fee Handling

手续费处理

The 1% fee is not part of the curve math. It's applied externally:

python

undefined

1% 的手续费不属于曲线数学的一部分，而是在外部收取：

python

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Buying: fee deducted from SOL input before curve

actual_sol_to_curve = sol_input * 0.99

Selling: fee deducted from SOL output after curve

actual_sol_received = sol_from_curve * 0.99

Roundtrip minimum cost: ~2% from fees alone, plus price impact

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Market Cap

市值

python

market_cap_sol = (token_total_supply * virtual_sol_reserves) / virtual_token_reserves

python

market_cap_sol = (token_total_supply * virtual_sol_reserves) / virtual_token_reserves

Graduation

毕业机制

Graduation occurs when

realSolReserves

reaches ~85 SOL (~$12K-14K depending on SOL price). Only ~1.4% of PumpFun tokens ever graduate.

当

realSolReserves

达到约85 SOL（约12000-14000美元，取决于 SOL 价格）时，就会触发毕业。仅有约1.4% 的 PumpFun 代币能够成功毕业。

What Happens

毕业时会发生什么

```
complete
```
flag set to
```
true
```
on bonding curve account
```
CompleteEvent
```
emitted (discriminator
```
5f72619cd42e9808
```
)
Bonding curve stops accepting trades
~$12K liquidity deposited to the destination DEX
Token becomes tradeable on PumpSwap (or Raydium for older tokens)

Bonding Curve 账户的
```
complete
```
标志被设置为
```
true
```
触发
```
CompleteEvent
```
事件（鉴别器为
```
5f72619cd42e9808
```
）
Bonding Curve 停止接受交易
约12000美元的流动性被存入目标 DEX
代币可在 PumpSwap 上交易（旧代币则迁移至 Raydium）

Fill Percentage

填充百分比

python

GRADUATION_THRESHOLD = 85_000_000_000  # 85 SOL in lamports

fill_pct = (real_sol_reserves / GRADUATION_THRESHOLD) * 100.0

python

GRADUATION_THRESHOLD = 85_000_000_000  # 85 SOL in lamports

fill_pct = (real_sol_reserves / GRADUATION_THRESHOLD) * 100.0

Migration Targets

迁移目标

March 2025+: PumpSwap (
```
pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA
```
) — native AMM, no migration fee
Before March 2025: Raydium V4 (
```
675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8
```
) — 6 SOL fee

2025年3月及以后：PumpSwap（地址
```
pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA
```
）— 原生 AMM，无迁移手续费
2025年3月之前：Raydium V4（地址
```
675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8
```
）— 收取6 SOL 手续费

PumpSwap Post-Graduation

毕业后的 PumpSwap

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)

PumpSwap 是一个常数乘积 AMM，手续费为1%（与 Bonding Curve 相同）。核心区别如下：

基础资产始终为 WSOL，报价资产为代币
指令语义相反：“buy” 指令用于卖出代币，“sell” 指令用于买入代币
支持创作者收益分成（交易量的0.05% 归原始创作者所有）

Program IDs & Addresses

程序 ID 与地址

Program/Account	Address
PumpFun Program	`6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P`
PumpSwap Program	`pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA`
Fee Program	`pfeeUxB6jkeY1Hxd7CsFCAjcbHA9rWtchMGdZ6VojVZ`
Global Account	`4wTV1YmiEkRvAtNtsSGPtUrqRYQMe5SKy2uB4Jjaxnjf`
Fee Recipient	`62qc2CNXwrYqQScmEdiZFFAnJR262PxWEuNQtxfafNgV`
Event Authority	`Ce6TQqeHC9p8KetsN6JsjHK7UTZk7nasjjnr7XxXp9F1`

程序/账户	地址
PumpFun 程序	`6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P`
PumpSwap 程序	`pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA`
手续费程序	`pfeeUxB6jkeY1Hxd7CsFCAjcbHA9rWtchMGdZ6VojVZ`
全局账户	`4wTV1YmiEkRvAtNtsSGPtUrqRYQMe5SKy2uB4Jjaxnjf`
手续费接收方	`62qc2CNXwrYqQScmEdiZFFAnJR262PxWEuNQtxfafNgV`
事件权限账户	`Ce6TQqeHC9p8KetsN6JsjHK7UTZk7nasjjnr7XxXp9F1`

Event Parsing

事件解析

Events are Anchor-style:

sha256("event:<EventName>")[0..8]

Event	Discriminator (hex)
CreateEvent	`1b72a94ddeeb6376`
TradeEvent	`bddb7fd34ee661ee`
CompleteEvent	`5f72619cd42e9808`

事件采用 Anchor 风格：

sha256("event:<EventName>")[0..8]

事件	鉴别器（十六进制）
CreateEvent	`1b72a94ddeeb6376`
TradeEvent	`bddb7fd34ee661ee`
CompleteEvent	`5f72619cd42e9808`

TradeEvent Layout (after 8-byte discriminator)

TradeEvent 结构（8字节鉴别器之后）

mint:                  pubkey   32 bytes
solAmount:             u64       8 bytes
tokenAmount:           u64       8 bytes
isBuy:                 bool      1 byte
user:                  pubkey   32 bytes
timestamp:             i64       8 bytes
virtualSolReserves:    u64       8 bytes
virtualTokenReserves:  u64       8 bytes
realSolReserves:       u64       8 bytes
realTokenReserves:     u64       8 bytes

Critical: Events are in CPI inner instructions. Search for discriminators anywhere in instruction data, not just at offset 0.

mint:                  pubkey   32 bytes
solAmount:             u64       8 bytes
tokenAmount:           u64       8 bytes
isBuy:                 bool      1 byte
user:                  pubkey   32 bytes
timestamp:             i64       8 bytes
virtualSolReserves:    u64       8 bytes
virtualTokenReserves:  u64       8 bytes
realSolReserves:       u64       8 bytes
realTokenReserves:     u64       8 bytes

重要提示：事件位于 CPI 内部指令中。请在指令数据的任意位置搜索鉴别器，而非仅在偏移量0处。

Bonding Curve Account Layout

Bonding Curve 账户结构

Offset 0:   discriminator          8 bytes
Offset 8:   virtualTokenReserves   u64
Offset 16:  virtualSolReserves     u64
Offset 24:  realTokenReserves      u64
Offset 32:  realSolReserves        u64
Offset 40:  tokenTotalSupply       u64
Offset 48:  complete               bool (1 byte)
Offset 49:  creator                pubkey (32 bytes)

Offset 0:   discriminator          8 bytes
Offset 8:   virtualTokenReserves   u64
Offset 16:  virtualSolReserves     u64
Offset 24:  realTokenReserves      u64
Offset 32:  realSolReserves        u64
Offset 40:  tokenTotalSupply       u64
Offset 48:  complete               bool (1 byte)
Offset 49:  creator                pubkey (32 bytes)

PDA Derivation

PDA 派生

PDA	Seeds
Bonding Curve	`["bonding-curve", mint]`
Bonding Curve V2	`["bonding-curve-v2", mint]`
Creator Vault	`["creator-vault", creator]`

PDA	种子
Bonding Curve	`["bonding-curve", mint]`
Bonding Curve V2	`["bonding-curve-v2", mint]`
创作者金库	`["creator-vault", creator]`

Instruction Discriminators

指令鉴别器

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

指令	十六进制值	说明
buy_exact_sol_in (V2)	`38fc74089edfcd5f`	当前生产环境使用的买入指令
sell (V2)	`33e685a4017f83ad`	当前生产环境使用的卖出指令
buy (V1/legacy)	`66063d1201daebea`	遗留版本，偶尔仍会出现
create	`181ec828051c0777`	代币创建

Buy Instruction Data (24 bytes)

买入指令数据（24字节）

[0..8]:   discriminator
[8..16]:  spendable_sol_in    u64 LE (total SOL budget, fees deducted internally)
[16..24]: min_tokens_out      u64 LE (slippage floor)

[0..8]:   discriminator
[8..16]:  spendable_sol_in    u64 LE (total SOL budget, fees deducted internally)
[16..24]: min_tokens_out      u64 LE (slippage floor)

Sell Instruction Data (24 bytes)

卖出指令数据（24字节）

[0..8]:   discriminator
[8..16]:  amount_tokens       u64 LE (tokens to sell, raw)
[16..24]: min_sol_output      u64 LE (minimum SOL out, lamports)

[0..8]:   discriminator
[8..16]:  amount_tokens       u64 LE (tokens to sell, raw)
[16..24]: min_sol_output      u64 LE (minimum SOL out, lamports)

Price Impact & Sizing

价格影响与仓位计算

python

def price_impact(v_sol: int, v_tok: int, sol_in: int) -> float:
    """Calculate price impact for a buy as a percentage."""
    spot = v_sol / v_tok
    tokens = buy_tokens(v_sol, v_tok, v_tok, sol_in)
    if tokens == 0:
        return float('inf')
    exec_price = sol_in / tokens
    return (exec_price / spot - 1) * 100

python

def price_impact(v_sol: int, v_tok: int, sol_in: int) -> float:
    """Calculate price impact for a buy as a percentage."""
    spot = v_sol / v_tok
    tokens = buy_tokens(v_sol, v_tok, v_tok, sol_in)
    if tokens == 0:
        return float('inf')
    exec_price = sol_in / tokens
    return (exec_price / spot - 1) * 100

Example: 1 SOL buy at genesis

impact = price_impact(30_000_000_000, 1_073_000_000_000_000, 1_000_000_000)

≈ 3.3% price impact

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Files

文件

References

参考文档

```
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

```
references/bonding_curve_math.md
```
— 包含完整数学推导与计算示例
```
references/graduation_process.md
```
— 毕业阈值、迁移与 PumpSwap 机制
```
references/instruction_reference.md
```
— 用于解析的完整指令与事件结构

Scripts

脚本

```
scripts/curve_calculator.py
```
— Interactive bonding curve calculator: price, impact, fill %
```
scripts/parse_events.py
```
— Parse PumpFun events from transaction data

```
scripts/curve_calculator.py
```
— 交互式 Bonding Curve 计算器：可计算价格、价格影响、填充百分比
```
scripts/parse_events.py
```
— 从交易数据中解析 PumpFun 事件