SUBJECT
Pump.fun
Baton Corporation Ltd. operating entity
ECONOMIC FRAMEWORK
Bonding curve automated market maker for initial token distribution + graduated trading on PumpSwap (internal AMM on Solana)
- Fixed 1 billion token supply per coin
- ~800 million tokens allocated to bonding curve at launch
- Price determined by automated curve (step-function or synthetic reserves model per public analyses)
- Remaining tokens reserved for post-graduation liquidity
FEE STRUCTURE
Bonding Curve Phase Fees (Pre-Graduation)
Applicable from May 13, 2025 onward for creator portion
Fee Type
Percentage
Creator Fee
0.300%
Protocol Fee
0.950%
LP Fee
0.000%
Total
1.250%
PumpSwap Canonical Pool Fees (Post-Graduation)
Tiered based on SOL-priced market cap (price × 1 billion supply) — Example tier shown
Market Cap Range
Creator
Protocol
LP
Total
0–420 SOL
0.300%
0.930%
0.020%
1.250%
Schedule varies by cap tiers; documented as of October 2025
Fixed Platform Fees
- Coin Creation: 0 SOL (since August 2024)
- Graduation Migration: 0.015 SOL (deducted from liquidity, includes network costs)
CREATOR FEE SYSTEM
Creator Fee Applicability
- Applies to all coins on bonding curve or PumpSwap from May 13, 2025
- Creators receive portion of trade fees ongoing
- 0.300% of all trades directed to creator wallet(s)
Creator Fee Sharing (January 9, 2026)
- Allows allocation to up to 10 wallets post-launch
- Ownership transfer capability enabled
- Update authority revocation supported
- No Pump.fun team acceptance of creator fees
- Described as "interim step toward market-based/trader-decided fee model in 2026"
PROTOCOL REVENUE RECIPIENTS
- Protocol fees → Pump.fun protocol (primary recipient)
- Creator fees → Token deployer(s) or designated wallets
- LP fees → Liquidity providers in PumpSwap pools
DOCUMENTED FINANCIAL METRICS
As of late January 2026; sourced from public dashboards
Cumulative Fees
~$899.6M
DeFiLlama protocol fees/revenue aligned
Cumulative Revenue
~$899.6M
Protocol revenue (some sources show ~$994M variations)
30-Day Fees
~$29.92M
Rolling 30-day period
24-Hour Fees
~$1.32M
Sampled; peaks up to $2.32–$3.87M in late January 2026
Holders Revenue (Related Flows)
- Annualized Estimate: ~$526.67M
- 30-Day Estimate: ~$43.17M
- Mechanism: Includes buybacks funded from protocol revenue
UNCORROBORATED / REDACTED ATTRIBUTES
- Exact current tiered PumpSwap fee schedule beyond October 2025 documentation (potential updates post-January 2026 revamp announcements)
- Precise allocation split between protocol treasury, buybacks, and other uses (public statements reference buybacks but no granular breakdown disclosed)
- Full impact of January 2026 Creator Fee Sharing on effective creator take rates and protocol retention (ongoing rollout)
- Detailed bonding curve mathematical formula (partial descriptions exist; no complete official equation published beyond conceptual overviews)
SOURCE ANNOTATIONS
[1]
https://pump.fun/docs/fees
Official fees documentation (includes bonding curve and
PumpSwap tables)
Last updated: October 7, 2025
[2]
https://defillama.com/protocol/fees/pump.fun
Fees and revenue metrics dashboard (cumulative ~$899.6M
fees/revenue)
Data sampled: Late January 2026
[3]
https://bravenewcoin.com/insights/pump-fun-introduces-creator-fee-sharing-system-to-rebalance-platform-incentives
Creator Fee Sharing rollout coverage
January 9, 2026
[4]
https://finance.yahoo.com/news/pump-fun-co-founder-says-125617496.html
Alon statement on fee model revamp
January 10, 2026