How StonkFun’s integration with Raydium’s LaunchLab sent STONK up 250%, RAY up 40%, and JUP up 21% — and what it means for Solana DeFi.

A token most traders had never heard of a week ago just ripped 250% in 24 hours and briefly touched an all-time high. No celebrity endorsement. No exchange listing. No viral tweet from a billionaire. Just a plumbing upgrade.

That’s the story of STONK, the native token of Solana launchpad StonkFun, and it’s one of the more interesting case studies in crypto market structure this year — because the rally wasn’t really about STONK at all. It was about what happens when a fast-growing app plugs directly into the dominant liquidity layer of an entire blockchain.

If you trade Solana tokens, watch DeFi, or just want to understand how integrations move markets in 2026, this one is worth unpacking in detail.

What Actually Happened

On Saturday, September 6, 2026, StonkFun announced it was integrating with Raydium’s LaunchLab, the token-launch infrastructure built by Solana’s largest decentralized exchange. The next day, the numbers told the story:

• STONK surged more than 250% in 24 hours, reaching an all-time high near $0.212 before pulling back to trade around $0.16.
• Its market capitalization jumped to roughly $140 million, with about $135 million in daily trading volume.
• RAY, Raydium’s own token, gained more than 40%, trading around $1.27.
• JUP, the token behind Solana DEX aggregator Jupiter, climbed about 21% to roughly $0.27.
• Raydium itself pulled in close to $440,000 in protocol revenue in a single day — its best day since July 2025.

Three tokens across three different projects all moved together, in the same direction, on the same news. That’s not a coincidence. It’s how integrations work when they touch the core of a network’s liquidity.

What Is StonkFun, and Why Does It Matter?

StonkFun is a Solana-based token launchpad, but with a twist that separates it from the thousands of meme-coin factories that have come and gone: it lets users create tokens paired against real-world financial assets — tokenized stocks, ETFs, commodities, and currencies — rather than just pairing new tokens against SOL or stablecoins.

The flagship example is STONK itself, which trades against SPYx, a tokenized product from Backed Finance designed to track the S&P 500 through the SPDR S&P 500 ETF. Other pairs on the platform link tokens to assets like ZCash, Hyperliquid, and Bittensor.

It’s important to be precise about what this actually means for holders: pairing a token against a tokenized stock or ETF does not grant ownership of the underlying shares, dividends, or shareholder rights. The token’s dollar price simply reflects the value of the paired asset and the exchange rate between the two — more like a synthetic trading pair than an equity investment. That distinction matters for anyone evaluating the token, and it’s a detail worth remembering before assuming “stock-paired” means “backed by stock.”

StonkFun also runs a buyback-and-burn program, funneling a share of trading fees from its newer liquidity pools into purchasing and burning its ten largest tokens by market cap, weighted by size and executed every few minutes. As of the integration announcement, tokens paired with ZEC, HYPE, and TAO occupied the top three buyback slots, and the platform reports 78 different tokens have gone through the burn mechanism to date.

What Is Raydium’s LaunchLab, and Why Did the Integration Matter So Much?

Raydium is the largest decentralized exchange (DEX) on Solana by volume, and LaunchLab is its permissionless token-launch infrastructure — a system that lets any project deploy tokens with a bonding-curve trading model that “graduates” into a full Raydium liquidity pool once it hits a volume threshold.

Before the integration, StonkFun ran its own launch mechanism. That created two problems the team had publicly acknowledged just days earlier, in a September 2 announcement:

1. Sniping — bots and insiders buying up new token launches within seconds, before retail traders get a fair shot.
2. High deployment costs — StonkFun’s team confirmed the switch to LaunchLab cut deployment costs from roughly 0.29 SOL down to 0.03 SOL, close to a 90% reduction.
3. Single-wallet launch risk — concentrated ownership at launch that skews price discovery.

By routing new token deployments through Raydium’s LaunchLab instead of a proprietary system, StonkFun effectively outsourced its liquidity and trust problem to the most established DEX infrastructure on Solana. New tokens launched on StonkFun now settle directly into Raydium’s order flow and, eventually, Jupiter’s aggregated routing — which explains why all three tokens moved in tandem.

Solana’s own official account publicly signaled support for the move, responding to a StonkFun post with a simple statement of backing for “Stonk Tokens” — a small detail, but one that added a layer of ecosystem-level credibility to a project that, just days earlier, was fielding user complaints.

Why This Kind of Integration Moves Three Tokens at Once

This is the part that’s genuinely useful to understand, beyond the STONK headline number.

When a launchpad integrates directly with a major DEX’s infrastructure, it creates a flywheel effect across the stack:

• The launchpad token (STONK) benefits from increased attention, new deployments, and the buyback mechanism scooping up fees generated by fresh activity.
• The DEX token (RAY) benefits because every new token graduating through LaunchLab generates trading fees and protocol revenue — Raydium’s $440K single-day haul is the clearest evidence of that.
• The aggregator token (JUP) benefits because increased trading volume across Solana DEXs means more routing activity through Jupiter, which captures a share of that flow.

In other words, a single infrastructure decision created three separate, simultaneous demand shocks — one for narrative attention, one for protocol revenue, and one for trading volume. That’s a pattern worth recognizing any time you see a launchpad-to-DEX integration announcement: check not just the launchpad’s token, but the underlying DEX and aggregator tokens too.

Is the Rally Sustainable, or Just a News Spike?

This is the question every trader should be asking, and it’s fair to say the honest answer is: nobody knows yet, and the early data is already showing the limits of the move.

A few signals worth watching:

• Volatility has already shown up. STONK gave back a meaningful chunk of its intraday gains after hitting its all-time high, and later data showed the token cooling to around $0.129 with volume pulling back to roughly $105 million — a reminder that a 250% single-day move rarely holds its full magnitude.
• The catalyst was structural, not fundamental. Lower deployment costs and reduced sniping risk are real improvements to StonkFun’s product, but they don’t guarantee sustained user growth or trading demand once the initial announcement fades from the timeline.
• The buyback program is fee-dependent. StonkFun’s burn mechanism only works if trading volume stays elevated. If activity reverts to pre-integration levels, the buyback flywheel slows down with it.
• RAY’s 40%+ move reflects genuine revenue, which is a stronger signal than a narrative pump. Protocol revenue tied to actual fee generation tends to be a more durable indicator than social attention alone — though even that can normalize once the initial wave of new launches slows.

For traders and researchers, the metrics worth tracking going forward are straightforward: daily trading volume on StonkFun, the pace of new token launches through LaunchLab, Raydium’s daily protocol revenue, and whether STONK’s price finds a stable range above pre-announcement levels or fully retraces.

The Bigger Picture: Stock-Paired Tokens on Solana

Beyond the immediate price action, this integration is a useful data point in a broader trend: the merging of tokenized real-world assets (RWAs) with Solana’s meme-coin and launchpad culture.

StonkFun’s core pitch — pairing speculative tokens against tokenized stocks, ETFs, and commodities instead of just SOL — sits at the intersection of two of crypto’s biggest 2025–2026 narratives: real-world asset tokenization and permissionless token launches. Whether that combination produces durable products or just a faster way to speculate on volatility remains an open question, and it’s one worth watching regardless of which side of that debate you land on.

What’s clear is that infrastructure integrations are becoming one of the most reliable short-term catalysts in Solana DeFi. When a launchpad plugs into a major DEX’s liquidity engine, the resulting demand doesn’t stay contained to one token — it ripples across the stack. Anyone tracking Solana DeFi should be watching for the next version of this pattern, not just this one.

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Frequently Asked Questions

What is STONK?

STONK is the native token associated with StonkFun, a Solana-based launchpad that lets users create tokens paired against tokenized stocks, ETFs, commodities, and other assets, most notably SPYx, a token tracking the S&P 500.

Why did STONK price go up 250%?

STONK surged after StonkFun announced an integration with Raydium’s LaunchLab on September 6, 2026, which lowered deployment costs, reduced sniping risk, and routed new token launches directly into Raydium’s liquidity infrastructure.

Does owning STONK mean owning S&P 500 exposure?

No. Pairing a token against a tokenized asset like SPYx means its price reflects that asset’s value and exchange rate — it does not grant ownership, dividends, or shareholder rights tied to the underlying stocks.

Why did RAY and JUP also rally?

Because new StonkFun token launches now settle through Raydium’s LaunchLab and route through Jupiter’s aggregation layer, increased activity on StonkFun directly generates trading fees and volume for both platforms.

Is the STONK rally likely to continue?

That depends on whether trading volume and new launches on StonkFun stay elevated after the initial news cycle. Early data already shows some pullback from the token’s all-time high, so sustained interest — not just the announcement itself — will determine whether gains hold.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, and tokens like STONK, RAY, and JUP can experience rapid, significant price swings. Always do your own research before making investment decisions.

STONK Surges 250%: Inside the Raydium x StonkFun Integration was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

How I am setting up for 10–20X returns on my portfolio this cycle

In the 2020/2021 cycle I invested heavily in BTC and ETH options on the Canadian ETF’s back when BTC was just coming out of its bear market blues, and BTC was roughly $29,000. Those options paid off over 10X returns, even while having been bought 2X off the bottom. As importantly, they involved zero altcoin specific risk, minimum counterparty risk (regulated ETF’s) and no trading and constant position management .. AND could be bought in my retirement account or tax free savings account.

I bought, I held about 2 years, and I sold at 10–12X the price. Original article written in July 2023 below:

Best Bear Market Opportunity Yet

I managed those returns despite buying the BTC and ETH options after Bitcoin had doubled from its bear market Bottom in Oct of 2022. Now, we are roughly 35% off the bottom (which I think is very likely THE bottom), and the opportunity is on par with the previous cycle.

How I am building my position:

I am not ready to divulge all the specifics just yet, as my strategy is likely to evolve as we near the end of the bear market. That said, here is the gist of it:

• I have purchased 30% of my portfolio into spot BTC, ETH and SOL.
• I maintain about 10% of my portfolio in Altcoins I have held through the bear, and newly acquired ones soon to be launched ($XBG, $PROPR, $JUP, $BORG mainly)
• I have started to accumulate my options positions, in a careful measured manner as I still expect some volatitlity heading into the midterm US elections (could see a short term pullback in crypto)
• I will deploy the remaining cash hard into BTCC.B and ETHH and bSOL long dated options (Mar 2029) in the even we get a pullback into the low 70s or high 60’s in Bitcoin.
• I will not try to hit the exact bottom, or else I would simply be permanently sidelined for fear of missing it. DCA over the next 4–8 weeks.
• In the event we do not get a pullback by mid Nov 2026, I will deploy in fully regardless.

Bullrun Targets:

I do believe Bitcoin will have a solid bull run, but also concede that dimishing returns are a mathematical reality.

BTC Targets:

• Bear Case: $200K
• Base Case: $250K
• Bull Case: $300K
• Outside Chance (5–10%) : $500K + , Fundamental structural change yields a massive BTC bull run where sovereign funds are acquiring BTC for national security as fiat money begins to overdose on debt.

ETH and SOL are more difficult to predict, particularly given the capital drain from AI stonks and Meme coins.

That said, I believe ETH has a shot at some redemption here as corporations and large entities gravitate towards L2 chain they can customize and control. I will refine these targets in the coming months as Robinhood chain and Solana play out their game of meme coin capture, and provide them by year-end in an update article.

Conclusion:

To be frank, the real talent at this point is to ignore all the noise on crypto X, and make a plan and stick to it. If you are like me, this big move up caught you somewhat off guard, and perhaps more sidelined that you would like. I have had a battle with the FOMO demons for weeks now, and winning that battle is what will set the stage for huge gains.

The timeline is far too bullish, and my expectation at this point is that we take a bit of a breather and pull back into the low 70K, or high 60K range BTC, at which point I will not try to time my entries but will buy hard in expectation of a big 2027 and 2028. Then sit back, stomach the volatilty, and cash in in a couple years while 90% of crypto X is trying to predict the hourly charts and missing the 300–400% gains on spot BTC (and 1000%–1500% on call options)

Good luck out there, and see you on the next one!

Sovereign Crypto (aka RickyBobby)

I release regular altcoin and crypto updates, subscribe for more info and to keep up to date!

Ref Codes and Deals:

• Try a Trading Challenge and Trade up to $100K of Company Funds on PROPR.xyz.
• Swissborg (Amazing auto trading strategies)

400% return on most recent trade 🔥…

Social Media:

• Twitter (X) https://twitter.com/fourthesauri

Disclosures:

• I own or am accumulating the above mentioned tokens/investments.
• Not financial advice.
• I rebalance my portfolio occasionally and the above may change from time to time.

The Bull Run is Quietly Loading was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Pump.fun API end to end: detect launches, read bonding curve progress, catch graduations to PumpSwap. Measured graduation rate: 2.7%, median two minutes.

Pump.fun launched 282,428 new tokens in the seven days to 2 September 2026. That works out to one new token every two seconds for seven straight days, and it was not an unusual week.

Almost none of them matter. Of the tokens that launched on 13 August, 2.69% ever reached a PumpSwap pool. The other 97.3% died on the curve. Of the ones that did graduate, the median took two minutes, which tells you most of what you need to know about the latency budget for anything you build here.

If you are building a trading terminal, a sniper, a screener or a research dashboard on Solana, this is the feed you have to handle. In this article, we cover what Pump.fun does at the program level, then the Pump.fun API queries that turn it into structured data you can use.

Every figure below was measured on 3 September 2026 against live Solana data using Bitquery’s Pump.fun API. Where a number is a proxy rather than a direct measurement, I say so.

How the Pump.fun bonding curve works

Pump.fun is a bonding-curve launchpad, and it is the design everything else copied. Unlike its EVM imitators, it does not deploy a contract per token. One Solana program serves every token on the platform.

A token moves through four stages.

Launch. A creator calls create or create_v2 on the Pump.fun program at 6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P. The program mints a fixed supply of one billion, opens a bonding curve, and writes the name, symbol, metadata URI and creator into the instruction. Bitquery decodes that program under the name pump, so you can filter on Program: { Name: { is: "pump" } } instead of memorising the address.

Curve trading. Buys and sells go against the curve rather than a pool. Price rises as the curve’s base balance falls. There is no per-token curve account to chase, because the mint address is what separates one token’s trades from another’s.

Graduation. When the curve’s base balance reaches 206900000, the token has completed the curve. That constant is the cleanest tripwire in the whole system: one equality filter on DEXPools, no event decoding, no market-cap arithmetic.

Open-market trading. A create_pool instruction on the PumpSwap AMM at pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA opens the real pool, and trading continues there.

One detail catches people on the first pass. The curve is not SOL-only. Over the measured week, 27,207,356 curve fills were quoted in SOL and 883,830 in USDC, which is 3.1% of trades and 2.4% of volume. Small enough to miss by accident, large enough to skew a USD column if you hardcode SOL as quote.

What a million Pump.fun launches looks like

Counting tokens whose first curve trade fell inside the window:

• 5 August to 2 September 2026, 29 full days: 1,109,779 tokens
• 27 August to 2 September, seven days: 282,428 tokens
• Daily range across the month: 30,663 at the low, 52,438 at the high

Over that same week the bonding curve carried 28,091,186 trades from 515,432 distinct traders across 323,089 distinct tokens, on roughly $1.14B of quote-side volume. The average fill was $40.45 and the median was $10.13. A very long tail of very small bets.

Pump.fun graduation rate: 2.7%, in a median of two minutes

The graduation rate is the number most people get wrong, so it is worth measuring properly. Take a single day’s launch cohort and follow it forward, instead of dividing today’s graduations by today’s launches. Four cohorts, each followed to 2 September:

• Launched 6 August: 35,183 tokens, 998 reached PumpSwap, 2.84%
• Launched 13 August: 38,835 tokens, 1,045 reached PumpSwap, 2.69%
• Launched 20 August: 40,934 tokens, 1,066 reached PumpSwap, 2.60%
• Launched 26 August: 49,530 tokens, 1,535 reached PumpSwap, 3.10%

Call it 2.7%, stable within half a percentage point across four independent cohorts.

The naive method gives you something very different. 34,576 new PumpSwap pools appeared during the week against 282,428 launches, which reads as a 12.2% graduation rate and is wrong by more than four times.

Speed is the other half of the picture. For the 13 August cohort’s 1,045 graduates, 1,038 of which have a cleanly ordered pair of timestamps, the gap between first curve trade and first pool trade:

• 25th percentile: under one minute
• Median: two minutes
• 75th percentile: 13 minutes
• 901 of 1,038, or 86.8%, inside the first hour
• 992 of 1,038, or 95.6%, inside the first day

Launch-to-graduation time, 13 Aug 2026 cohort, n=1,038. Source: Bitquery.

There is no slow burn. A token either clears the curve almost immediately or it never does. Anything polling on a one-minute cron has already missed the median graduation, which is why the queries later in this article are written as subscriptions rather than as scheduled requests.

47% of PumpSwap’s volume is 940 mints borrowing ten names

This is where the graduation pipeline stops explaining PumpSwap.

Of the 34,576 tokens that got their first PumpSwap trade during the week, only 8,745, or 25.3%, had ever traded on a Pump.fun bonding curve. Three quarters of PumpSwap’s new listings did not graduate onto it. Somebody opened a pool for them directly.

Widen that to all PumpSwap activity for the week and the split gets sharper. Curve-origin tokens carry 42.1% of the trades but only 7.1% of the volume.

So where is the volume? Group the week’s PumpSwap trades by token symbol. Each line below is one symbol, the number of separate mints trading under it, that symbol’s total volume, and the median fill size:

• AAPL — 180 mints, $3.53B, median fill $982
• Anthropic — 212 mints, $3.47B, median fill $1,459
• NVDA — 41 mints, $2.24B, median fill $1,104
• OPENAI — 41 mints, $1.84B, median fill $1,124
• HOOD — 104 mints, $1.80B, median fill $961
• GOOGL — 92 mints, $1.75B, median fill $980
• META — 64 mints, $1.73B, median fill $960
• MSFT — 63 mints, $1.30B, median fill $894
• ROCKSTAR — 124 mints, $1.23B, median fill $823
• UMIA — 19 mints, $1.16B, median fill $1,072

Ten symbols. 940 distinct mints. $20.05B of $42.44B total PumpSwap volume, or 47.2%. Essentially none of it came off a bonding curve: 37 of those 940 mints ever saw a curve trade, and they carry 0.0% of the volume once you round to a single decimal.

To be explicit, because the tickers invite the wrong assumption: these are Solana tokens that use those names and symbols. They are not issued by, affiliated with, or endorsed by Apple, Anthropic, Nvidia, OpenAI, Robinhood, Alphabet, Meta, Microsoft or Take-Two, and they are not equity in any of them.

The pattern inside one of these pools is worth looking at directly. Taking the largest UMIA mint for the week: 223,927 buys worth $184.23M against 169,650 sells worth $183.55M, balanced to within 0.4%. 4,746 addresses bought and 1,605 sold, averaging 106 sells each. Median fill was $1,044 on the buy side and $1,141 on the sell.

Two-sided flow balanced to a fraction of a percent, fill sizes clustered in a narrow band around $1,000, and the same ten names re-minted 940 times. I am not going to characterise the intent from a query. What I will say is that the shape of it does not look like price discovery, and a screener that ranks on volume will put all of it on the front page.

One wallet made 17% of every bonding-curve trade

Back on the curve, concentration is worse than the launch counts suggest.

Over the week, the address Gygj9QQby4j2jryqyqBHvLP7ctv2SaANgh4sCb69BUpA made 4,829,570 bonding-curve trades. That is 17.19% of every fill on the entire launchpad, from one wallet, at roughly eight trades per second sustained for seven days.

Its shape is unambiguous: 2,412,205 buys and 2,417,365 sells, $26.71M bought against $26.61M sold, median fill $2.40, spread across 64,979 distinct tokens. It produces 17% of the trade count and 4.7% of the volume.

The top ten wallets together made 22.22% of all curve trades, and the top hundred made 29.19%. At the other end of the distribution, 75,236 addresses made exactly one trade all week.

The consequence for anything you build: do not rank on trade count. The two highest-volume curve tokens of the week, LAKEUSA at $3.78M and BLAJUG at $999.7k, had 54 and 28 unique traders respectively. The third, fone at $420.1k, had 1,683. A trending list sorted by volume or fills will surface the first two and bury the third. Sort on unique traders, or carry both and let the gap between them be the signal.

Querying Pump.fun data with the API

Bitquery serves Solana as GraphQL at https://streaming.bitquery.io/graphql. Three cubes matter here.

Solana.Instructions and Solana.TokenSupplyUpdates give you launches, creators and metadata. Solana.DEXTrades, DEXTradeByTokens and DEXPools give you curve fills, pool state and bonding curve progress. Trading.Trades gives you normalised trades with USD price, market cap and supply on every row, with curve trades under ProtocolFamily: "Pumpfun" and graduated pools under "Pumpswap".

Grab a free key from the Bitquery IDE and send it as a bearer token.

How to detect every new Pump.fun launch

Every launch is a create or create_v2 call on the Pump.fun program:

subscription {
  Solana {
    TokenSupplyUpdates(
      where: {
        Instruction: {
          Program: {
            Address: { is: "6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P" }
            Method: { in: ["create", "create_v2"] }
          }
        }
      }
    ) {
      Block { Time }
      Transaction { Signer }
      TokenSupplyUpdate {
        Amount
        PostBalance
        Currency {
          Name
          Symbol
          MintAddress
          Decimals
          Uri
          UpdateAuthority
        }
      }
    }
  }
}

Transaction.Signer is the creator. Currency.Uri points at the off-chain metadata, and MintAddress is the key every other query joins on. Name, symbol and decimals arrive in the same row, so there is no separate metadata lookup in the hot path.

How to get a Pump.fun token’s creator and creation time

Working backwards from a mint, instead of forwards from the firehose:

query {
  Solana(network: solana) {
    Instructions(
      where: {
        Instruction: {
          Accounts: { includes: { Address: { is: "MINT_ADDRESS" } } }
          Program: {
            Name: { is: "pump" }
            Method: { in: ["create", "create_v2"] }
          }
        }
      }
    ) {
      Block { Time }
      Transaction { Signer Signature }
      Instruction { Accounts { Address } }
    }
  }
}

One row, and it is the token’s birth certificate. Swap the mint filter for a signer filter and you get every token that developer has ever launched, which given the concentration above is usually the first thing worth checking about a new launch.

How to stream Pump.fun bonding curve trades

subscription {
  Trading {
    Trades(
      where: { Pair: { Market: { ProtocolFamily: { is: "Pumpfun" } } } }
    ) {
      Block { Time }
      Side
      Price
      PriceInUsd
      Amounts { Base Quote }
      AmountsInUsd { Base Quote }
      Trader { Address }
      Supply { MarketCap TotalSupply }
      Pair {
        Token { Address Symbol }
        QuoteToken { Symbol }
        Market { Address Program }
      }
    }
  }
}

That is every bonding-curve fill on Solana, USD-priced, with market cap attached, all 28 million a week of them. Add Pair: { Token: { Address: { is: "MINT" } } } to watch a single token.

Take that mint from the token’s own create instruction rather than copying one out of an article. Most curves go quiet within hours, so a hardcoded address returns an empty result more often than not.

How to get Pump.fun bonding curve progress

To see how close a token is to graduating, read the pool state instead of summing trades:

query ($pairAddress: String) {
  Solana {
    DEXPools(
      where: {
        Pool: { Market: { MarketAddress: { is: $pairAddress } } }
        Transaction: { Result: { Success: true } }
      }
      limit: { count: 1 }
      orderBy: { descending: Block_Time }
    ) {
      Pool {
        Base { Balance: PostAmount PostAmountInUSD }
        Quote { PostAmount PostAmountInUSD }
        Market {
          BaseCurrency { Name Symbol }
          QuoteCurrency { Name Symbol }
        }
      }
    }
  }
}

Base.PostAmount counting down toward 206900000 is the progress bar. There is no percentage field to look for, and you do not need one.

How to catch a Pump.fun graduation to PumpSwap

Two signals, and you want both. The last curve trade before the flip:

{
  Solana {
    DEXPools(
      where: {
        Pool: {
          Dex: { ProtocolName: { is: "pump" } }
          Base: { PostAmount: { eq: "206900000" } }
        }
        Transaction: { Result: { Success: true } }
      }
      orderBy: { descending: Block_Time }
    ) {
      Transaction { Signer Signature }
      Pool {
        Base { ChangeAmount PostAmount }
        Quote { PostAmount PostAmountInUSD PriceInUSD }
        Market { BaseCurrency { MintAddress Symbol } MarketAddress }
      }
    }
  }
}

And the pool opening on PumpSwap, which is the confirmation:

subscription {
  Solana {
    Instructions(
      where: {
        Instruction: {
          Program: {
            Address: { is: "pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA" }
            Method: { is: "create_pool" }
          }
        }
      }
    ) {
      Block { Time }
      Transaction { Signer Signature }
      Instruction {
        Accounts { Address Token { Mint Owner } }
        Program { Method AccountNames Json }
      }
    }
  }
}

Given a two-minute median, run the second one as a subscription and treat the first as reconciliation.

How to stream it live over WebSocket

Any query above becomes a subscription. Change query to subscription, drop limit and orderBy, and connect to wss://streaming.bitquery.io/graphql?token=YOUR_TOKEN. Three subscriptions, covering launches, curve trades and create_pool, give you the whole launchpad in real time. Aggregates such as sum, count and OHLC buckets are query-only, so run those on a schedule and keep the streams raw.

Pump.fun API FAQ

What is the Pump.fun program ID?

6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P on Solana mainnet. That single program handles creation and all bonding-curve trading for every Pump.fun token. The PumpSwap AMM that graduated tokens move to is a separate program at pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA.

What is the Pump.fun graduation market cap threshold?

There isn’t one, and this is the single most common wrong assumption about the launchpad. The on-chain graduation condition is a token-balance constant: the curve’s base balance reaching 206900000. It is denominated in tokens, not dollars.

That constant is easy to sanity-check from trade data, and worth doing once so you trust it. Supply is one billion, so completion means 793,100,000 tokens have been sold off the curve. Summing net base flow on the curve for tokens that graduated during the measured week gives a median of 793.10M tokens, matching the constant exactly.

The USD market cap that corresponds to floats with the SOL price and with where the token’s price sat when it completed. Measuring the last curve trade before graduation put the 10th percentile near $11k and the 90th near $101k, with a median around $38k — a range too wide to be a threshold. Any article quoting you a single fixed dollar figure is quoting a conversion that was true on one day. Filter on the balance constant instead.

Does Pump.fun still migrate to Raydium?

No. Graduated Pump.fun tokens migrate to PumpSwap, Pump.fun’s own AMM, and the migration shows up as a create_pool instruction on pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA. Plenty of guides still describe a Raydium migration, which was the older behaviour. If your indexer is watching Raydium pool creation for graduations, it has been silently missing all of them.

What is PumpSwap?

The AMM Pump.fun runs for tokens that complete the bonding curve. As the numbers above show, it is no longer only a graduation venue: three quarters of the pools opened on it during the measured week were for tokens that never traded on a Pump.fun curve at all, and those tokens carry the overwhelming majority of its volume.

What is Mayhem mode on Pump.fun?

A launch variant, and the useful part for anyone indexing is that it is detectable at creation without decoding anything exotic. A standard launch shows one transfer of 1,000,000,000,000,000 base units, which is one billion tokens at six decimals. A Mayhem-mode launch shows two. Count them and you have the flag, historically as well as live. The Pump.fun API docs have the query.

Is there a free Pump.fun API?

You can generate a free key in the Bitquery IDE and run every query in this article against it, within the free tier’s limits. The docs page has the current tiers, and if you are choosing between providers rather than getting started, I compared them in Best Pump.fun APIs in 2026.

Is Pump.fun on any other chain?

Not as Pump.fun. The program is Solana-only and every address in this article is a Solana address.

The design has been copied widely, though, and a cross-chain screener needs each one handled separately because they share no event shape. Pons on Robinhood Chain is the closest analogue, an EVM rebuild on Uniswap v4 that deploys a curve contract per token and lets the creator choose the quote asset, including tokenised equities. pools.trade on the same chain has no bonding curve at all, and its tokens open as a Uniswap v4 pool from the first block. Comparing graduation rates across the three is the most interesting thing you can do with those feeds, and reusing Pump.fun’s assumptions is the fastest way to publish a wrong number.

Where to go next

The full reference lives in the Pump.fun API documentation and the PumpSwap API documentation, which between them cover token creation, Mayhem-mode detection, OHLCV, first-100-buyers, dev holdings, top creators, market-cap filters, migration tracking and creator-fee transfers.

At 40,000 launches a day and a two-minute median to graduation, polling stops being an option early. The instructions above are the entire surface area of the launchpad.

All figures were measured on 3 September 2026 against Solana via Bitquery. The window is 27 August to 2 September 2026, seven full days, unless stated; the 29-day figure covers 5 August to 2 September.

Disclosure: this post contains no affiliate or referral links. I work on data tooling at Bitquery, whose API produced the measurements above.

Pump.fun API: How to Track Bonding Curves, Graduations and PumpSwap On-Chain was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.