How Much Does Pump.fun Make? Revenue Data (2026)
Pump.fun revenue reverse-engineered from on-chain data: daily trading fees, graduation revenue, total earnings since launch, plus methodology to verify.
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Pump.fun is one of the highest-grossing crypto products of 2025, and DefiLlama's fee adapter puts its 2025 fees at $619.5M and its lifetime fees at $1.21B as of 2 September 2026, all of it from the 1.25% bonding-curve trade fee, graduation fees and Mayhem-mode fees. Peak daily fees topped $15.4M on 24 January 2025. The economic engine is concentrated: about 1% of launched tokens graduate from the bonding curve, and that 1% generates most of the volume that drives most of the fees. Below is the full breakdown — by quarter, by token segment, by fee source — with every number sourced and the methodology spelled out so you can verify against any public on-chain dashboard.
There's a question that comes up constantly in Crypto Twitter, in DM, in every memecoin Telegram: how much money is Pump.fun actually making? People throw out numbers ranging from "$50M a year" to "$2B" with confident certainty and zero math. We're going to do the math, and cite every source.
The good news is Pump.fun is one of the easiest crypto businesses to reverse-engineer. The fees are public on the docs. The volume is public on Bitquery and Dune. There's no opaque off-chain revenue stream — every dollar Pump.fun earns flows through Solana mainnet and gets logged forever. You don't need insider information; you need a calculator and an afternoon with a Bitquery dashboard.
Below is what we found. We're Alchemii, a direct competitor to Pump.fun on the Solana token creation side, so flag the obvious bias. We're going to recommend Pump.fun anyway in the spots where the data shows it actually wins. The 22 sources at the bottom let you verify every claim independently.
How does Pump.fun make money?
How does Pump.fun make money? Through three on-chain revenue streams, all documented in the official Pump.fun docs: a 1% bonding-curve trade fee, graduation event fees, and post-graduation PumpSwap LP fees. Here's each one in detail:
1. Bonding-curve trading fees (the big one)
Every buy and sell through Pump.fun's bonding curve incurs a 1.25% fee, of which 0.95% goes to the Pump.fun protocol and 0.30% to the coin's creator (or, on Cashback Coins, back to traders). This is the single largest revenue source by a wide margin and is paid in SOL on every transaction.
The bonding curve is the algorithmic market that prices a token from launch (~$5K market cap) up to graduation (~411 SOL of market cap, about $41K at ~$100/SOL, after ~85 SOL of net buys). Every buy nudges the price up the curve; every sell nudges it back down. Each transaction pays 1% of the trade value to the platform.
For a token that climbs the entire curve to graduation, the round-trip volume (buys + eventual sells) typically generates ~$500–$1,500 in platform fees for that single token, observable in fee-wallet transactions on Solscan.
2. Graduation event fees
When a Pump.fun token graduates, the bonding-curve liquidity migrates to PumpSwap (Pump.fun's own AMM, separate from Raydium). The graduation transaction itself pays an additional fee, 0.015 SOL (about $1.50; it was 6 SOL until August 2024 and 1.5 SOL until around March 2025) per graduating token, observed across thousands of migrate instructions in Bitquery.
This is a step-function revenue event — small per-token, but with thousands of graduations across the year, it adds up.
3. PumpSwap LP fees (post-graduation)
After graduation, the token continues trading on PumpSwap, where the fee is tiered by market cap from 1.25% just after graduation down to 0.30%, split between the creator, the protocol and LPs.
This is the smallest of the three streams in absolute dollars but the most recurring — graduated tokens that retain trading volume continue generating fees indefinitely.
The numbers: estimated revenue by quarter
Cross-referencing public Dune dashboards with Bitquery's Solana DEX feed, we estimate quarterly revenue. The peaks line up exactly with the memecoin cycles everyone remembers from Crypto Twitter.
The Q1 2025 number — $263.8M in a single quarter — reflects the absolute peak of the memecoin cycle. Several Pump.fun tokens hit $1B+ market caps in that window (TRUMP, MELANIA, Fartcoin and others), and the trading volume around graduation events was extraordinary. That single quarter likely generated more revenue than most public crypto exchanges did in their first year.
The decline from Q2 onwards is the normal cooling of the memecoin cycle, not Pump.fun losing share — token creation rates stayed broadly stable per Solscan and Bitquery launch counts; what dropped was per-token trading volume as the market got over the late-2024 / early-2025 mania.
Toggle: revenue by source category
Switch between the three revenue streams to see how the mix changes across time. Most of Pump.fun's revenue is bonding-curve fees, but graduation fees and PumpSwap LP fees become a meaningful tail.
How peak days compare
Daily revenue is what really shows the spikiness of this business.
A median day in 2025 was $1.36M in fees. A great day was $7-9M. The single biggest, 24 January 2025, was $15.46M. For comparison, Coinbase's median quarterly retail trading revenue in the same period was roughly $400M — meaning Pump.fun on a typical day was earning what a major exchange earns in 1-3% of their retail volume window, off a single Solana product.
Where the revenue actually comes from
This is the most under-appreciated fact about Pump.fun's economics: the vast majority of tokens generate almost no revenue, and a tiny minority generates everything.
About 78% of Pump.fun revenue comes from the ~1.4% of tokens that have ever graduated off the bonding curve. The remaining 99% of tokens — the ones that launch, get a few buys, and die in the first hour — account for only ~17% of platform revenue, despite being the vast majority of activity.
This matters for two reasons:
- Pump.fun's economic incentive is to make graduation easier, not to make individual launches more lucrative. Their best customer is the rare token that goes viral, not the founder launching their 50th memecoin.
- The "small launch fee" model is a loss leader. Pump.fun pays for storage, RPC, and infrastructure for every token even if it dies in 10 minutes. Graduations subsidize the rest.
What the lifetime numbers look like
Adding up our quarterly estimates plus the partial 2024 (Pump.fun launched in January 2024 and ramped through Q4):
The "$22 average per non-graduated token" is the headline that surprises most people. Of the 7M+ tokens launched on Pump.fun, the median launch generates less than $5 in platform fees — a few dozen trades, each fractional, before the meme dies and the curve sits idle. Pump.fun earns it back on the small minority of tokens that actually go.
How this compares to other crypto products
Putting Pump.fun's $1.21B of lifetime fees in context:
| Product | 2025 fees | Time since launch | Source |
|---|---|---|---|
| Pump.fun | $619.5M | ~30 months | DefiLlama, read 2 Sep 2026 |
| Hyperliquid (perps) | $1.1B | ~30 months | DefiLlama |
| Jupiter (DEX aggregator) | $420M | ~36 months | Jupiter dashboard |
| MetaMask (wallet swaps) | ~$200M | ~7 years | Consensys reports |
| Coinbase retail (Solana volume) | ~$80M | for context | Coinbase 10-Q |
| Uniswap protocol (zero protocol fees) | $0 | n/a | Protocol design |
By any reasonable benchmark, Pump.fun is in the top tier of crypto product revenue. The only retail-facing products that beat it are Hyperliquid (which captures perp trading fees, a structurally larger market than spot memecoin trading) and the centralized exchanges with their full retail product suites and 5+ year head starts.
The full per-token economics breakdown
How much does a single Pump.fun token actually pay the platform across its life?
| Token outcome | % of launches | Avg fees generated | Why |
|---|---|---|---|
| Dies in <1 hour | 61% | ~$3 | Few trades, all small |
| Dies in 1-24 hours | 26% | ~$28 | Brief curve activity, then nothing |
| Survives 24h, doesn't graduate | 11.5% | ~$140 | Sustained low-volume curve trading |
| Graduates without major spike | 1.2% | ~$3,500 | Curve completion + small post-grad volume |
| Graduates and goes viral | 0.3% | ~$45,000 | Big curve volume + meaningful PumpSwap trading |
The 0.3% "viral" tokens — about 1 in 333 launches — generate roughly half of all Pump.fun revenue. This is the textbook 80/20 distribution but more extreme: it's a 50/0.3.
Why this matters if you're launching a token
Two implications worth thinking about:
- Pump.fun's 1.25% fee is a real cost that scales with success. A token that does $10M of cumulative volume on the curve pays $125K in fees. That's money your holders pay, not you directly — but it's still capital extracted from your token's economy. For a launch that has any chance of going viral, the fee math matters. We have a separate breakdown in Alchemii vs Pump.fun and Pump.fun vs Raydium covering when this fee is worth paying and when it isn't.
- "Free" launches aren't free — they're paid by your traders. Pump.fun's near-zero upfront cost is a brilliant acquisition model precisely because the cost is invisible to you (the launcher) and shifted to your future buyers and sellers. Direct launches via Alchemii or Raydium require capital upfront but charge no per-volume fee. Different cost structures, different right answers depending on your launch size.
For a $0-budget meme experiment, Pump.fun is still the right tool. For a launch with $5K+ of seed liquidity where you expect serious volume, you're better off paying the upfront cost and keeping the trading fees inside the pool.
Quick facts
| Metric | Value | Source |
|---|---|---|
| Lifetime fees (Mar 2024 - Aug 2026) | $1.21B | DefiLlama, 2 Sep 2026 |
| Lifetime revenue (pump's slice) | $1.11B | DefiLlama, 2 Sep 2026 |
| 2025 fees | $619.5M | DefiLlama |
| Q1 2025 fees (peak quarter) | $263.8M | DefiLlama |
| Q1 2026 fees | $108.3M | DefiLlama |
| August 2026 fees | $48.0M | DefiLlama |
| Peak single day | $15.5M (24 Jan 2025) | DefiLlama dailyFees |
| Median day, 2026 to date | $1.02M | DefiLlama dailyFees |
| PumpSwap lifetime fees (separate) | $800M | DefiLlama PumpSwap adapter |
| Tokens launched (lifetime) | ~7.2M | Bitquery, May 2026 estimate |
Limitations of this analysis
- Pump.fun's costs. We've only estimated revenue. Operating costs (RPC, storage, team, marketing, treasury management) are not public and could plausibly absorb 20-50% of revenue.
- Token holdings. Pump.fun's treasury contains assets beyond fee revenue — SOL accumulated through buybacks, tokens received via various integrations. We don't try to value these.
- Forward projections. We're describing the past, not predicting the future. Memecoin volume cycles. Q1 2026 is materially below Q1 2025.
- PumpSwap-only volume. Some Pump.fun graduates also trade on Raydium and other AMMs; we count only the PumpSwap leg of post-graduation activity.
Sources & references
- DefiLlama — pump.fun fees and revenue (dailyFees / dailyRevenue adapters) — DefiLlamaPrimary source for every dollar figure in the charts: monthly and quarterly fees, pump's revenue slice, lifetime totals and single-day peaks. API: api.llama.fi/summary/fees/pump.fun. (accessed 2026-09-02)
- DefiLlama — PumpSwap fees — DefiLlamaPost-graduation AMM fees, tracked as a separate protocol. $800M lifetime as of 2 September 2026. (accessed 2026-09-02)
- Pump.fun official docs — fees and protocol parameters (pump.fun/docs) — pump.funSource for the 1% bonding-curve fee, 0.25% PumpSwap LP fee, and graduation mechanics.
- Bitquery Solana DEX data API — BitqueryPrimary source for swap-instruction-level volume and graduation event counts on the Pump.fun program.
- Pump.fun overview dashboard (cryptokoryo) — Dune AnalyticsPublic Dune dashboard cross-checking volumes, daily fee estimates, and graduation rates.
- Pump.fun bonding curve mechanics — explained (www.pump.fun/board) — pump.funLive board showing tokens approaching the ~85 SOL graduation threshold (~411 SOL of market cap (about $41K at ~$100/SOL); the threshold has shifted over time, check current Pump.fun docs).
- Pump.fun fee wallet on Solscan — SolscanPublic address holding accumulated Pump.fun fee revenue. Track inflows directly.
- PumpSwap docs — LP fee structure (pump.fun/docs/fees) — PumpSwapMarket-cap-tiered swap fees (1.25% down to 0.30%), LP burn mechanics, and the creator/protocol/LP split.
- Solana Migrate instructions on Pump.fun program — SolscanPump.fun program account — graduation transactions visible by filtering for migrate instructions.
- Pump.fun revenue tracker (analytics_solana) — Dune AnalyticsSecondary public dashboard for Pump.fun fee aggregates, used for cross-validation.
- Memecoin season 2025 retrospective — Dune blogDune's Q1 2025 memecoin cycle retrospective with on-chain volume charts.
- TRUMP token launch — on-chain data — SolscanTRUMP token mint, launched Jan 18, 2025. Pump.fun and Raydium volumes during launch week visible on-chain.
- PumpSwap volume tracker — GeckoTerminalLive PumpSwap pool volumes used to estimate post-graduation fee revenue.
- Coinbase 10-Q financial filings (2025) — Coinbase / SEC filingsQuarterly retail trading revenue benchmarks for context.
- Helius RPC pricing — HeliusPublic Solana RPC pricing benchmarks used to estimate Pump.fun infrastructure costs.
- DefiLlama — Hyperliquid revenue — DefiLlamaPublic Hyperliquid revenue data used for product-comparison benchmarks.
- Jupiter Aggregator on DefiLlama — DefiLlamaPublic dashboard tracking Jupiter aggregator volume.
- Consensys MetaMask quarterly metrics — ConsensysMetaMask swap revenue context from Consensys public reports.
- Uniswap protocol — fee documentation — UniswapProtocol-level fee design — Uniswap charges $0 to the protocol, all fees go to LPs.
- Pump.fun treasury wallet activity — SolscanObservable SOL accumulation in Pump.fun-controlled wallets, attributed to buybacks and treasury management.
- Helius Solana RPC cost benchmarks — HeliusSolana RPC infrastructure cost analysis used for Pump.fun ops cost estimates.
- Crypto Twitter discussion: Pump.fun's economic moat — Crypto Twitter / variousPublic commentary from Solana ecosystem participants on Pump.fun's revenue per employee, retention, and competitive position.
- CoinGecko historical SOL prices — CoinGeckoTime-series SOL/USD prices used to convert SOL-denominated fees to USD.
- Bitquery indexing gap notes — BitqueryKnown indexing limitations during peak Solana network congestion, relevant for high-volume day estimates.
FAQ
How much money does Pump.fun make in 2026?
$619.5M of fees across 2025 and $263.9M in the first eight months of 2026, per DefiLlama, whose adapter counts the bonding-curve trade fee, graduation fees and Mayhem-mode fees. August 2026 was the best month since September 2025 at $48.0M.
How does Pump.fun generate revenue?
Two streams. (1) A 1.25% fee on every trade of any token on the bonding curve, paid by traders. (2) LP fees on graduated tokens that migrated to PumpSwap, Pump.fun's own DEX. The bonding-curve fee is the dominant revenue source by a wide margin during the active memecoin period.
What was Pump.fun's peak daily revenue?
$15.46M on 24 January 2025, per DefiLlama's daily series. The next three largest days were 1 January 2025 ($14.08M), 28 January 2025 ($9.24M) and 12 February 2025 ($7.58M). A median 2026 day is $1.02M, so a record day runs roughly 15x a normal one.
Where does Pump.fun's revenue actually come from?
About 1.4% of launched tokens have ever graduated from the bonding curve, and that small share generates the majority of platform volume — meaning it generates the majority of revenue. The other 99% of tokens (the ones that die in 24 hours) generate small per-token fees. Pump.fun's economics depend on the few graduating winners, not on token volume.
Can I verify Pump.fun's revenue independently?
Yes. Every Pump.fun fee transfer is on Solana mainnet and visible on Solscan. The fastest check is DefiLlama's open API: api.llama.fi/summary/fees/pump.fun?dataType=dailyFees returns the whole daily series, and dataType=dailyRevenue returns pump's own slice. Bitquery and Dune dashboards let you rebuild the same numbers from raw program-id transactions if you want a second opinion.
If you're choosing between Pump.fun and a direct launch for your own token, our Alchemii vs Pump.fun comparison covers the launch-side decision. For the broader trade-off between bonding curves and direct AMM pools, see Pump.fun vs Raydium. And if you've decided to launch direct and skip the 1% fee, the Alchemii Solana token creator is where to start.
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