How to tell if a pump.fun token has graduated

November 11, 2026 · 11 min read · by the Rugsight team

A pump.fun coin is either still on its bonding curve or it has graduated to a DEX pool. Those two states are not a quality rating. They are two different markets, with different ways to check liquidity and different ways the price moves. This guide explains the difference, how to read it yourself on-chain, and what a Rugsight free score already flags.

For the broader pump.fun checklist (authorities, holders, bundles, copycats), see how to check if a pump.fun token is a rug. After a coin graduates, also read how to check if liquidity is burned or locked.

What "on the bonding curve" means

According to pump.fun's public program documentation, a coin created through the Pump program (6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P) works like this:

• It is tradeable immediately on a bonding curve. There is no DEX pool that someone has to seed first.
• Every coin has a fixed token_total_supply of 1,000,000,000,000,000 raw units. On a 6-decimal mint, that is a 1 billion total supply. About 793.1 million tokens start on the curve (initial_real_token_reserves).
• Mint authority and freeze authority are revoked, so a normal pump.fun coin cannot print more supply or freeze your token account. (Always check anyway: a token can claim to be from pump.fun and not be. See mint and freeze authority.)
• The curve's price comes from a Uniswap V2-style formula with synthetic reserves. You buy from, and sell back to, the program. There is no LP token to pull while the coin is on the curve.

Each coin has a bonding curve account, a PDA derived from the seeds bonding-curve and the mint. The field that matters for graduation is complete. It starts as false. The docs say it is set to true at the end of a buy when real_token_reserves reaches zero: there are no more real tokens left in the curve to sell.

What "graduated" means

Once the curve is complete, anyone can call the permissionless migrate instruction. That moves the liquidity from the curve into a PumpSwap pool, and the LP tokens from that pool are burned. After that, you trade in a normal AMM pool, not against the curve formula.

Graduation is a change of venue, not a safety badge. The same wallets that bought on the curve can sell into the new pool. The pool can still be thin. And anyone can create additional pools for the same mint that did not come from this migration; those do not inherit the LP burn. Always check that the pool you are looking at is the canonical one, and that its LP is actually burned. The liquidity burned-or-locked guide covers how.

Older coins may have taken a different path. The same program docs describe a now-deprecated withdraw instruction that used to migrate completed curves to Raydium from an off-chain server. A long-lived pump.fun coin whose main pool is Raydium is consistent with that earlier path, not a contradiction.

How to check it yourself

1. Copy the full mint from a source you already trust: the coin's page on pump.fun (the address is in the URL, pump.fun/coin/<mint>), or a link the project itself published. Names and tickers are not unique. See how to verify a Solana token contract address. A mint that ends in pump is a vanity suffix, not proof.
2. Open that mint on pump.fun. The coin page shows whether it is still on the curve or already has a pool.
3. Open the same mint on a pair tracker (DexScreener, Birdeye or similar). A pump.fun / bonding-curve market with no PumpSwap or Raydium pair usually means it has not graduated. After graduation you should see a PumpSwap pair (or, for some older coins, Raydium). Check that you are looking at the migrated pool, not a later copy.
4. On an explorer (Solscan or the official Solana Explorer), find the bonding curve account owned by the Pump program above. Read complete: false means the curve is still running; true means it has finished and can be, or already has been, migrated. Then look at the PumpSwap or Raydium pool and whether its LP is burned.
5. Paste the same mint into Rugsight. The free check flags BONDING_CURVE when we still see an ungraduated pump.fun coin, and the LP row is not_applicable because there is no LP token yet.

If market data is missing, wait and check again rather than guessing the state from the ticker.

What the Rugsight flag means

Those points come off a starting score of 100, alongside age, authorities, holders and liquidity. A pump.fun coin that is only hours old and still on the curve, with no other flags, therefore lands at 75 (grade B): VERY_NEW is −15 and BONDING_CURVE is −10. That is a common ceiling on the free score, not a track record. Age is explained in how to check a Solana token's age; letter grades in how to read a Solana token risk score.

On the new-token feed of 11 November 2026 (snapshot 10:00 UTC, 07:00 America/Fortaleza; 100 tokens with at least $5k of liquidity at discovery), 12 of 100 carried BONDING_CURVE.

The free check often shows liquidity as "none detected" on a curve coin, because we do not treat the curve as a DEX pool. That is expected, and is why the LP status is not_applicable rather than a burn or lock percentage. You can still buy and sell against the curve; the price impact is just not a pool-depth number. After graduation we measure pool liquidity as usual (LIQUIDITY_LOW, LIQUIDITY_VERY_LOW, and so on) and we can check whether the main pool's LP is burned.

Live examples (verified 11 November 2026)

These numbers come from Rugsight's own free score on 11 November 2026, between 04:00 and 07:11 America/Fortaleza (07:00–10:11 UTC). They will change; open the linked token page for the live figure.

Still on the bonding curve — flag BONDING_CURVE:

Chachamaru and SOLdier are the "clean curve" pattern: grade B, score 75, only VERY_NEW and BONDING_CURVE, mint and freeze already revoked, and real-wallet concentration below our flag thresholds. ZANO was also on the curve in the same window and scored D / 40, because one wallet held 35.8% and the top 10 held 72.4%. Being on the curve does not spread the supply out. For how those holder figures are measured, see holder concentration.

Graduated, still hours old:

• Trench Inu (TI) (7cin51XTpSkesiZMLJvEGNXqd5DFFqSBixcvn7Ppump): grade B, score 78 (free check). Flags: VERY_NEW, LIQUIDITY_LOW (liquidity $10k–$50k). No BONDING_CURVE flag. The main pool on this check was PumpSwap with 100% of LP burned. Mint and freeze were revoked. Among real wallets the largest held 2.5% and the top 10 held 17.7%. Graduation gave it a pool and a burned LP; the remaining deductions are age and modest pool depth.
• Veylfi (VEYL) (GHtnAtTCPFz8MRTMQiEyuEob283EUgqd1d1Fysnhpump): grade B, score 78 (free check). Same flags: VERY_NEW, LIQUIDITY_LOW ($10k–$50k). Main pool: PumpSwap, 100% of LP burned. Largest real wallet 0.9%, top 10 7.3%.

Two B grades on hours-old graduated coins are not evidence that the tokens will still be trading next week. They mean the technical checks we run did not add many more deductions after age and liquidity.

Graduated a long time ago:

• Goatseus Maximus (GOAT) (CzLSujWBLFsSjncfkh59rUFqvafWcY5tzedWJSuypump): grade A, score 93 (free check). The only flag was TOP10_ELEVATED. Liquidity was $1M–$10M. The main pool on this check was Raydium AMM v4, with 99.69% of LP burned. There was no BONDING_CURVE flag. A Raydium main pool on a long-lived pump.fun coin fits the older, now-deprecated migration path in the program docs. An A here is "no technical trap on the checks we run", not a reason to ignore holders: the top 10 real wallets still held 48.1%, and the largest held 6.7%.

What Rugsight shows

On the free check:

• the BONDING_CURVE flag when we still see an ungraduated pump.fun coin;
• an LP row of not_applicable while the coin is on the curve, and a burned or locked status after graduation when we can read the main pool;
• liquidity buckets once there is a pool to measure;
• the usual authority, age and holder flags.

The paid report (1 USDC for people, or 0.03 USDC per call for agents via x402) adds the market numbers behind the liquidity and volume buckets, the top-holder breakdown, and a launch-bundle / sniper heuristic on tokens up to 7 days old. The free BONK sample shows the layout.

Limits, stated plainly:

• Graduation detection uses third-party market data (including whether a pump.fun coin has a graduated pool) plus on-chain LP reads. If that market data lags or misses a pool, the flag can lag too.
• We do not treat the curve's SOL inventory as a DEX liquidity figure, so "none detected" on a curve coin is not the same as "untradeable".
• A pump suffix, or marketing that says the coin is from pump.fun, is not enough. Check the authorities and the program.
• Extra pools created after migration are not automatically the canonical burned-LP pool.
• We do not simulate a sell, and we do not score whether large holders will sell after graduation.

Warning signs, summarised

FAQ

What does it mean when a pump.fun token has graduated?

It means the bonding curve has completed and its liquidity has been migrated to a DEX pool, today usually PumpSwap, with the LP tokens from that migration burned. You then trade in that pool rather than against the curve formula. Graduation does not mean the token is safe to buy. Pump.fun's program documentation describes the complete flag, the permissionless migrate instruction, and the LP burn.

How do I check if a pump.fun token is still on the bonding curve?

Confirm the mint, then check the coin's pump.fun page, a pair tracker (curve market vs a PumpSwap or Raydium pool), and the bonding curve account's complete field on an explorer. You can also paste the mint into Rugsight: the free check flags BONDING_CURVE when we still see it as ungraduated, and the LP row is not_applicable.

What does the BONDING_CURVE flag mean on Rugsight?

It is a medium flag, 10 points off the free score, meaning we still see the coin as a pump.fun token that has not graduated to a DEX pool. Combined with VERY_NEW (−15), a otherwise-clean hours-old curve coin scores 75 (grade B). After graduation this flag should be absent, and ordinary liquidity and LP checks apply instead.

Is a graduated pump.fun token safer to buy?

Not by itself. Graduation changes where trading happens and, on the canonical migrated pool, burns that pool's LP so it cannot be withdrawn. Holders can still be concentrated, the new pool can still be thin, and large wallets can still sell. On 11 November 2026, Trench Inu (TI) had already graduated, had 100% of its PumpSwap LP burned, and still scored B / 78 because it was hours old with $10k–$50k of liquidity.

Why do so many curve tokens get a B / 75?

Because two routine flags add to 25 points: VERY_NEW (−15) and BONDING_CURVE (−10). If mint and freeze are revoked and holders are not concentrated enough to flag, 75 is the arithmetic result, not a separate endorsement. Compare that with ZANO on the same day: also on the curve, but D / 40 once TOP10_HIGH and TOP1_WHALE were included.

Summary

Ask two questions of a pump.fun coin: is it still on the bonding curve, or has it graduated? and if it graduated, is the pool you are trading in the canonical one with burned LP? On the curve, there is no LP to pull and the price comes from a formula. After graduation, check pool depth and LP the same way you would on any other Solana token. Rugsight's free score already flags BONDING_CURVE and will not treat a hours-old curve coin as if it had a long-lived DEX pool. Paste the mint into Rugsight, read that flag next to age, holders and liquidity, and use the pump.fun checklist for everything graduation does not cover.

Rugsight is an automated technical tool. Nothing here is financial advice.