Madaba Spots a Split in Pumpfun’s October Trading
Pumpfun’s launch curve volume hit a 2026 high through October as PumpSwap fell to a low. Together, the two recorded about a fifth less volume than in September.
Crypto researcher Madaba highlighted a split in Pumpfun’s October trading: its launch curves recorded their busiest month of 2026 through October, while PumpSwap had its quietest. Together, the two recorded about a fifth less trading volume than in September.
bonding curve volume was the highest of 2026 ($4.7B) while PumpSwap volume was the lowest ($9.1B)
— Madaba (@0xMadaba) November 11, 2026
Launch curves took a bigger share
DefiLlama’s daily series put bonding curve volume at $4.73 billion in October, up from $3.04 billion in September. PumpSwap volume fell to $9.10 billion from $14.57 billion. That raised the curves’ share of the two series from about 17% to 34%, even as their combined volume fell from $17.61 billion to $13.83 billion.
Pumpfun tokens start trading on a bonding curve. Those that graduate get a canonical pool on PumpSwap. But the figures don’t follow the same tokens from launch to graduation. DefiLlama counts trades on Pumpfun’s bonding curves, while its PumpSwap series filters for pools with at least $5,000 in total value locked and at least 50 unique traders.
Trading volume and protocol revenue tell different stories
Madaba pointed to separate research from Sparsity that found protocol revenue was concentrated in trades on very young coins. That analysis groups fees by token age; the monthly volume figures group trading by venue. Pumpfun’s fee schedule lists a 0.95% protocol fee on SOL- and USDC-paired bonding curve trades, separate from the creator fee. On canonical PumpSwap pools for those pairs, fees vary by market cap.
The October figures explain why a busy month for launch curves can still be a slow month for PumpSwap. To see whether October’s launches sustained demand, a separate analysis would need to follow those tokens after graduation.
