Tape
otallyrealtec@otallyrealtecbuys $SNORP · not copied3sappiesol_@appiesol_buys $ニーナ · not copied3snotdecu@notdecubuys $Mousebrain · not copied5sV@VastBoomChiefsells $CATCH · not copied5sV@VastBoomChiefbuys $CATCH · not copied8sL@livetuna32397buys $$GOAT · not copied17sotallyrealtec@otallyrealtecbuys $SNORP · not copied19sonlyljc@onlyljcbuys $MARINE · not copied22snotdecu@notdecubuys $Mousebrain · not copied25sschoen@schoensells $Mousebrain · not copied28snotdecu@notdecubuys $Mousebrain · not copied30sschoen@schoenbuys $Mousebrain · not copied41sonlyljc@onlyljcbuys $ISG · not copied52snotdecu@notdecusells $SNORP · not copied1mbigbagsbobby@bigbagsbobbysells $dot · not copied1mappiesol_@appiesol_buys $ニーナ · not copied2mC@CpW9…T6gSsells $MEMENOMICS · not copied2mE@EMYc…o2TXsells $MEMENOMICS · not copied2motallyrealtec@otallyrealtecsells $GB · not copied2mbigbagsbobby@bigbagsbobbybuys $dot · not copied2mschoen@schoensells $SNORP · not copied3mdualnarwhal3031@dualnarwhal3031buys $AMD · not copied3motallyrealtec@otallyrealtecbuys $microchip · not copied3mV@VastBoomChiefsells $PAID · not copied3mV@VastBoomChiefbuys $PAID · not copied3mV@VastBoomChiefsells $PAID · not copied3mnotdecu@notdecusells $SNORP · not copied3mV@VastBoomChiefbuys $PAID · not copied3mA@afloatshark4132sells $Dike · not copied3mA@afloatshark4132buys $Dike · not copied3mA@afloatshark4132sells $Dike · not copied4mV@VastBoomChiefsells $PAID · not copied4mA@afloatshark4132buys $Dike · not copied4mV@VastBoomChiefbuys $PAID · not copied4mA@afloatshark4132sells $Dike · not copied4mV@VastBoomChiefsells $PAID · not copied4mA@afloatshark4132buys $Dike · not copied4motallyrealtec@otallyrealtecbuys $microchip · not copied4mV@VastBoomChiefbuys $PAID · not copied4mA@afloatshark4132sells $Dike · not copied4m

A key is a slice of a trader's vault, priced on a curve.

Every listed pump.fun trader has a curve. Buying a key moves you up it. The SOL you pay goes into that trader's vault, which copies his swaps. His performance multiplies every key he has out.

n² / 16,000SOL, curve price of key n
5%fee each way, 2% / 2% / 1%
× mvault value over curve reserve

01What a key is

A key is a whole unit in one trader's market. You hold an integer number of them. Each one is a claim on a share of that trader's vault, and each one can be sold back to the market at any time. Nothing expires and nothing resolves.

Traders are listed by wallet address. Names, avatars and PnL come from pump.fun's public profile and leaderboard data and are always labelled as theirs. A trader does not need to opt in to be listed. He needs to connect the listed wallet to claim his cut.

02The curve

Key number n costs n squared divided by sixteen thousand SOL. The first key is free and belongs to the trader's own wallet, so every market starts with one key out. Buying several keys pays each step separately, selling walks the same steps back down.

key #10.0000625 SOL
key #100.00625 SOL
key #200.025 SOL
key #500.156 SOL
key #1000.625 SOL
key #2002.50 SOL

03The vault

Each trader has a vault, a Solana wallet whose address is on his page. What buyers pay for keys goes there. The vault watches the trader's wallet and mirrors his pump.fun swaps in proportion: if he puts ten percent of his SOL into a coin, the vault puts ten percent of its SOL into the same coin, and sells when he sells.

  • Never more than half the vault in positions, the rest stays liquid for sellers.
  • Never more than ten percent of the vault in one coin, never more than two percent of a pool per swap.
  • Coins younger than five minutes are not copied. Snipes are his edge, not ours.
  • Only pump.fun bonding curves and PumpSwap pools for now.

04Price is curve times performance

Call the sum of curve prices of all keys out the nominal reserve, U. Call what the vault is actually worth V: liquid SOL plus every position at the price it could be sold for, with a ten percent haircut. The multiplier m is V over U.

Every key of that trader trades at its curve price times m. Buying and selling keys adds and removes the same amount from V and U, so they never move m. Only two things do: the vault's trading result, and the holders' share of fees, which is paid into V.

A vault that has doubled makes every key twice as expensive, and the market can never owe sellers more than the vault holds.

05Fees

To the trader, held until he claims2%
Into the vault, for everyone holding2%
To the protocol, spent buying back its token1%
Per trade, each way5%

On a buy the fee is added on top of the price. On a sell it comes out of what you receive. The holders' share raises m, so every trade after yours lifts your keys.

The first buy on a market also tops the vault up to Solana's rent minimum plus a small gas reserve, about 0.0028909 SOL, one time. That is not part of the price, does not count toward V, and stays in the vault so it can pay sellers and copy trades.

The protocol's share does not sit in SOL. Once it adds up to a fraction of a SOL, the fee wallet buys the protocol token on pump.fun and keeps it: EwJi9R…Kipump.

06Selling

A sell is a signed message, not a transaction, so it costs nothing to place. The vault pays you by transfer, usually within a minute. If the vault is holding more positions than liquid SOL, it sells positions first and pays you after.

07Claiming

The trader's share waits for him from the first trade. To claim it he connects the listed wallet and signs a message. No transaction, no social login. The first key of every market already belongs to that wallet.

08Risks, plainly

  • The vault trades real memecoins. It can lose most of its value, and every key with it.
  • Vaults are custodial wallets run by Trader Capital. You are trusting us to run them as described.
  • A listed trader could trade against his own vault. Position caps limit the damage, they do not remove it.
  • We copy after he trades. His entries are earlier than ours, his exits too.
  • PnL figures are pump.fun's and can lag or disagree with what you see on chain.