What Is Arbitrage Complete? The Final Phase of Pump.fun Launches
Arbitrage Complete is the critical third and final phase of a token's launch on pump.fun. It marks the moment when the token's liquidity fully migrates from the platform's bonding curve to a decentralized exchange like Raydium, permanently eliminating price discrepancies between the two markets. This event signals that the token has 'graduated' from its launchpad phase and is now trading with standard AMM liquidity.
Key Points
- 1Arbitrage Complete is the final phase where a pump.fun token's liquidity moves to Raydium.
- 2It eliminates price differences between pump.fun and DEX markets, ending arbitrage opportunities.
- 3The token's price becomes stable and trades solely via the automated market maker (AMM).
- 4This phase begins automatically once a token reaches a $69,000 market cap on pump.fun.
- 5Post-completion, the token is considered 'graduated' and operates independently.
Understanding the Arbitrage Complete Phase
The moment a meme coin transitions from its launchpad cradle to the open market.
On pump.fun, token launches follow a three-phase journey: the Bonding Curve phase, the Combined Markets phase, and finally, Arbitrage Complete. The process is automated and triggered by market cap.
When a token's market cap reaches $69,000 on pump.fun, the platform automatically creates a Raydium liquidity pool with 100% of the token's supply and the paired SOL from the bonding curve. For a 48-hour window (the Combined Markets phase), the token trades simultaneously on pump.fun's bonding curve and the new Raydium pool. During this window, arbitrageurs can profit from minute price differences between the two markets.
Arbitrage Complete is declared when this 48-hour window ends. At that moment, the pump.fun bonding curve is permanently closed, all remaining liquidity is sent to the Raydium pool, and trading occurs only on the decentralized exchange. The token's price, which was previously subject to the bonding curve's increasing cost structure, now fluctuates based purely on the AMM's constant product formula (x * y = k).
How the Arbitrage Complete Process Works: A Step-by-Step Breakdown
An irreversible smart contract sequence that reshapes a token's market structure.
The transition to Arbitrage Complete is a non-negotiable, automated function of the pump.fun smart contract. Here is the exact sequence of events:
- Market Cap Threshold: A token created on pump.fun accumulates buys on its bonding curve. Each buy increases its price and total market cap.
- The $69k Trigger: The moment the token's calculated market cap hits $69,000, the pump.fun contract automatically initiates the graduation sequence. This is a hard-coded value.
- Raydium Pool Creation: The contract uses all the SOL in the bonding curve and 100% of the token's minted supply to create a new liquidity pool on Raydium. The initial price is set at the bonding curve's price at the moment of triggering.
- The 48-Hour Window: For the next two days, the token exists in two places: the original pump.fun bonding curve and the new Raydium pool. This is the Combined Markets phase.
- Arbitrage Activity: Traders and bots monitor the price on both markets. If the price on pump.fun is higher, they buy on Raydium and sell on pump.fun (and vice versa), profiting from the spread and bringing the prices into alignment.
- Completion & Closure: After 48 hours, the pump.fun bonding curve is permanently closed. Any remaining tokens or SOL in it are sent to the Raydium pool. The token's trading is now 100% on Raydium. The event is marked as 'Arbitrage Complete' on the token's pump.fun page.
Life After Launch: Pump.fun vs. Spawned.com Token Economics
One platform's finish line is another's starting block for sustainable creator economics.
While pump.fun's process ends at Arbitrage Complete, platforms like Spawned.com are built for the long-term success of creators and holders. The key difference lies in what happens after the token graduates to a DEX.
| Feature | Pump.fun (Post-Arbitrage Complete) | Spawned.com (Post-Graduation) |
|---|---|---|
| Creator Revenue | 0% on all future DEX trades. | 1% fee on all perpetual trading volume via Token-2022 program, paid directly to creator. |
| Holder Rewards | None. | 0.30% of every trade is redistributed to existing token holders automatically. |
| Platform Fees | None. | 0.30% fee per trade supports the platform. |
| Initial Launch Cost | 0.1 SOL (~$20) includes AI website builder. | |
| Post-Launch Tools | Basic chart and holder list. | Integrated AI website builder (saves $29-$99/month), ongoing analytics, and promotion tools. |
The Spawned.com Advantage: Arbitrage Complete isn't an ending; it's a beginning. Spawned.com uses the Token-2022 program to embed permanent, on-chain revenue streams. For example, if a Spawned.com token does $1M in volume on Raydium after graduation, the creator earns $10,000 (1%), and holders collectively earn $3,000 (0.30%) in rewards, directly in their wallets. Pump.fun offers no such ongoing value.
What Arbitrage Complete Means for You: Trader & Holder Implications
The Arbitrage Complete event has direct consequences for everyone involved with a token.
- For Traders: The wild, predictable price increases of the bonding curve are over. Volatility now comes from organic market buys and sells. Slippage is calculated by the Raydium AMM, not a formula. The 'guaranteed' price discovery phase has ended.
- For Early Holders: Your tokens are now liquid on a major DEX (Raydium), significantly improving accessibility for buyers on all Solana trading interfaces. However, the token is now exposed to unrestricted selling pressure.
- For the Creator: Your direct, automated revenue stream from the pump.fun bonding curve (2% of sales) stops permanently. Unless you built with a platform like Spawned.com, you no longer earn fees from your token's trading activity.
- For the Market: Price manipulation via the bonding curve is impossible. The token's health is now a function of community support, liquidity depth, and market sentiment. Rug pulls are still possible if the creator holds a large supply.
- For Arbitrage Bots: The specific opportunity to profit from the pump.fun/Raydium spread vanishes. Bots will move on to the next token in the Combined Markets phase.
The Final Verdict on Arbitrage Complete
Arbitrage Complete is a necessary and neutral market event, not an indicator of success or failure.
It is simply the automated conclusion of pump.fun's specific launch mechanism. A token reaching this phase only confirms it achieved a $69,000 market cap at one point. Its future price action—whether it goes to zero or multiplies in value—is entirely dependent on factors that emerge after this event: community strength, creator credibility, and market demand.
For creators, the real strategic decision happens before launch. Choosing a launchpad like Spawned.com that provides post-graduation revenue (1% fees) and holder rewards (0.30%) transforms Arbitrage Complete from a hard stop into the beginning of a sustainable project with aligned incentives. On pump.fun, the financial relationship with your own token effectively ends at this point.
For traders, treat 'Arbitrage Complete' as a change in market mechanics, not a buy or sell signal. Always conduct independent research based on the token's fundamentals and community activity post-graduation.
How to Check if a Token is Arbitrage Complete
Don't guess. Use these methods to definitively confirm a token's launch phase status.
Verifying a token's status is straightforward. Here’s how to confirm:
- Check the pump.fun Bonding Curve Page: Navigate to the token's page on pump.fun (e.g., pump.fun/token/...). If the progress bar is full and displays 'Arbitrage Complete' in large text, the process is finished. You will no longer see a 'Buy' button for the bonding curve.
- Inspect the Raydium Pool: Find the token's Raydium pool address (often linked on the pump.fun page). On Raydium, you'll see active liquidity and trading. If the token only has a Raydium pool and no active bonding curve, it is complete.
- Use a Blockchain Explorer: Look up the token's mint address on Solscan or Explorer. Check the 'Largest Accounts' or 'Token Holdings' tab. If you see a large percentage of the supply in a Raydium Liquidity Pool account and none in a pump.fun bonding curve contract, the migration is done.
Common Confusion: A token in the 48-hour Combined Markets phase is not yet Arbitrage Complete. It will still have an active bonding curve on pump.fun alongside the new Raydium pool. The 'Arbitrage Complete' message only appears after the full 48 hours have elapsed.
Build Beyond the Launch: Create a Token with Lasting Value
The right launchpad choice defines what happens after the arbitrage ends.
Why let your project's economics end at Arbitrage Complete? Launching on Spawned.com means your token is built for longevity from day one.
Launch with Spawned.com and gain:
- Perpetual 1% creator fees on all DEX trades after graduation, funded forever.
- Automatic 0.30% holder rewards that incentivize and reward your community.
- A professional AI-generated website included with your 0.1 SOL launch fee, establishing immediate credibility.
- A platform designed for post-graduation growth, not just the initial pump.
Move beyond the temporary mechanics of a bonding curve. Create a token with embedded, sustainable economics that align you with your holders for the long term. Launch your next project on the platform built for creator success.
Related Terms
Frequently Asked Questions
Absolutely. Arbitrage Complete only changes the trading mechanism, not market demand. A token's price can increase significantly based on community growth, social media hype, exchange listings, or utility developments. However, the price increase will not follow the predictable curve of the bonding curve and will be subject to normal market volatility and liquidity depth on the DEX.
When the 48-hour Combined Markets phase ends, the pump.fun smart contract performs a final settlement. All remaining SOL and tokens locked in the bonding curve are automatically transferred to the Raydium liquidity pool. This final injection boosts the pool's depth and permanently closes the bonding curve. No assets are lost or burned in this process; they are all added to the decentralized liquidity pool.
No. The Arbitrage Complete sequence is triggered automatically and irreversibly by the pump.fun smart contract once the $69,000 market cap threshold is met. Creaters and traders cannot pause, delay, or cancel this process. It is a core, trustless feature of the platform's design to ensure every token eventually migrates to independent, decentralized liquidity.
After Arbitrage Complete, liquidity provision becomes a community-driven activity on Raydium. Anyone can add liquidity to the token's SOL pair (or other pairs) by depositing an equal value of the token and SOL into the Raydium pool. In return, they receive LP (Liquidity Provider) tokens representing their share of the pool and earn a portion of the 0.25% trading fees generated on Raydium. The initial liquidity is 100% from the migrated bonding curve funds.
Tokens launched on Spawned.com follow a similar graduation path where liquidity eventually moves fully to a DEX like Raydium. The key difference is economics. While pump.fun's financial model ends at graduation, Spawned.com's integrated Token-2022 fees (1% creator, 0.30% holder rewards, 0.30% platform) continue perpetually on every DEX trade, making the post-graduation phase financially meaningful for the project's stakeholders.
No. Once the status shows 'Arbitrage Complete,' the pump.fun bonding curve is permanently closed and the 'Buy' button is removed. The only way to purchase the token is through a decentralized exchange like Raydium, Jupiter, or any other platform that supports trading from the Raydium liquidity pool. The token's pump.fun page remains as an archive and information hub.
The risk remains and may even increase. While the liquidity is locked in the Raydium pool, the creator often retains a large portion of the token supply. After graduation, there are no vesting schedules enforced by pump.fun. If the creator decides to sell their entire holdings, it can cause the price to collapse. Always research the creator's wallet activity, vesting promises, and community trust before investing post-graduation.
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