LetsBonk (bonk.fun) shook the Solana launchpad order in late 2025 and now sits within a few points of Pump.fun on daily launches. The split in May 2026 sits near 46% Pump.fun and 42% LetsBonk by token launches, with the rest going to Bags, Believe, and smaller pads. This guide compares both on fees, graduation route, rewards, and trading tools so you can pick the right platform.
The Short Version
Pump.fun is older, more battle-tested, and graduates tokens into its own DEX (PumpSwap). LetsBonk is newer, ties into the BONK ecosystem, sends graduated tokens to Raydium, and feeds a chunk of fees back into BONK buybacks. Tools, bots, and snipers cover both pads, so the question is really about cost, liquidity destination, and which community you trust to trade with.
Fee and Graduation Comparison
| Feature | Pump.fun | LetsBonk (bonk.fun) |
|---|---|---|
| Token creation cost | Free (small SOL gas) | Free (small SOL gas) |
| On-curve trading fee | 1% | 1% |
| Creator fee | 0.05% | ~0.1% |
| Graduation threshold | ~85 SOL raised | ~85 SOL raised |
| Migration fee | 0 SOL (to PumpSwap) | ~0.3 SOL (to Raydium) |
| Post-graduation DEX | PumpSwap | Raydium |
| Post-graduation swap fee | 0.25% | ~0.25% |
| Rewards / buybacks | None on-curve | BONK buybacks + trencher rewards |
| Daily launches (May 2026) | ~17K | ~14K |
| Graduation rate | ~1.4% | ~0.9% |
A few things in this table need context. Both pads share the same headline trading fee, so the on-curve cost looks identical to a buyer. The real difference shows up at graduation: PumpSwap stays inside the Pump.fun ecosystem with zero migration cost, while LetsBonk sends tokens to Raydium for a small fee, which most trader tools handle automatically.
The reward structure is where LetsBonk pulls a different lever. A meaningful share of platform revenue funnels into BONK buybacks and direct rewards for active users (called trenchers in the community). That doesn’t help on a single losing trade, but it changes the long-term incentive math for users who plan to trade volume on the platform.
Bonding Curve Mechanics
Both pads use a bonding curve where price rises predictably with each SOL added. The default curves are similar in shape, and a token graduates when roughly 85 SOL has been raised. The migration paths are where they split.
Pump.fun → PumpSwap
When a Pump.fun token hits ~85 SOL, the curve closes and the LP moves into a PumpSwap pool with zero migration fee. The LP is burned on graduation. Trading continues uninterrupted because PumpSwap routing is wired into every major Solana aggregator and bot.
LetsBonk → Raydium
LetsBonk graduates tokens into Raydium CPMM pools. The migration costs around 0.3 SOL, which is a one-time fee paid by the bonding curve itself, not the trader. Raydium has deeper composability with the rest of Solana DeFi (yield farms, lending markets, more aggressive aggregator routing), so post-graduation liquidity often picks up faster.
For most snipers, the difference is invisible. The bot you trade through hides the routing detail behind a single buy button. For larger swing trades, Raydium pools tend to attract slightly more arb activity, which can mean tighter spreads but also more bot competition on big buys.
Tooling Coverage
Every major Solana bot in 2026 supports both pads. A few details worth noting:
- BullX — Sniper hits both Pump.fun and LetsBonk launches. Safety panel and bundle detection work on both.
- GMGN — Shows insider holdings and bundle launches for both pads. Slightly stronger on Pump.fun where its dataset is older.
- Trojan — Telegram-based, supports both pads with the same BOLT engine for execution.
- Photon/Axiom — Web terminal handles both, with one-click buy on either source.
- Bonk-specific tools — A few smaller tools (Bonk Sniffer, BonkDex Pro) cater specifically to LetsBonk traders and surface earlier than the general bots on LetsBonk-only launches.
For practical sniping, you don’t need separate bots. The same configuration works for either pad.
Safety and Rug Patterns
Both pads have the same rug patterns because they’re built on the same Solana primitives. Bundled launches, dev wallet dumps, and copycat tickers are all common on either side.
A few platform-specific notes:
- Pump.fun’s LP burn at graduation is automatic and well understood. Most tools confirm the burn within seconds. See our honeypot checker guide for the verification routine.
- LetsBonk’s Raydium migration also burns the LP. Same end state, just routed through Raydium instead of PumpSwap.
- Pre-graduation safety depends entirely on whether the token has insider wallets, bundled buys, or hidden authorities. Run the same checks regardless of pad. The bundled launch detection guide covers the workflow.
The graduation rates are also worth noting. Pump.fun graduates about 1.4% of tokens; LetsBonk about 0.9%. The vast majority of tokens on either pad never reach an AMM listing. Most sniping P&L comes from a handful of winners that make up for many small losers.
Rewards: Where LetsBonk Tries to Differentiate
LetsBonk’s rewards model is the main reason it broke into Pump.fun’s market share so fast.
- A portion of platform fees goes to BONK buybacks, which adds buying pressure to the BONK token. Some traders speculate on BONK as a sympathy play to LetsBonk volume.
- Active users (trenchers) qualify for direct rewards based on volume and consistency. The exact formula has shifted a few times since launch, but the trade-off is real: if you trade actively on LetsBonk, some of your fees come back.
- Token creators on LetsBonk get a slightly higher creator fee share than on Pump.fun, which attracts creators with bigger followings.
Pump.fun has its own creator revenue program in beta but has been slower to ship reward features. If reward economics matter to you, LetsBonk currently has the edge.
Liquidity and Volume
Pump.fun still wins on raw daily volume. PumpSwap is the second-largest Solana DEX by volume behind Raydium, and most of that volume is graduated Pump.fun tokens. The depth of liquidity on big Pump.fun winners tends to be slightly higher because they stay inside the Pump.fun → PumpSwap ecosystem.
LetsBonk volume is growing fast but still trails on the top tokens. The trade-off is more upside on early picks because the pad is newer and less efficiently priced on launches.
Which One Should You Use?
There’s no universal answer, but the tradeoffs break down cleanly:
Pick Pump.fun if:
- You snipe big launches with bot competition and need the deepest existing tooling
- You want the safer, more battle-tested graduation flow
- You prioritize post-graduation depth and aggregator routing
- You don’t care about platform rewards
Pick LetsBonk if:
- You want fee rebates and BONK-driven reward exposure
- You trade enough volume to qualify for trencher rewards
- You like trading less efficient markets where good picks are still mispriced
- You’re already in the BONK ecosystem
Most active Solana traders watch both pads. Tools make it easy to keep a single scanner running across all launches and react to whichever pad has the next mover.
FAQ
Is LetsBonk safer than Pump.fun?
Neither is meaningfully safer than the other. Both burn LP on graduation and both have the same rug patterns on the bonding curve. Safety comes from your pre-trade checks, not the launchpad.
Do all bots support LetsBonk?
Most major bots now do. BullX, GMGN, Trojan, Photon/Axiom, and Maestro all snipe LetsBonk launches. A few older bots are slower to integrate, so check before relying on a specific tool.
Does LetsBonk actually pay rewards?
Yes, but the structure has changed a few times. Current rewards are based on 30-day volume and BONK holdings. The catch is the rewards are real only if you trade enough to qualify, and many casual traders don’t.
Which pad has more rugs?
Both pads have more rugs than legitimate tokens by a large margin (the graduation rate is below 2% on both). The absolute number of rugs is higher on Pump.fun because total launches are higher, but the rug rate per launch is similar.
Will Pump.fun stay on top?
Hard to say. Pump.fun has lost the top spot a few times to LetsBonk in 2026 already, then taken it back. The competition is benefitting traders. Lower fees, better tools, and faster feature rollouts are coming from both sides because of the rivalry.
Are graduated LetsBonk tokens worse than graduated Pump.fun tokens?
Tokenomics, holder distribution, and team behavior matter more than which pad it graduated from. A clean LetsBonk graduate can outperform a bundled Pump.fun token. Judge each token on its own.
What to Read Next
- Pump.fun vs LaunchLab vs PumpSwap — How the Pump.fun ecosystem fits together
- Pump.fun Sniper & Auto-Buy Bots — Sniper settings that work on both pads
- Solana Honeypot Checkers & Contract Scanners — Pre-trade safety routine
- Detect Bundled Launches & Insider Wallets — Spot the rug patterns before you buy
- 6 Best Solana Sniper Bots 2026 — Bot comparison with launchpad coverage
Disclaimer: Both platforms carry the same memecoin trading risks. Past performance and platform rewards are not predictive of future returns. This is not financial advice. See our full Risk Disclaimer.
