Trading on the bonding curve
Pricing
Prices follow a constant product formula over a virtual HYPE reserve. Each curve starts with a phantom reserve of 0.03 HYPE against the full token reserve, so the opening price is above zero without anyone seeding liquidity.
Buys move HYPE into the curve and tokens out. Sells reverse the trade at the current curve price.
Slippage
Every trade sets a minimum output. The default tolerance is 2%. If the price moves past it before your transaction lands, the trade reverts instead of filling at a worse price. Refresh the quote and try again.
Selling
Selling a token for the first time needs an approval transaction so the curve can take the tokens, followed by the sell itself. The trade panel handles both steps and shows a balance check before you sign.
Anti-snipe tax
For the first five seconds after launch, buys pay an extra tax on top of the base fee. It decays each second:
| Seconds after launch | Extra buy tax |
|---|---|
| 0 | 99% |
| 1 | 25% |
| 2 | 3% |
| 3 | 0.5% |
| 4 | 0.1% |
| 5 onward | 0% |
The deployer and the creator fee recipient are exempt automatically. A launch can exempt up to 32 more addresses.
Fees on trades
Every trade pays a 1% base fee in HYPE, plus the creator tax if the creator set one. See Fees.