> For the complete documentation index, see [llms.txt](https://docs.pumphood.fun/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.pumphood.fun/using-pumphood/trading-and-graduation.md).
# Trading & graduation
Every pumphood token is a normal Uniswap V3 market from the moment it launches. You can trade it right on its token page, or with any external tool that speaks Uniswap V3.
## Buying & selling
Open any token and use the swap box on its page:
* **Buy** — send ETH, receive the token. Your ETH is wrapped and swapped in one step.
* **Sell** — send the token, receive ETH back.
* **Slippage** — pick a preset (0.5% / 1% / 5%) or set your own.
You always deal in native **ETH** — the wrapping and unwrapping happens under the hood.
{% hint style="info" %}
Because pumphood tokens live in **standard Uniswap V3 pools**, you're not limited to the pumphood site. They also trade on **DexScreener**, through **Telegram trading bots**, and in any wallet's swap feature — the same market, everywhere.
{% endhint %}
## Live prices & charts
Each token page shows a live price and market cap, updated straight from the pool, plus an embedded **DexScreener** chart with full trading history.
The homepage feed shows tokens lighting up in real time — a card flashes with a **▲ buy** pulse the moment someone buys, so you can watch momentum build live.
## Graduation
As a token's market cap climbs, it fills a **graduation bar**. Reaching the graduation target is a milestone worth celebrating — it marks a token that's found real traction.
Stage
Meaning
Bonding curve
The token is climbing toward its graduation target.
Graduated
The token has hit the target market cap. It earns a badge and a spot in the graduated feed.
{% hint style="info" %}
**Graduation is a milestone, not a migration.** On pumphood, a token trades in a real Uniswap V3 pool from block one — there's no second step where liquidity moves somewhere else. Graduating simply recognizes that a token has reached the target market cap; the pool, the price, and the liquidity stay exactly where they are.
{% endhint %}
The graduation target is measured in USD market cap and applies across the platform.
## Liquidity is locked
The liquidity backing every pumphood token is **locked in pumphood's locker contract** from the moment of launch. The full position sits there single-sided — there's **no withdraw path for the creator** and no migration step. All the pool ever does is trade and pay out fees.
That's what makes graduation meaningless as a rug vector: there's no "move the liquidity" moment to exploit, because the liquidity never moves.
Next up: [**How it works →**](/under-the-hood/how-it-works.md)
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