> For the complete documentation index, see [llms.txt](https://docs.surged.fun/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.surged.fun/launchpad/trading.md).

# Trading and pricing

Until it graduates, a token trades against its own bonding curve. There is no order book and no one on the other side of your trade: the curve sells you tokens and buys them back, and a formula sets the price.

## How the price moves

The curve starts with the whole supply. Every buy takes tokens out and puts USDC in, so the next token costs a little more. Every sell does the opposite. The price only depends on how much USDC is in the curve, so it is the same for everyone at the same moment.

A token opens at a market cap of about 4,500 USDC and reaches graduation at 12,000 USDC collected.

## What you see on a token

|              |                                                                                                                       |
| ------------ | --------------------------------------------------------------------------------------------------------------------- |
| Price        | What one token costs right now, in USDC.                                                                              |
| Market cap   | Price multiplied by the total supply of 1,000,000,000.                                                                |
| Progress     | How much of the 12,000 USDC the curve has collected so far.                                                           |
| Price impact | How much your own trade moves the price. The bigger the trade, the bigger the impact.                                 |
| Slippage     | The worst price you accept. If the price moves past it before your trade lands, the trade fails and nothing is spent. |

## What a trade costs

* **Trade fee.** 1% of the USDC side, on buys and on sells.
* **Creator tax.** Whatever the creator set at launch, from 0% to 10%. Check it on the token page.
* **Launch protection.** Only on buys in the first seconds of a launch. See [Launch protection](/launchpad/launches.md#launch-protection).
* **Gas.** Paid in USDC, from the same balance you trade with. Keep a little aside: a buy that spends your whole balance cannot pay for itself.

Where these fees go is on the [Fees](/launchpad/fees.md) page.

## Selling

Selling runs the same curve in reverse, and it is never blocked or paused. The first time you sell a token your wallet asks for an approval, then for the sale itself.


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