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

# Trading Mechanics

Game tokens trade on a bonding curve before graduation and through a liquidity pool afterward.

### Bonding-curve trading

Buys move the curve price up and sells move it down. Real SOL reserves change with those trades. Virtual reserves help set price and depth but do not count as real liquidity.

New curated launches target 150 SOL in real reserves, while instant launches target 85 SOL. A target is separate from cumulative trading volume. Sells can reduce reserves, so the total volume before graduation can be much larger than the target.

The standard game curve fee is 5%. The studio receives 4 percentage points before its buyback allocation, and Loadout receives 1 before referrals and rebates.

### Trading during launch protection

The updated trading flow removes the blanket website buy lock during the first 60 seconds. A protected launch can still apply a temporary buy fee that falls through its opening window. Enabling the interface does not remove that fee.

Check the live quote and minimum tokens received. A buy can be rejected if the total applicable fee leaves nothing to trade. Retry only after reviewing a fresh quote. Protection cannot prevent every bot or guarantee equal allocations.

### Graduation

Once the configured target is reached, curve trading closes during migration. Real SOL and remaining curve tokens seed the official Meteora DAMM v2 pool. The original graduation liquidity position is permanently locked, and holders keep the same token.

The standard official game pool starts at 2%. LOAD's separate official pool charges 1.5%. Pool fees, Meteora deductions and fee rights determine the amount available for studio and protocol allocations.

### Execution and other markets

Slippage limits set the minimum output you will accept. Available liquidity, price changes and network conditions can cause a transaction to fail. Network costs are separate from trading fees.

Tokens remain transferable, and independent pools can have different prices and fees. Their volume does not automatically fund the studio or Loadout. Use the correct mint and review the route and quote before trading.

[Fee Structure](https://loadout.gitbook.io/product-docs/overview/fees) explains the allocations. [Rewards & Rebates](https://loadout.gitbook.io/product-docs/for-traders/rewards) explains which activity can earn Loot.