> For the complete documentation index, see [llms.txt](https://docs.div.fun/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.div.fun/for-traders/buying-and-selling.md). # Buying and selling How you trade a div.fun token depends on whether it is still on its [bonding curve](/core-concepts/the-bonding-curve.md) or has [graduated](/core-concepts/graduation.md). The trade panel handles both; this page explains what is happening underneath. ### Trading on the curve Before graduation, you trade against the curve itself: * **Buying** pays HYPE into the curve and returns tokens at the current curve price. Each buy moves the price up the curve. * **Selling** returns tokens to the curve and pays out HYPE at the current curve price. There is no order book and no counterparty — the curve always quotes a price. A small protocol fee applies to curve trades. A dividend share is also taken on curve trades, funding dividends to holders from the first trade. ### Trading on the market After graduation, you trade against the token's HyperSwap V2 pool, like any other HyperEVM token: * **Buying** swaps HYPE (via wrapped HYPE) for the token through the pool. * **Selling** swaps the token back for HYPE. On the market, every trade carries the token's **dividend share** — the fee-on-transfer that funds dividends. This is taken on both buys and sells. It is the cost of trading a token that pays its holders, and it is the same share that pays *you* when you hold. The dividend share applies on every trade, curve or market. ### Approvals Selling a token, or trading it on the market, requires a one-time approval transaction so the router can move the token on your behalf. The app prompts for this when needed. Approvals are standard ERC-20 allowances; you grant them once per token. ### Slippage and price impact On the curve, price moves deterministically with size — a larger buy walks further up the curve. On the market, a larger trade has more price impact against the pool's liquidity. Size your trades accordingly, especially on tokens with thin pools. The trade panel shows the quoted output before you confirm. ### The dividend share is not a loss to dread Because div.fun tokens tax each trade to fund dividends, frequent in-and-out trading pays the dividend share repeatedly. div.fun tokens reward holding, not churning. If you intend to hold, the share you pay on entry is the same mechanism that pays you while you hold and that other traders pay you when they trade. If you intend to scalp, account for the share on every leg. ### After you buy Once you hold an eligible balance of a div.fun token, dividends accrue to your wallet automatically — there is nothing else to do. See [receiving dividends](/for-traders/receiving-dividends.md). How you trade a div.fun token depends on whether it is still on its [bonding curve](/core-concepts/the-bonding-curve.md) or has [graduated](/core-concepts/graduation.md). The trade panel handles both; this page explains what is happening underneath. ### Trading on the curve Before graduation, you trade against the curve itself: * **Buying** pays HYPE into the curve and returns tokens at the current curve price. Each buy moves the price up the curve. * **Selling** returns tokens to the curve and pays out HYPE at the current curve price. There is no order book and no counterparty — the curve always quotes a price. A small protocol fee applies to curve trades. A dividend share is also taken on curve trades, funding dividends to holders from the first trade. ### Trading on the market After graduation, you trade against the token's HyperSwap V2 pool, like any other HyperEVM token: * **Buying** swaps HYPE (via wrapped HYPE) for the token through the pool. * **Selling** swaps the token back for HYPE. On the market, every trade carries the token's **dividend share** — the fee-on-transfer that funds dividends. This is taken on both buys and sells. It is the cost of trading a token that pays its holders, and it is the same share that pays *you* when you hold. The dividend share applies on every trade, curve or market. ### Approvals Selling a token, or trading it on the market, requires a one-time approval transaction so the router can move the token on your behalf. The app prompts for this when needed. Approvals are standard ERC-20 allowances; you grant them once per token. ### Slippage and price impact On the curve, price moves deterministically with size — a larger buy walks further up the curve. On the market, a larger trade has more price impact against the pool's liquidity. Size your trades accordingly, especially on tokens with thin pools. The trade panel shows the quoted output before you confirm. ### The dividend share is not a loss to dread Because div.fun tokens tax each trade to fund dividends, frequent in-and-out trading pays the dividend share repeatedly. div.fun tokens reward holding, not churning. If you intend to hold, the share you pay on entry is the same mechanism that pays you while you hold and that other traders pay you when they trade. If you intend to scalp, account for the share on every leg. ### After you buy Once you hold an eligible balance of a div.fun token, dividends accrue to your wallet automatically — there is nothing else to do. See [receiving dividends](/for-traders/receiving-dividends.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.div.fun/for-traders/buying-and-selling.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. 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