Reference price Positions are valued at a 15-minute time-weighted average of the token's venue price (bonding-curve reserves before migration, the canonical PumpSwap pool after). The window is for valuation reliability; it is not a holding requirement.
A round is withheld ("valuation unavailable") when:
- fewer than 5 samples exist in the window;
- the latest sample is older than 180 seconds;
- the spot price differs from the window average by more than 15%.
Reference value is not sale proceeds The reference value is quantity × reference price. Selling a large position would move the price and usually realise less. Eligibility uses the reference value.
Manipulation safeguards and limits - Short price spikes or dumps: the time-weighted window and deviation guard pause valuation rather than use a manipulated price. - Artificial purchase prices: a purchase only counts when the canonical venue's own token account delivered the tokens in the same transaction, and its cost is the SOL the buyer actually lost in that transaction. Payments made back to the buyer inside the transaction reduce the cost. - Wash trading: buying and then selling removes the lots FIFO; round-trips leave no lasting eligible loss beyond real fees and slippage, which the buyer genuinely paid. - Wallet splitting: allocation is proportional to loss, so splitting a position across wallets does not increase its total weight. Small entitlements are subject to the payout threshold. - Transfers: received tokens never carry cost basis, so moving tokens between wallets cannot create eligibility.
These reduce but do not eliminate manipulation. A determined actor paying real trading costs can still influence a thin market; the operator can pause rounds if abuse is detected.