Own the top
of the chain.

Solana has thousands of coins and no index that pays you in them. APEX is that index, and it funds itself out of its own trading volume rather than out of a treasury or a team allocation.

The loop is short. Every swap pays pump.fun’s fee, and the token mint never touches it. The creator share accrues for the length of an epoch. At close it is collected, split ten ways to buy the ten most traded coins of the chain, and each eligible holder is sent their proportional share of all ten.

Liquidity is the launchpad’s, not ours. pump.fun holds the pool and pays the creator share out of its own fee schedule. We never touch the pool, and we could not pull liquidity even if we wanted to.

APEX launches on pump.fun. Every trade pays the platform’s fee, and a part of it, the creator fee, is paid to the coin’s creator. That part funds the dividend. There is no tax on top. The token is a plain SPL mint with no transfer fee and no owner who could add one.

The full schedule has twenty five steps and lives on pump.fun’s own fees page. The site reads the current market cap and shows the rate that applies right now, not an average and not a best case.

Every cent of it is holder money. The operator keeps nothing. Ranking, execution, network fees and the cost of opening token accounts for recipients come out of the operator’s own pocket, not out of the dividend.

An epoch is one full cycle: accumulate, close, rank, buy, distribute. Everything happens on-chain. A payout to thousands of wallets does not fit in one Solana transaction, so settlement is a batch of them, all in the same slot range and all public.

Epoch length is variable

The crank checks every three hours, on the three-hour UTC mark. It settles only when the accrued fee covers the cost of settlement: ten swaps, a payout to every eligible wallet, and a token account for every recipient who does not have one yet. When the fee has not cleared that bar the check passes without closing an epoch, so the interval is a floor on epoch length rather than the length itself.

Short epochs when volume is high, longer epochs when it is quiet. A fixed short interval regardless would spend a rising share of the dividend on network fees as volume fell, which is the opposite of what a holder wants.

Constituents are the ten most traded eligible coins of Solana, measured at epoch close.

Ranking is a weighted score rather than a single number. Each token is scored on its share of the chain total in four measures, and the ten highest scores take the seats:

• Trading carries the most weight. Volume and trade count together are 60% of the score. Liquidity alone is easy to park and leave: a pool can be deep and dead. Volume with a matching trade count is harder to fake, because faking it costs the fee on every trade.
• One token, one seat. A token trading in more than one pool has its pools summed and is counted once. This is an index of ten tokens, not of pools.
• APEX excludes itself. Buying your own token with your own tax is a buyback, not an index.
• Equal split. The epoch’s SOL is divided ten ways. No weighting, no discretion.

What does not qualify

Ranking runs on tokens that passed a filter first. The word eligible above means all of the following, and every threshold here is the one the code uses:

• Dollars are not constituents. Stablecoins, SOL and wrapped majors are excluded by name, and also by behaviour: a price within 2% of a dollar that moves less than 1% in a day is a dollar whatever its ticker says. An index of dollars is not an index of this chain.
• Tokenised equities are not constituents. They are among the deepest markets here, but the market being tracked is somewhere else.
• LP and rebasing tokens are not constituents. A receipt for a pool is not a market.
• A deep pool with no trading is not a market. The turnover floor is why: liquidity can be parked and left, and a seat given for parked money is a seat taken from a token people actually trade. The average-trade ceiling is the same rule from the other side, against turnover made by two or three hands.

Thresholds are published here because they decide the set. If one changes, it changes here first.

The set is re-read every epoch, so constituents can change between one settlement and the next. What you were paid last epoch does not tell you what you will be paid in the next one.

To receive a dividend, a wallet must hold at least 0.01% of supply at the snapshot slot.

The minimum is what makes on-chain distribution possible. Pushing ten different coins to an unbounded holder set does not fit in a batch of transactions at any price. A 0.01% floor caps the eligible set at 10,000 wallets by arithmetic, which bounds the cost of settlement and keeps the whole cycle on-chain.

Below the threshold you still hold APEX and still trade it normally. You are simply not in the distribution set for that epoch.

Pools, the operator wallet and the incinerator address are excluded, because they would otherwise take slices belonging to holders.

Each eligible wallet receives a share of every constituent, proportional to its share of eligible supply, the sum of all qualifying balances at the snapshot, not total supply. Balances below the threshold are not counted in the denominator, so nothing is stranded.

epoch_sol        = creator fee collected this epoch
per_constituent   = epoch_sol / 10
eligible_supply   = Σ balances ≥ 100,000 at snapshot

your_share        = your_balance / eligible_supply

you receive = your_share × (amount bought of each of the ten)

Paid in kind: you receive the ten coins themselves, not SOL, not a cash equivalent and not more APEX. What the epoch bought is what lands in your wallet.

How the airdrop works

At each epoch close every eligible balance is recorded, the ten constituents are bought, and the rewards go out to those wallets. Holding is the only action required of you. Nothing to sign, nothing to submit, no deadline to miss.

• Holding is the whole job. Clear the minimum at the snapshot slot and your share is sent to you.
• Nothing expires. Rewards are pushed rather than claimed, so there is no window to miss and nothing is forfeited by inaction.
• Settled per epoch. Each epoch is worked out separately against its own snapshot.

• We cannot raise the fee, and we cannot stop it falling. pump.fun sets the creator fee on its own schedule, tied to market cap. That cuts both ways and the honest half is this: as APEX grows, the rate drops, down to 0.050% at the top of the schedule.
• We cannot take a cut. The creator fee arrives in one account and leaves it to holders. There is no operator wedge anywhere in the schedule, and the ledger shows what came in against what went out, epoch by epoch.
• We cannot pull the liquidity. It is not ours to pull: pump.fun holds the pool. There is no deployer position, no locker key and no emergency exit, because there is nothing for us to exit from.
• The token cannot be given a transfer fee. It is a plain SPL mint with no mint authority, no freeze authority and no transfer hook. Nothing can be added to it later.
• The minimum cannot be raised. 0.01% is fixed at deploy.
• Constituents follow one published rule. The ten most traded eligible markets at close, equal weight. A place is scored from four numbers, each taken as the token’s share of the whole field and added up with weights: 24h volume 30%, 24h trade count 30%, market cap 25%, pool depth 15%. A market also has to clear four gates to be scored at all: $200,000 of depth, depth worth at least 0.5% of its own market cap, an average trade no larger than $5,000, and turnover between 10% and 12 times its own depth in a day. The last one is what separates a market from a machine: eleven million dollars of turnover made by six hundred trades is two or three hands, not a chain. The ranking is computed off-chain, and nothing on-chain enforces it. What makes it checkable is the record: every epoch's purchases and payouts are public transactions, so the ten that were bought can be read back and compared against the rule. Auditable after the fact, not enforced before it.

Epoch length is the only mutable parameter, and every change is on-chain and visible before it takes effect.

• No volume, no dividend. The creator fee only fills if APEX trades. A quiet epoch distributes little or nothing, and it stays quiet longer than you would expect, because settlement now also has to pay for opening token accounts.
• This is not diversification. The ten most traded coins of one chain run on one attention cycle. In a drawdown they fall together.
• Constituents can go to zero, and so can APEX. You may be paid in a token that is worthless by the time you receive it.
• The epoch is a buyer in thin pools. Its own purchases move constituent prices against it, and that effect grows with epoch size.
• The fee is a real cost. Round-tripping a position costs roughly 2% before any price movement: cheaper than a taxed token, and still not free.
• The rate falls as APEX grows. This is the one that surprises people. pump.fun pays 0.950% to a coin worth a few hundred SOL and 0.050% to one worth a hundred thousand. The dividend per dollar of volume is therefore highest early and smallest at the top. Nothing about that is in our control, and we would rather you read it here than discover it.
• Falling below the minimum forfeits that epoch, whatever your balance was an hour earlier.
• Settlement depends on an operator key. If it stops running, epochs stop closing and the fee simply accrues in the creator account until someone collects it. The key can also route funds elsewhere, and nothing on-chain prevents it. Judge the record: every collection and every payout is a public transaction.