pump.fun's Callout Rewards: who got $29.6 million, and where it came from

Payday, every day

pump.fun pays people to post trade ideas. In its app, a callout is a post that points at a coin. The accounts that post them are callers.

Since mid-August, callers have been paid in USDC every day, under a program pump.fun calls Callout Rewards.

The program has its own terms, last updated August 13, 2026. Five of their rules matter here:

• It is run by a “Program Operator”, a company separate from the one that runs pump.fun, which controls the program's funds (§1.4). The terms name it: Green Pill Holdings, registered in the British Virgin Islands (§22.9).
• Rewards are paid in USDC (§8.1), “approximately once per day”, by automated scripts on Solana (§8.5).
• Who gets what is set by an internal Activity Metric, built from engagement and trading activity and kept confidential (§8.2). Every reward is discretionary (§8.3).
• Callers must disclose any compensation they get from anyone for promoting the coin they call (§5.2(c)).
• pump.fun's own personnel may be excluded (§8.9).

The terms don't name the wallets that pay. The chain does. Two wallets send USDC to thousands of others once a day: kKo2ih… from August 12 to 24, and BNrYNy… since August 25, when the first handed the second its last 180,592 USDC.

Their payouts are daily, in USDC, to thousands of wallets, starting the day before pump.fun announced the program. And the figures Protos published on August 27 for the top callers match theirs (below).

Their USDC accounts saw 1,075,475 transactions from August 11 to 21:07 UTC on November 8. We read every payout among them and accounted for the rest. Here is what they paid, to whom, and with whose money.

From $15,000 to $1 million a day

The first payout went out at 18:20 UTC on August 12: 15,000 USDC to 1,269 wallets, the largest 816. pump.fun announced the program the next afternoon.

From there the pot climbed in steps, each a round number. 15,000 USDC a day for three days. 30,000 for five. 60,000 for four. Then 300,000 a day from August 24.

On September 1, 2 and 3 it paid 1,000,000 USDC a day. The median payment those days was $26 to $41; the largest, 59,940.

Then back to 300,000, and 330,000 a day from September 20 to October 17 (300,000 on the 18th).

On October 19 the round numbers stopped. Since then the pot has moved between about 393,000 and 535,000 a day. That is the week pump.fun's app fee started pouring into the payer (below).

August: 2.86 million USDC in 20 days. September: 11.43 million. October: 11.87 million. The first eight days of November: 3.42 million.

Only one day had no payout: November 5. Its run went out at 00:17 UTC on November 6, the same day as November 6's own.

51,115 wallets, a few big winners

51,115 different wallets were paid at least once. Most got pocket money: the median wallet's total, over three months, is $12.59.

At the other end, 43 wallets got 100,000 USDC or more each. The top 1%, 511 wallets, got 72.6% of everything. The top 10% got 93.4%.

The payments got lumpier over time. In late August the median payment was about $6 to $15. Since October 7 it has mostly been $2 to $3, while the largest single payments grew to between $22,000 and $45,000.

On October 10 and 11, the number of wallets paid fell to about 2,070, from 3,600 to 5,000 a day the week before. CryptoBriefing reported a change in the program's scoring on October 10, to count the results of a caller's followers. The chain shows the payments, not the reasons.

The leaderboard

These are the 25 wallets paid the most. The names are the public pump.fun profile names, or .sol names, that Arkham shows for each address.

Anyone can choose a profile name, so a name is not an identity.

At the top, “POORGOAT___” got 707,028 USDC in 80 payments.

Second is the wallet of sling (@slingoorio): 659,798 USDC in 117 payments, one on every payout day. On November 8 it was paid 19 minutes after it sold 62.6% of Big Titty Coin (our report).

Three traders in Anceta's registry made the top 50: Cupsey (5th, 610,987 USDC), Cooker (19th, 163,655) and Ansem (42nd, 100,253, in 28 payments).

Being on this list means a wallet was paid. The program pays callers by design.

Where the money comes from

Every dollar the payers sent out first came in. Over three months, 30.30 million USDC came in. 29.58 million went to callers, and 720,128 was still there at 21:07 UTC on November 8.

Kraken: 84% of the money

23.46 million USDC arrived in 19 withdrawals from a Kraken hot wallet, labelled as such by Solscan and Arkham, from August 28 to November 6.

On September 22 another 2.1 million came the long way. A wallet that lived for one afternoon received 2,100,000 USDT from the same Kraken wallet, swapped it for USDC, and sent it to the payer about two minutes later (Hjfv4bfC…).

An exchange withdrawal hides whose account it came from. What is on record is that pump.fun has used Kraken before: Lookonchain tracked about 436.5 million USDC moving from pump.fun to Kraken from mid-October to late November 2025 (Unchained).

August: an unlabelled wallet

The first 1.64 million came in 9 transfers from Hmc2dLxZ…, an unlabelled wallet holding about $22.7 million, mostly the OpenUSD stablecoin, that has funded some 490,000 accounts. Its first transfer, a 10 USDC test, reached payer 1 at 22:04 UTC on August 11, the evening before the first payout.

Since October: pump.fun's own fee

The remaining tenth, 3.1 million USDC, is a fee on trades in pump.fun's own app. That one deserves its own section.

0.45% of every trade in the app

Since October 17, pump.fun's fees page says, every trade placed through its web or mobile app carries a Platform Fee: 0.45% of the trade, or 0.40% for a wallet that applied someone's referral code.

With a code, part of the fee goes to the referrer. “The rest is retained by pump.fun.”

On chain, that fee went somewhere very specific. After a trickle from October 12, from 13:39 UTC on October 16 to 20:48 UTC on October 19, it was paid straight into the Callout Rewards payer's own USDC account: more than 770,000 deposits in four days, most of them a few cents.

We checked one in every thousand, 787 in all. The median fee was 0.45% of the trade, and 665 were co-signed by the app's fee payer. The program behind the trades is the one Solscan names “Pump App”; the account that can upgrade it is the “Pump.fun Multisig Authority”.

Trades paid in SOL paid the fee in SOL, straight to the payer's wallet, in the transactions we sampled. The payer swapped SOL into 387,284 USDC in those days. Counting both, about 524,000 USDC of app fees went straight into the payer.

Then the route changed. Since October 19 the fee goes to another wallet, KfHbT5…, which forwards USDC to the payer every few minutes: 2.57 million USDC from October 21 to November 8, about 110,000 to 145,000 a day. Since October 21 that is 31% of what the program paid out.

Trade a coin in pump.fun's app, and a 0.45% fee on it heads for the wallet that pays the callers.

One wallet behind the plumbing

Every Solana wallet needs SOL to pay its network fees, and a new wallet's first SOL has to come from somewhere.

Follow the first SOL of the payers, of the fee forwarder and of the app's other money wallets, and you keep arriving at the same one: A4eKqW6E….

None of this names a person. It shows that the program's payers, the wallet that feeds them the app fee, and pump.fun's own migration account all trace their first SOL back to one wallet.

What doesn't add up

Six things in this data sit awkwardly next to the program's own words, or next to each other. Facts only; you judge.

1. A separate company, wired from pump.fun's wallets

The terms say a separate company, Green Pill Holdings, runs the program and controls its funds, and that pump.fun's operator does not (§1.4).

On chain, the payers' SOL comes from the wallet that funded “Pump.fun: Migration”. Since October, part of their money is a fee pump.fun says it keeps, sent there by a program pump.fun's multisig can upgrade.

The chain cannot show which company holds a wallet's keys, and money can move between companies. It shows the program running on pump.fun's plumbing.

2. Your trading fee pays the caller

Callers are scored on an Activity Metric that counts trading activity (§8.2). Since mid-October, the people trading in the app pay a fee that lands in the wallet that pays those callers.

Neither the fees page nor the program's terms mention that link.

3. Two callers got SOL four days before the first payout

On August 8, the operations wallet sent 13.14 SOL to the wallet of “BLESSEDJINGTAO” and 10 SOL to the wallet of “dex”. Four days later, both were paid in the program's very first payout.

“BLESSEDJINGTAO” has been paid 83,298 USDC since, on 78 days. “dex” got 34,756 USDC, until September 18. Ten other paid wallets had received SOL from the same wallet at some point, six of them in September 2024.

The terms allow pump.fun's personnel to be excluded (§8.9). We do not know who these wallets belong to.

4. Payments outside the daily run

Five times, the payer paid outside its daily run: eight payments to seven wallets, all of them among the program's top 52 earners.

• August 21, 17:27 UTC: 1,024 USDC to “POORGOAT___”, two hours after a run of exactly 60,000.
• August 24, 17:43: 828 to “daumen.sol” and 2,562 to “Dior”.
• August 29, 20:42 and 20:52: exactly 10,000 USDC each to “J777Crypto” and “sapphy”, four hours after a run of exactly 300,000 (first, second).
• October 28, 14:07 and 14:12: 6,179 to “chairman” and 6,711 to “Dior”, four hours before that day's run.
• October 29, 21:27: 3,628 to “collectible”, three hours after the run.

The rewards are discretionary (§8.3), so extra payments are allowed. They are also the only payments that did not go out with a daily run.

5. Paid to call, paid by the coins they call

pump.fun's fee sharing lets a coin's creator send its creator fees to any wallet. Reading pump.fun's fee-sharing settings on November 8, we found 9,297 that name Ansem's wallet, 1,072 that name one of Cupsey's three and 163 that name Cooker's.

All three are paid Callout Rewards too. The terms ask callers to disclose compensation from anyone for promoting a coin (§5.2(c)). Whether their callouts did, we could not check: pump.fun's callout pages sit behind a browser check we did not get around.

6. “alonalon” was paid too

The wallet whose pump.fun profile is “alonalon” got its first SOL from the operations wallet in July 2025. 1,679 coins' fee-sharing settings name it as a fee recipient.

It was also paid 16.35 USDC in eight Callout Rewards payments, October 21 to 28. A tiny sum. No public source says who controls the wallet.

What people said, checked

What this means when you follow a call

A callout in pump.fun's app comes from someone the platform pays every day, on a metric it keeps confidential. Since October, part of that pay is the fee on your trade.

None of it is hidden: the fee is on pump.fun's fees page, and the rewards have their own terms. But a caller's pay and your result are two different things.

Look at the coin, not the caller: who holds the supply, what sits in its pools, and how its relatives ended.

Pattern analysis, not financial advice. Similar coins can behave differently.

How we read it

Sources

1. 1.pump.fun, Callouts & Callout Rewards Terms of Service. last updated August 13, 2026
2. 2.pump.fun, Fees. the Platform Fee, last updated October 17, 2026
3. 3.pump.fun, Deposit Match Program Terms. the referral rewards, last updated November 8, 2026
4. 4.pump.fun on X, announcing Callout Rewards. August 13, 2026
5. 5.Protos, pump.fun paid $700K to callers. August 27, 2026
6. 6.CryptoBriefing, callout rewards and followers' profits
7. 7.Unchained, Lookonchain: pump.fun moved $436M USDC to Kraken. November 25, 2025
8. 8.Payer 1, kKo2ih…, on Solscan
9. 9.Payer 2, BNrYNy…, on Solscan
10. 10.Kraken Hot Wallet (6LY1J), on Solscan
11. 11.The Pump App program, on Solscan
12. 12.Pump.fun Multisig Authority, on Solscan
13. 13.Pump.fun: Migration, on Solscan
14. 14.The operations wallet, A4eKqW6E…, on Solscan

Related research

1. 1.Ansem and Sahil Arora: we followed the 129.5 SOL receipt on chain. where we first found the payers
2. 2.Big Titty Coin: how sling's wallet came to hold 62% of it, and sold it in 42 seconds
3. 3.How to check if a memecoin is a rug pull