> Bull Launch docs. Every page is available as Markdown by adding `.md` to its URL; the index is https://bulllaunch.fun/llms.txt. This page on the web: https://bulllaunch.fun/docs/trading

# Trading and pricing

Price, market cap, slippage and fees in a coin's pool, and the two permissions an ERC-20 spend needs.

Every coin trades in its own Uniswap v4 pool against one base asset chosen at launch. The price you see is that pool's live price, and it moves with each trade. Slippage sets how much movement you accept.

|  |  |
| --- | --- |
| Price | The current price in the coin's own pool. |
| Market cap | Price multiplied by circulating supply. |
| FDV | Price multiplied by the full token supply. Supply is fixed at launch and never grows, so the two readings coincide. |
| Price impact | The price movement caused by the size of your trade. |
| Slippage | The maximum execution movement your transaction accepts, enforced as `amountOutMinimum` by the router. |
| Liquidity | Assets available in the pool around the current price. |

> Fees are charged on the unspecified leg of a swap, not always in the base asset. A buy that specifies exactly what it spends pays its fee in the launched token. `V4Quoter` runs the real hook, so a quote already accounts for this.

**Spending an ERC-20 takes two permissions, not one.** The Universal Router pulls an ERC-20 through Permit2, so the token must allow Permit2 (a transaction) and Permit2 must allow the router (a signature, replayed inside the swap). Selling a coin therefore asks for both the first time. A buy paid in native USDC needs neither. To build these calls yourself, see [Quotes and swaps](https://bulllaunch.fun/docs/quotes-and-swaps.md).