The pool starts with no bid.

The launch position is one-sided. At the opening price it holds the new token and none of the quote. No USDC, ETH, or stock is deposited to buy the token. That is how a launch can cost nothing: the creator does not have to fund a $5,000 bid.

The first buy is what puts quote into the pool. The price moves up off the open, along the curve in Price. A later sell can take that quote back out. It can walk the price down to the opening price, and no further through the launch position. When the price is back on the open, the position is tokens again, and the pool will not buy any more.

Holders who are still in the token at that point cannot sell until someone buys again. The fee floor does not bid below the opening price, so it is not an exit under $5,000.

How much of a sell fills

You can sell up to the quote buyers have put in, minus what earlier sellers have already taken. A market order larger than that does not invent a bid. The part that fits is sold. The rest stays in the wallet. The trade panel leaves “You receive” blank when the full amount does not fit, instead of sending a transaction that only moves a scrap.

A stock has one pool. When that stock quote is gone, swapping the stock back to ETH has nothing to convert. A new buy in the stock pool creates a bid again.

A multi token has one pool per quote. A sell uses the pool that can still pay, then converts that quote back to ETH on Robinhood. If every pool is back at the open, there is no bid on any of them. Trading a single pool directly on Uniswap is the same pool, with the same limit, and it does not record an entry.

A buy on this site

The router swaps through the launch pool and sends the tokens to your wallet. That delivery is what the indexer records as your cost. The cost is the quote that went through the official pool, after the pool fee.

A Uniswap buy pays the pool fee, because the fee is part of the pool. The tokens arrive from Uniswap’s router, so your entry price is not recorded and a later rebate has nothing to pay against. If a router fills only part of a purchase through the official pool, only that part counts as cost.

An incoming transfer with no recognised buy has no cost. Those tokens are not eligible. The engine sees one wallet. It cannot see another wallet, an exchange account, or a private trade.