DEX / Solana AMM

Raydium

Solana Hybrid AMM + Order Book Data as of March 2026

Raydium is one of the largest decentralized exchanges on Solana, combining traditional AMM liquidity pools with integration into Solana's on-chain order book infrastructure. It is a primary venue for new token launches (via its launchpad) and provides deep liquidity for Solana-native assets.

Fee per Transaction

0.25%

Standard AMM pools

Round Trip Cost

$4.99

Buy + Sell on $1,000

TVL

~$2.3B

Top 3 on Solana (DefiLlama)

How It Works

Raydium operates two types of pools: standard AMM pools (constant product, similar to Uniswap V2) and concentrated liquidity pools (similar to Uniswap V3). Standard pools charge 0.25% per swap. Concentrated liquidity pools offer configurable fee tiers.

A unique feature is Raydium's integration with OpenBook, Solana's on-chain order book. This allows limit orders alongside AMM swaps, and Raydium's AMM liquidity is accessible to order book traders.

Raydium also hosts AcceleRaytor, a launchpad for new Solana tokens, and permissionless pool creation for any SPL token pair.

Strengths

+Sub-second finality. Solana's 400ms block time means swaps confirm almost instantly. Combined with fees under $0.01, the trading experience is fast and cheap.

+Hybrid liquidity model. AMM pools and order book integration provide deeper liquidity and more trading options than pure AMMs.

+Token launch ecosystem. Raydium is the primary liquidity venue for newly launched Solana tokens, including pump.fun migrations.

Risks

xSolana network dependency. If Solana experiences an outage, Raydium is completely unavailable. Historical outages (2021 to 2023) affected all Solana DeFi.

!High exposure to new/unaudited tokens. Permissionless pool creation means many pools contain unvetted tokens. Rug pulls and low-quality projects are common.

!Impermanent loss. Standard AMM pools carry the same IL risk as any constant-product AMM. Volatile token pairs amplify this risk.

Open Raydium ↗ Compare Fees ↗

Disclosure: This profile is provided for informational purposes only. White & TT does not hold a position in RAY. Fee data reflects publicly documented parameters as of March 2026. Always verify current fees on the protocol. This is not financial advice.

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