Documentation Index
Fetch the complete documentation index at: https://docs.raydium.io/llms.txt
Use this file to discover all available pages before exploring further.
Raydium is Solana’s most-used decentralized exchange and liquidity protocol. It started as an AMM + OpenBook-integrated DEX in 2021 and has grown into a full suite: classic AMM pools, constant-product market-makers, concentrated liquidity, token launches, and perpetuals on the UI. This page is the pitch — what Raydium does, why it exists, and where to go next.
In one paragraph
Raydium Protocol is the set of permissionless, non-custodial smart contracts that power swaps, pools, liquidity positions, and token launches on Solana. Raydium.io is the official web app and one-stop shop for using those markets: you can swap tokens, provide liquidity, launch tokens through LaunchLab, and access Raydium Perps from the same UI. Raydium is the largest-TVL DEX on Solana at approximately $1.8B as of April 2026, routes the majority of Solana volume through its pools, and powers the liquidity that appears in most Solana wallets’ in-app swap features.Core product surfaces
Raydium’s core product surfaces cover swaps, liquidity, token launches, incentives, and perpetuals. Some are native Raydium on-chain programs; Raydium Perps is a UI surface powered by Orderly Network.AMM v4 — Constant-product
The original Raydium product (2021). Constant-product math (x × y = k) for pool pricing. It originally also bridged to OpenBook’s central limit orderbook so trades could fill against either the AMM or the book, but the OpenBook integration has since been deactivated — pools no longer share liquidity to OpenBook, and all current swap traffic flows through the AMM curve only. Still running ~$300M TVL and fully operational, but no longer the recommended default for new pools: Token-2022 isn’t supported, and CPMM is cheaper and more flexible for the typical new pair.
See products/amm-v4/overview.
CPMM — Modern constant-product AMM
The successor to AMM v4 (2024). Samex × y = k math, but simpler and cheaper to use: no OpenBook dependency, Token-2022 native support, ~4× lower creation cost, all swap fees go to LPs by default. The recommended default for new pools.
See products/cpmm/overview.
CLMM — Concentrated liquidity
Uniswap-V3-style concentrated liquidity (2022). LPs pick a price range; their liquidity is only active when the price is in that range. Same capital → much better quotes for traders → higher fee APR for LPs, at the cost of needing to manage ranges actively. The dominant product for deep-liquidity pools in 2026. Seeproducts/clmm/overview.
LaunchLab — Token launches
LaunchLab is Raydium’s token launch venue (2025). Projects launch tokens on a bonding curve; buyers trade against the curve directly; once a graduation threshold is met, the curve’s accumulated liquidity migrates automatically to a fully-fledged CPMM pool. Primary-market and secondary-market unified. Seeproducts/launchlab/overview.
Who uses Raydium
- Retail swappers: swap tokens via raydium.io or via any wallet’s in-app swap that routes through Solana’s aggregator layer.
- LPs: deposit into pools to earn swap fees; stake in farms for additional rewards.
- Perps traders: trade perpetual markets through Raydium Perps, powered by Orderly Network.
- Token teams: launch new tokens via LaunchLab, seed CPMM pools for post-launch liquidity, operate farms to incentivize LP retention.
- Aggregators: Jupiter and most third-party routers source Raydium as a primary liquidity venue.
- Bots and protocols: arbitrage, market-making, auto-compounders, lending-protocol liquidations — all compose with Raydium via CPI or direct RPC.
Where Raydium liquidity shows up
You’re already using Raydium if you:- Use any Solana wallet’s built-in swap — most route through Raydium pools (often via Jupiter).
- Trade on Jupiter — ~60% of Jupiter’s routed volume hits Raydium pools.
- Use Drift, Kamino, MarginFi, or another DeFi protocol — several of them source price feeds and liquidation routes through Raydium CLMM.
- Hold a Solana memecoin — many are launched via LaunchLab and live in a graduated CPMM pool.
api-v3.raydium.io) and direct on-chain pool state. Raydium doesn’t require any special partnership for integration — it’s permissionless.
Key differentiators
Compared to other Solana DEXes:| Raydium | Orca | Phoenix | Jupiter | |
|---|---|---|---|---|
| AMM | CPMM, AMM v4 | N/A | N/A | N/A (aggregator) |
| CLMM | CLMM | Whirlpools | N/A | N/A |
| Orderbook | None today (AMM v4’s OpenBook integration deactivated) | N/A | Native orderbook | N/A |
| Token launches | LaunchLab | WaveBreak | N/A | N/A |
| Farms | Yes | Yes | N/A | N/A |
| TVL (Apr 2026) | ~$1.8B | ~$800M | ~$200M | Aggregator; routes multiple B/mo |
- Transaction finality: ~1 second on Solana vs ~12 seconds on Ethereum.
- Transaction cost: $0.001–0.01 typical vs $5–50 typical on Ethereum mainnet.
- Mempool design: Solana has no public mempool; Ethereum does. This affects MEV, front-running patterns, and integration design.
- Token-2022: Raydium supports native Token-2022 extensions (transfer fees, hooks, etc.); Uniswap V3 doesn’t have an equivalent on ERC-20.
Next reads by audience
If you’re a user wanting to swap, provide liquidity, or launch a token
If you’re a developer integrating Raydium
sdk-api/typescript-sdk— the primary integration path.sdk-api/rest-api— for pool discovery and metadata.integration-guides/aggregatororintegration-guides/wallet-integration— depending on your use case.
If you’re a protocol researcher or auditor
protocol-overview/architectureproducts/cpmm/overview,products/clmm/overview, etc.algorithms/constant-product,algorithms/clmm-mathsecurity/audits
If you’re a builder composing at the CPI level
Pointers
introduction/history-and-milestones— the timeline.introduction/ecosystem-position— Raydium vs the broader Solana DEX landscape.protocol-overview/architecture— how Raydium products fit together technically.
- Raydium TVL: DefiLlama.
- Volume share: computed from on-chain data.
- Aggregator coverage: Jupiter routing stats.