Product comparison
| Product | Market type | Token-2022 | OpenBook dependency | When to use |
|---|---|---|---|---|
| AMM v4 | Constant-product (xy=k) | No | Inert (originally yes; OpenBook integration deactivated) | Existing pools and integrations that depend on the v4 market layout. New pools default to CPMM. |
| CPMM | Constant-product (xy=k) | Yes | No | New constant-product pools. Supports transfer-fee tokens. Lower gas than v4. |
| CLMM | Concentrated liquidity (sqrt price, ticks) | Yes | No | Stable pairs, tight-range market making, capital-efficient LP positions. |
| Farm / Staking | Reward distribution | Partial | No | Incentivizing LP positions or single-asset staking. |
| Perps | Perpetual futures | N/A | No | Leveraged trading through Raydium Perps, powered by Orderly Network. |
| Stable AMM | Stablecoin-correlated AMM | No | Inert AMM v4-style wiring | Existing stable pools and integrations; not the default for new pools. |
| AMM Routing | Multi-pool routing | Depends on routed pool | Depends on routed pool | Composing multiple Raydium AMM pools in one route. |
Launch tools tab because token launches need a dedicated user and builder flow.
Product references
AMM v4
The original Raydium constant-product AMM. Originally hybrid against OpenBook; that integration has been deactivated, so it operates today as a pure AMM.
CPMM (Standard AMM)
Pure constant-product AMM, no orderbook. Supports Token-2022 transfer fees. Recommended for new constant-product pools.
CLMM
Concentrated-liquidity AMM. Liquidity is provided into price ranges; positions earn fees only when price is in range.
Farm / Staking
Reward distribution program for LP tokens and single-asset staking. Supports multiple reward mints and custom schedules.
Perps
Perpetual futures: leverage, order types, collateral, funding, and API integration notes.
Stable AMM
Stablecoin-correlated pools and legacy Stable AMM account/instruction references.
AMM Routing
Multi-pool routing account, math, instruction, fee, and code references.