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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.

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The one published tier

Unlike CPMM and CLMM, AMM v4 has no AmmConfig account. Fees are stored directly on each pool’s AmmInfo.fees struct and are fixed at pool creation. The defaults that cover essentially every live AMM v4 pool:
On-chain fieldDefaultMeaning
swap_fee_numerator / swap_fee_denominator25 / 10_000Gross trade fee on AMM-path swaps: 0.25% of input volume.
trade_fee_numerator / trade_fee_denominator25 / 10_000Used by the OpenBook integration to compute fee-inclusive limit-order pricing. Same 0.25% as swap_fee by default.
pnl_numerator / pnl_denominator12 / 100Protocol’s share of the swap fee: 12% — i.e. 0.25% × 12% = 0.03% of volume. Accrues to need_take_pnl_* counters.
min_separate_numerator / min_separate_denominator5 / 10_000Internal precision floor used by the fee-split rounding logic.
Note that pnl_numerator / pnl_denominator is a fraction of the swap fee, not of trade volume — a common misreading. The LP share is the complement (88% of the fee = 0.22% of volume) and is implicit; there is no separate “LP share” numerator. A small number of early pools were created with different numerators; always read AmmInfo.fees before quoting. There is no fund-fee and no creator-fee line: these are CPMM/CLMM inventions that did not exist in AMM v4’s original fee model.

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How the split is computed

On each swap, the pool charges the gross trade fee off the input amount, then apportions: 
gross_fee   = ceil(amount_in * swap_fee_numerator / swap_fee_denominator)        // 0.25% of amount_in
pnl_portion = gross_fee * pnl_numerator / pnl_denominator                        // 12% of gross_fee
lp_portion  = gross_fee − pnl_portion                                            // 88% of gross_fee
  • lp_portion is left in the vault and contributes to the next k. LPs capture it by redeeming LP tokens later.
  • pnl_portion increments AmmInfo.state_data.need_take_pnl_coin or need_take_pnl_pc depending on which side is the swap input.
Same invariant-preserving trick as CPMM: the PnL amount physically sits in the vault but is subtracted from the reserves used in the curve, so TakePnl moves tokens out without shifting price.

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PnL from OpenBook (historical)

No longer accruing. The OpenBook integration is deactivated, so the second PnL stream described in this section is no longer being generated. total_pnl_{coin,pc} counters on existing pools may carry historical values, but no new amounts are added. The 0.03% protocol-fee path (above) is unaffected and still active.
Historically, AMM v4 had a second fee-like revenue stream: when its limit orders on OpenBook got filled, the pool could be on the taker side of the fill and earn or pay the market’s maker/taker spread. These PnL events settled into the pool vaults during MonitorStep and the program credited them to state_data.total_pnl_{coin,pc} as informational counters.
  • When the pool’s posted grid was correctly calibrated around the curve price, OpenBook fills tended to be fee-positive for the pool — the AMM was effectively market-making on OpenBook and earning maker rebates.
  • When OpenBook paused or the event queue filled, the pool could sit on stale orders that filled at disadvantageous prices, producing negative PnL. This operational coupling was one of the motivations for moving away from the hybrid design.
This OpenBook PnL was not the same as the 0.03% protocol fee. OpenBook PnL inflated the pool reserves directly (benefiting LPs + protocol proportionally to the fee split), while the 0.03% protocol fee was tagged specifically for admin sweep. With the OpenBook side off, the only fee accrual today is the 0.25% on AMM swaps and its 22/3 split.

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Collection

The admin (Raydium multisig) calls WithdrawPnl / TakePnl to sweep need_take_pnl_* into the pool-level “PnL owner” accounts configured on the program’s AmmConfig (a different, program-scoped config — not the per-pool CPMM-style AmmConfig). Sweeping:
  1. Settles any pending OpenBook fills first. (No-op now that OpenBook is inactive.)
  2. Transfers need_take_pnl_coin / need_take_pnl_pc from the pool vaults to the PnL destination.
  3. Zeroes the counters.
The operation does not move the curve. LPs should not see any price change across a TakePnl call.

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LP fee redemption

There is no dedicated “collect LP fees” instruction. LP fees accumulate in the vaults and inflate k over time; LPs realize them by burning LP tokens via Withdraw. The value of an LP token grows monotonically as (coin_reserve_effective, pc_reserve_effective) grow.

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Visualization: where 1,000 USDC of volume goes

On a USDC-heavy swap of $1,000 against a default-parameter pool: 
Gross trade fee (0.25%):   $2.50
  LP share   (0.22%):       $2.20   → stays in pool, raises k
  PnL share  (0.03%):       $0.30   → need_take_pnl_pc, swept by TakePnl
Remainder sent to user:   $997.50   (minus curve-driven price impact)
Compare to CPMM AmmConfig[0] (0.25% tier, no creator fee): LP gets $2.10, protocol $0.30, fund $0.10. CPMM introduces the fund line by carving it out of what would have been LP’s share in AMM v4’s equivalent tier.

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Comparison table

AMM v4CPMM index=0CLMM index=2
Trade fee0.25%0.25%0.25%
LP0.22%0.21%Varies by emissions
Protocol0.03%0.03%Per tier
FundN/A0.01%Per tier
Creator (optional)N/A0 by defaultN/A
Where fees sitPool vault + need_take_pnl_*Pool vault + protocol_fees_* + fund_fees_*Global + per-tick + per-position
Full matrix in reference/fee-comparison.

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Integrator notes

  • Quoting. Fetch AmmInfo via the SDK or api-v3.raydium.io/pools/info/ids. Do not compute your own quote against raw vault balances — the OpenBook-escrowed amounts and the PnL exclusion both pull the effective reserves away from what getTokenAccountBalance shows.
  • Stale fee parameters. In principle SetParams could change swap_fee_numerator, but in practice the Raydium multisig has not changed defaults for any live pool. Still, always read from on-chain state rather than hardcoding.
  • No rewards. AMM v4 does not support on-pool reward emissions. Legacy ecosystem farms (Farm v3 / v5 / v6) are the staking-layer equivalent — see products/farm-staking.

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Where to go next

Sources: