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Documentation Index

Fetch the complete documentation index at: https://docs.raydium.io/llms.txt

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AMM v4 no longer shares liquidity to OpenBook. All current swaps execute on the AMM-only path (SwapBaseInV2 / SwapBaseOutV2); the on-chain OpenBook wiring (limit-order grid, MonitorStep, market accounts) is preserved in the program but inert — pools no longer post or maintain orders on OpenBook. The OpenBook integration is documented for completeness and historical context, and continues to apply only as account-level invariants (e.g. AmmInfo still references the original market), not as an active liquidity source.

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What it is

AMM v4 is Raydium’s first-generation pool. It maintains a constant-product invariant (xy=k). The pool was originally designed as a hybrid AMM: alongside the curve, it posted a Fibonacci-spaced grid of limit orders onto a bound OpenBook market so that pool liquidity was visible to orderbook takers. That OpenBook side is no longer active (see warning above); AMM v4 today is, in practice, a pure constant-product AMM with the original OpenBook accounts retained as inert state. It is still the highest-liquidity product on Raydium for many legacy pairs but is no longer recommended for new pools — see CPMM for new deployments. Program ID: see reference/program-addresses. Token-2022: not supported. AMM v4 pools only accept classic SPL tokens.

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Chapter contents

Overview

Conceptual model: how AMM v4 couples a constant-product curve to an OpenBook market, and why the design exists.

Accounts

AmmInfo, TargetOrders, OpenOrders, LP mint, token vaults, market vault signer. Seeds, field layouts, invariants.

Math

xy=k invariant, price calculation. Includes the historical formulas for the (now inert) OpenBook limit-order grid.

Instructions

Initialize, Deposit, Withdraw, SwapBaseIn / V2, SwapBaseOut / V2, MonitorStep (legacy), SetParams, WithdrawPnl.

Fees

LP fee, protocol fee, trade fee split. Historical PnL handling for orderbook fills.

Code demos

TypeScript (raydium-sdk-v2) and Rust CPI examples for deposit, withdraw, and swap.

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When to read this

  • You are auditing or integrating against existing AMM v4 pools.
  • You are building a router that must support v4 liquidity.
  • You are planning a migration from v4 to CPMM — see also user-flows/migrate-amm-v4-to-cpmm.
If you are creating a new pool, read CPMM instead.