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 Perps is a separate product from the spot AMMs (AMM v4 / CPMM / CLMM). It lives at perps.raydium.io, uses its own order book (not Raydium pools), and routes order flow through Orderly Network’s shared CLOB infrastructure. Traders retain self-custody of funds at all times.
What it is
Raydium Perpetual is a gasless central-limit-order-book (CLOB) perpetuals protocol. Positions are funded from an SPL wallet on Solana but the matching engine and order book are operated by Orderly Network, which pools liquidity across a multi-chain venue set (Solana, Ethereum, Base, Arbitrum, BSC). Key properties:- Gasless trading. Order creation, modification, and cancellation do not require on-chain transactions on Solana — signing is local and free. Only deposits and withdrawals touch-chain.
- Up to 100× leverage, depending on the market.
- Multi-chain collateral — you can deposit USDC / SOL / USDT / ETH / BNB / WBTC / YUSD / USD1 from their native chain; all P&L settles in USDC.
- Cross-margin only. All collateral in an account is shared across every open position.
- One-way mode. You cannot hold a long and a short on the same market simultaneously; an opposite-side order reduces or flips the existing position.
- Self-custody. Funds remain in your wallet’s perps account; there is no Raydium-held custodian wallet.
- CEX-grade order types. Market, Limit, Stop (market / limit), Scale, plus IOC / FOK / Post-Only / Reduce-Only flags.
Why a separate product
The Raydium AMMs (spot) and Raydium Perps (perpetual futures) share a brand and a UI entry point but almost nothing at the protocol level:| Raydium spot AMMs | Raydium Perps | |
|---|---|---|
| Venue | On-chain pools on Solana | Off-chain CLOB operated by Orderly |
| Matching engine | AMM curve (CPMM / CLMM / AMM v4) | Central limit order book |
| Settlement | On-chain at swap time | Off-chain; deposits/withdrawals on-chain |
| Price discovery | AMM curve + arbitrage | Order book + external prices |
| Token universe | Any SPL / Token-2022 mint | Listed perp markets only (BTC, ETH, SOL, and other majors) |
Program IDs in reference/program-addresses | Yes | No — see Orderly’s contracts |
| Raydium SDK v2 coverage | Full | Not covered |
| Raydium bug bounty | Yes | Routed through Orderly |
Restricted jurisdictions
Raydium Perps is not available to residents of the US, Afghanistan, Belarus, the Central African Republic, DRC, DPRK (North Korea), the Crimea / Donetsk / Luhansk regions of Ukraine, Cuba, Iran, Libya, Somalia, Sudan, South Sudan, Syria, Yemen, Zimbabwe, or any other jurisdiction in which the Raydium Protocol is prohibited. Integrators embedding the perps UI or API must respect this list.Chapter contents
Trading basics
What perps are, going long vs short, leverage, cross-margin, liquidation risk.
Order types
Market, Limit, Stop (market / limit), Scale, plus IOC / FOK / Post-Only / Reduce-Only flags.
Collateral
Supported assets, per-chain global limits, per-user limits, USDC-settled P&L.
Fees
Maker 0 bps, volume-tiered taker fees, withdrawal fee, Orderly’s cut.
Integration notes
- The spot Raydium SDK (
@raydium-io/raydium-sdk-v2) does not cover perps. For programmatic access use Orderly’s SDKs (TypeScript, REST, WebSocket). - There is no “route a swap through a perp position” primitive. A client wanting both spot and perp exposure builds the two transactions independently.
- Orderly’s risk parameters (leverage caps, liquidation thresholds, collateral limits) change over time. Always fetch the live parameters from Orderly’s API before quoting risk to a user.
Where to go next
Sources:- Orderly Network developer docs (Raydium Perps is a white-labeled Orderly deployment).
- On-chain USDC settlement vault (for deposits/withdrawals).