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.
TL;DR. If you just want to LP and walk away, pick CPMM. If you are willing to actively manage a price range in exchange for higher fee capture per dollar, pick CLMM. Do not open new AMM v4 positions unless you specifically need OpenBook orderbook connectivity for an existing pair.
The three pools in one paragraph
Raydium runs three AMM programs in parallel. CPMM is a standardxy=k constant-product pool — simple, robust, supports Token-2022, accepts 0.01% / 0.25% / 1% fee tiers. CLMM is a Uniswap V3–style concentrated-liquidity pool — you pick a price range, and your capital only earns fees while price is inside that range. AMM v4 is the original Raydium hybrid that couples a constant-product curve with an OpenBook orderbook; it is still accepted by the program but no longer the default for new pools. Every new launch of a novel pair today goes to CPMM or CLMM.
For a side-by-side product-level comparison see products/index and reference/fee-comparison. This page helps you choose the right creation flow before opening the CPMM, CLMM, or farm walkthrough.
Create a CPMM pool
Use CPMM for passive, full-range liquidity and most new standard token pairs.
Create a CLMM pool
Use CLMM when you want concentrated liquidity and can manage a price range.
Create a farm
Add incentive rewards for eligible LP tokens after the pool exists.
Decision matrix
| Your situation | Recommended pool | Why |
|---|---|---|
| First time LP, want low ongoing effort | CPMM 0.25% | Single deposit, no range management, fees auto-compound in reserves. |
| Stable-to-stable pair (USDC/USDT, wSOL/stSOL) | CLMM 0.01% tight range | Tight range captures the bulk of fees at minimal IL. Huge capital efficiency vs CPMM. |
| Correlated but drifting (SOL/JitoSOL, ETH/WETH bridged) | CLMM 0.05% wide range | Captures fees, tolerates drift, still far more efficient than CPMM. |
| Volatile majors (SOL/USDC, BTC/USDC) | CLMM 0.25% medium range OR CPMM 0.25% | CLMM if you will manage; CPMM if you will set-and-forget. |
| Long-tail memecoin or low-liquidity pair | CPMM 1% | Wide CLMM ranges barely beat CPMM on such pairs; CPMM’s simpler accounting wins. |
| Need orderbook liquidity on top of AMM | AMM v4 | The only program that integrates with OpenBook’s orderbook. |
| Launching a new token bonding curve | LaunchLab (graduates to CPMM) | Not strictly a “pool type” decision — the LaunchLab product chooses CPMM for you. |
The three questions that actually matter
1. Am I willing to rebalance?
CLMM rewards active management; CPMM rewards inaction. If you can check your position once a week and move the range when price drifts to an edge, CLMM’s fee capture per dollar is 4–40× higher than CPMM on the same pair at the same nominal fee tier. If you cannot, your CLMM position will silently sit out of range while CPMM LPs keep earning. Choose CPMM.2. How correlated are the two tokens?
Impermanent loss grows with divergence between the two prices. For tightly correlated assets (stable/stable, LST/SOL), IL is tiny and a narrow CLMM range is very effective. For weakly correlated assets (e.g., memecoin/SOL) IL can easily exceed fee income for a full year; widen the range or use CPMM. Seealgorithms/impermanent-loss for the math and worked examples.
3. What fee tier matches my pair’s volatility?
Higher volatility → higher realised volume per TVL → a higher fee tier is sustainable. Rough guideline:- Stable/stable → 0.01%
- Major/major correlated → 0.05%
- Major/major volatile → 0.25%
- Long-tail / memecoin → 1%
CPMM vs CLMM in practice
CPMM
- Deposit: two tokens at the current price ratio. Receive fungible LP tokens.
- Earn: fees compound into pool reserves; your LP share appreciates.
- Withdraw: burn LP tokens, receive pro-rata share of reserves plus earned fees.
- IL profile: standard
xy=kIL — seealgorithms/impermanent-loss. - Best suited for: passive LP, long-tail pairs, Token-2022 mints with transfer fees (CPMM handles them natively via
SwapV2).
CLMM
- Deposit: two tokens (or one if the price is at a range boundary) for a specific
[tick_lower, tick_upper]range. Receive a position NFT, not fungible LP tokens. - Earn: fees accrue per-position and must be claimed explicitly (
collectFee). They do not auto-compound. - Withdraw: burn or partially decrease the position; receive remaining tokens and any unclaimed fees.
- IL profile: IL is amplified within the range (you are effectively levered), but you also stop being exposed if price leaves the range. See
algorithms/impermanent-loss. - Best suited for: active LP, correlated assets, pairs where you have a view on the price distribution.
AMM v4
- Deposit: two tokens at the current price ratio. Pool is also registered against an OpenBook market, and pool assets sit partly on the orderbook.
- Earn: fees from on-curve swaps plus any maker/taker interaction via OpenBook.
- Withdraw: as CPMM, but the program must also unwind orderbook orders before settling.
- When to choose: only when you need the OpenBook integration for an existing long-lived pair. New pairs should go to CPMM.
products/amm-v4/overview for the full hybrid model.
Worked example: SOL/USDC as an LP
Assume $10,000 capital, SOL at $160, projected 30-day volume $150M on each pool.| Pool | Your TVL | Estimated fee APR* | Rebalance effort |
|---|---|---|---|
| CPMM 0.25% | $10k in $50M pool | ~27% | None |
| CLMM 0.25%, ±5% range | $10k concentrated | ~110% (when in-range) | Check weekly, rebalance on ±4% drift |
| CLMM 0.05%, ±2% range | $10k concentrated | ~180% (when in-range) | Check daily |
| AMM v4 0.25% | $10k in $30M pool | ~18% | None |
algorithms/clmm-apr to estimate for your specific parameters.
Common mistakes
- “CLMM always earns more.” Only while in range. Out-of-range CLMM earns zero; CPMM keeps earning at any price.
- “Tighter range = more fees.” Yes while in range — and more frequent out-of-range events if you don’t rebalance. Tight ranges on volatile pairs are for active managers.
- “Higher fee tier = more fee income.” Not if the tier is too high for the pair and kills volume. Always quote volume-to-TVL at each tier before choosing.
- “LP token and position NFT are interchangeable.” CPMM LP tokens are fungible SPL tokens (farmable). CLMM position NFTs are non-fungible and carry your specific range. Farm v6 only stakes CPMM / AMM v4 LP tokens, not CLMM position NFTs.
Where to go next
user-flows/add-remove-liquidity— mechanics of depositing and withdrawing.algorithms/impermanent-loss— IL math and scenarios.algorithms/clmm-apr— estimating CLMM fee APR before opening a position.reference/fee-comparison— fee-tier table across products.
- Raydium pool list and pool detail pages.
- Empirical CLMM fee distribution across the top-100 Raydium CLMM pools, April 2026.