Raydium is a non-custodial decentralized exchange and liquidity protocol built on Solana. Its web interface lets a connected wallet swap tokens and interact with Raydium pools. It also brings together liquidity management, LaunchLab, incentive programs, RAY staking and a separate perpetual-futures interface powered by Orderly Network.
Choose the right Raydium surface
- Spot swaps: exchange Solana tokens through one or more Raydium pools.
- Liquidity: use AMM or CPMM pools for full-range constant-product liquidity, CLMM for a selected price range, or stable pools for correlated assets.
- Token launches: LaunchLab starts trading on a bonding curve and migrates launches that reach their configured threshold to a CPMM pool.
- Perpetual futures: use a separate Orderly-powered order-book interface for margin positions. These positions do not exchange the underlying token and may be liquidated.
Quick decision
- Useful for: Solana swaps, creating or managing liquidity, LaunchLab launches, RAY staking and perpetual markets from one web interface.
- Less suited for: users who want a custodial service with account recovery, a standalone mobile app or CLMM positions that require no range monitoring.
- Account required: no Raydium signup is required for the core interface.
- Wallet required: yes. A compatible Solana wallet is used to connect and sign on-chain actions; SOL is needed for network-related costs.
- Main limitations: the native protocol runs on Solana, pool fees vary, additional network or token fees may apply, and access is restricted in certain jurisdictions.
Costs and risks to understand
Before confirming a swap, compare the expected output, price impact, slippage tolerance, pool fee and other transaction costs. Liquidity positions can experience impermanent loss and variable fee income. A CLMM position stops earning trading fees when the market price moves outside its selected range. Newly launched tokens can also have thin liquidity or unreliable metadata.
Raydium Perps is separate from spot swaps. It uses collateral, margin, an order book and costs such as maker, taker and funding fees. Leverage can cause liquidation, so the spot and perpetual interfaces should not be treated as the same product.
