Who this guide is for: Solana users who swap tokens, provide liquidity or launch tokens, as well as anyone researching the RAY token.

Testing was conducted on 5 November 2026. The review covered raydium.io, which opened directly to the Swap app; the Liquidity, Portfolio, LaunchLab, Staking and Bridge pages; wallet-connection and slippage dialogs; the documentation homepage; DeFiLlama; and CoinMarketCap. Screenshots were taken at 1440×900 desktop, 1024×1366 tablet and 430×932 phone resolutions.

The review did not connect a wallet or execute a swap, deposit, staking transaction, pool creation or token launch. Wallet-dependent steps are marked “Not verified.” Items based on earlier research are identified separately.

What Raydium is

Raydium is an automated market maker (AMM) on Solana. Users swap tokens against liquidity pools, while anyone can add liquidity and receive a share of trading fees. The platform also includes the LaunchLab token launchpad, RAY staking and a bridge. DeFiLlama describes Raydium as a Solana AMM with permissionless pool creation.

The current interface includes Standard and Concentrated pools, LaunchLab, staking, a bridge screen and a Perpetuals tab. Raydium provides liquidity for many newly launched Solana tokens, including tokens launched through LaunchLab. The pool list captured on 5 November 2026 included SOL and USDC pairs, tokenized-stock pairs such as MSFTx, CRCLx and SPCX, and smaller community tokens.

An AMM can be compared with a vending machine for tokens rather than a stock exchange. Instead of waiting for a particular seller, users trade against a shared pool containing pairs such as SOL and USDC. A formula sets the price according to the amount of each token remaining in the pool. A swap removes one token and adds the other. In exchange for supplying the tokens, liquidity providers receive a fee from trades.

Live figures on 5 November 2026

Raydium’s in-app total value locked (TVL) figure changed between captures: it showed $1.85B on desktop and $1.91B on both tablet and phone. The figure changes live and differed from DeFiLlama’s figure of $1.079B TVL. The DeFiLlama chart displayed TVL and DEX volume.

CoinMarketCap showed RAY at $1.76, ranked #88, on 5 November 2026. That figure was used as a market check alongside the TVL and volume figures from DeFiLlama.

Interface by device

On desktop at 1440×900, the home page opened to the Swap screen. The menu contained Swap, Liquidity, Portfolio, Perpetuals, LaunchLab and More. A RAY/SOL chart appeared on the left, while a From/To swap box and Connect Wallet button appeared on the right.

On the first visit, a Disclaimer dialog stated that the interface was an open-source frontend to the Raydium protocol, provided “as is,” with no liability. Users must select “Agree to terms” and press “Enter Raydium.”

At 1024×1366, the tablet retained the two-panel layout, although the right edge of the Connect Wallet button was slightly cut off. At 430×932, the phone used a single-column Swap layout. A bottom bar contained Swap, Liquidity, Portfolio, Perpetuals, LaunchLab and More. A small RAY/SOL chart card showed 0.018345 (+0.07%).

The phone Liquidity page showed TVL of $1.91B, 24-hour volume of $322.74M, and Pool, Volume and APR 24H columns. The phone LaunchLab page listed tokens including PEAK, MAMESUKE and STANK with market capitalizations. On the tablet, some pool names and liquidity figures overlapped, creating a layout flaw.

Core features

Swap

The Swap box offered Market and Limit tabs, SOL as the default From token, RAY as the default To token, Max and 50% shortcuts, and a 0.5% slippage setting.

The wallet dialog listed Phantom (Auto Confirm), Solflare (Auto Approve), Torus, Ledger, WalletConnect, Ethereum Wallet, Sign in with Google, Sign in with Apple and Google via TipLink. It also included a “Show uninstalled wallets” switch, a “New here? Get started on Raydium” link and “Buy Crypto with fiat MoonPay.”

Slippage options were 0.1%, 0.5%—the default—and 1%, plus a custom field. Lower slippage limits the permitted price movement but can cause a trade to fail in fast markets. The Limit tab showed “Buy RAY at rate” of 0.018263 SOL, quick buttons of -1%, -5% and -10% against a market price of 0.018341, and a Pool address. Open Orders and Past Orders tabs appeared below.

Liquidity pools

The Liquidity page header showed TVL of $1,853,731,434.7 and 24-hour volume of $322,857,486.19. Filters included All, Concentrated, Standard, LSTs, Stables, RWA and RAY Rewards, together with a Create button.

Very high APRs of 911% or more appeared on small pools. APR is calculated from 24-hour fees and is not a promise of future returns. With the Concentrated filter selected, the captured figures were 115.21% for SOL-USDC, 286.69% for CARDS-USDC, 185.8% for SPCX-USDC and 47.85% for SOL-RAY. High APRs can be associated with narrow price ranges and greater impermanent-loss risk.

The “Initialize CPMM pool” tool requested a base token, quote token, initial price, fee tier and start time, with Start Now and Custom options. A note described the tool as intended for advanced users, while a yellow notice stated that “a creation fee of ~0.2 SOL is required for new pools.”

Portfolio

Without a connected wallet, “My Portfolio” displayed Assets by pool, Assets by token, Idle tokens and Asset Detail tabs for Liquidity, LaunchLab and Staking. Each section stated, “Connect wallet to see.”

LaunchLab

LaunchLab presented a token launchpad with a ticker strip showing “someone just sold…,” a Hot sort, search, Watch list, Graduated and Platforms filters, and a Launch token button. Sample cards showed PEAK at $729.34K, MAMESUKE at $801.24K, STANK at $734.65K, VICE at $55.98K and DARK at $580.13K.

Staking

The staking page stated, “Stake RAY to earn additional RAY yield.” One RAY row showed an APR of 3.74% and liquidity of $78,499,869.3. Pending Rewards and Staked both showed 0 because no wallet was connected.

Bridge and More

The bridge used Wormhole Connect and showed USDC to USDC on Solana, “1 USDC = $1.00” and a “Connect source wallet” button.

The More menu contained Reclaim Rent (NEW), Staking, Bridge, Disclaimer, Docs and Feedback, along with links to X, Telegram and Discord. The Perpetuals tab did not load a separate page during the capture and was not described. (Not verified)

How to read the pool table

APR 24H is a one-day snapshot of fees earned, annualized. A pool that had a busy day can display a high figure, while a quieter day can reduce it substantially.

High APRs commonly appear on small or higher-risk pools. In the capture, MSFTx-USDC showed 911.03% and SOL-HIGH showed more than 999.99%, while their liquidity was approximately $406,828 and $125,026, respectively. SOL-USDC, with approximately $7.2M in liquidity, showed 115.26%. Volume relative to liquidity—not the headline APR alone—drives fee income.

Fee tiers also matter. SOL-USDC showed a 0.04% fee tier, while CARDS-USDC showed 0.4%. The latter was described as a more volatile token for which liquidity providers request a higher fee.

Impermanent loss occurs when one token in a pair rises or falls sharply relative to the other. A liquidity provider can end up holding more of the cheaper token and perform worse than simply holding both assets, even after receiving fees. This cost is not shown in the APR.

Concentrated pools increase both potential fee generation and risk. A narrow price range can earn more fees while the price remains within it, but may earn nothing after the price leaves the range.

RAY token data

According to CoinMarketCap on 5 November 2026, RAY had 269.96M circulating tokens, 554.99M total tokens and a 555M maximum supply. Its market capitalization was approximately $477M and its fully diluted valuation was approximately $978M. The difference between market capitalization and FDV indicates that a substantial portion of the supply had not reached the market. Official documentation should be checked for unlock details.

The app showed RAY staking at 3.74% APR. DeFiLlama showed $78.73M of RAY staked, equal to 16.54% of market capitalization. DeFiLlama also listed $1.32M in 30-day revenue going to holders.

Step-by-step site walkthrough

The site was opened in a clean browser, starting with the disclaimer and continuing through the wallet list and pool pages. No wallet was connected and no transaction was sent. The final wallet-dependent action in each flow is marked “Not verified.” Screenshots were taken on 5 November 2026.

1. Open Raydium and accept the disclaimer

The site was entered directly as raydium.io rather than through a search engine. After loading, the Disclaimer window covered the Swap screen. After “Agree to terms” was selected, the dialog said that the interface was an open-source front end to the Raydium protocol, provided “as is,” and activated the blue “Enter Raydium” button.

The disclaimer states that users are solely responsible for their trades. A site appearing to be Raydium that asks for a seed phrase should be closed. A decentralized exchange requires a wallet to sign transactions, and there is no legitimate reason for the interface to request a seed phrase.

1. Find the Swap box

After the disclaimer, Raydium opened to the Swap screen rather than a marketing page. The top menu showed Swap, Liquidity, Portfolio, Perpetuals, LaunchLab and More. A RAY/SOL candle chart was on the left, and the From/To box on the right had SOL and RAY preselected. Those tokens were defaults and could be changed.

1. Enter an amount and read the quote

Entering 1 in the From box produced a quote of approximately 54.5 RAY. The panel showed “1 SOL = 54.53637 RAY,” Minimum Received and Price Impact. Because no wallet was connected, a red notice stated, “You need at least 0.01 SOL to pay for fees and deposits.”

The rate, minimum received and price impact should be reviewed before a transaction. The captured SOL/RAY quote showed a small price impact, while thinner tokens can show a larger impact.

1. Review routing and fees

Selecting “More Info” expanded the quote to show Order Routing and Estimated Fees above Minimum Received and Price Impact. The estimated fee was a fraction of a SOL. The routing line indicated whether the trade would use one pool or multiple pools, while the fee line showed an estimate before signing. Final transaction and network costs were not verified.

1. Select another token

Selecting a token name opened a “Select a token” window. The search field accepted a name or pasted address. Quick buttons were available for SOL, USDv, USDC, USDT and RAY, and the list included RAY, USDC and USDT. A “View Token List” button appeared at the bottom.

For tokens outside the quick buttons, the address should be taken from the project’s official website or X account. Multiple tokens can share a name, while the address is unique.

1. Check slippage

The gear icon opened “Swap slippage tolerance,” with presets of 0.1%, 0.5% and 1%, a custom field and a Save button. The current value was 0.5%. For a larger pair such as SOL/USDC, the review left slippage at 0.5% or lower. Increasing the setting can make a thin-token trade execute more easily, but permits the price to move against the user by that amount.

1. Connect a wallet and confirm a swap

The review stopped at this point. Selecting Connect Wallet opened the list of Phantom, Solflare, Torus, Ledger, WalletConnect, an Ethereum wallet, Sign in with Google, Sign in with Apple and Google via TipLink. The reviewer did not connect a real wallet to a test session.

The untested sequence would be to select an existing wallet, review the quote, press Swap, approve the request in the wallet and retain enough SOL for network fees. (Not verified)

1. Try a limit order

The Limit tab showed SOL and RAY selected. “Buy RAY at rate” displayed 0.018263 SOL beside a market price of 0.018343. Quick buttons of -1%, -5% and -10% appeared below the rate, with Open Orders and Past Orders below. A limit order sets a chosen price and waits for the market to reach it. The -5% button was used only to view how far below the market the price would be.

1. Browse liquidity pools

The Liquidity page was opened and filtered to Concentrated. TVL and 24-hour volume appeared at the top, while each row showed Liquidity, Volume 24h, Fees 24h and APR. The page included an example of SOL-USDC with APR above 100%. The figure was a snapshot that changes hourly and applies only while the selected price range remains active.

1. Open a deposit page

Selecting Deposit on SOL-USDC opened the position builder. The left side showed “Set Price Range,” a chart and a -10%/+10% band around the current price. The right side showed “Add Deposit Amount” for SOL and USDC and a Connect Wallet button.

The review stated that users should begin with a Standard pool and a small amount, and consider Concentrated pools only after understanding price ranges. Pressing Deposit and approving the transaction in a wallet was not verified.

1. View LaunchLab

The LaunchLab page showed a live ticker of recent buys, a Hot filter and a grid of newly launched tokens with market caps and progress bars. It was treated as a place to inspect newly launched tokens rather than as a recommendation to buy. The tokens were new, and some could lose all value.

1. Check positions

The Portfolio page showed no data without a connected wallet, so positions could not be tested.

Providing liquidity and custody

The Liquidity page allowed selection of Concentrated or Standard pools, and Deposit opened the position builder with a price range and deposit amounts. No wallet was connected and no deposit was submitted. (Not verified)

Approving a transaction and tracking it in Portfolio were also not verified. No referral program was seen.

Raydium does not create an account for users. The app requests connection to the user’s own Solana wallet, and each swap or deposit is a transaction signed in that wallet. The captured Disclaimer described the protocol as permissionless and used at the user’s own risk.

No platform-wide trading limit was found on the captured pages. Practical limits are the wallet balance, liquidity in the selected pool and permitted slippage. Front-end access may be restricted in some regions, which was not tested.

Older research and documentation

Live data is presented above. The app showed staking at 3.74% APR. Older research, not re-checked for this update, stated that RAY is used for staking and governance.

The documentation homepage, docs.raydium.io, uses the description “Build, integrate, and trade on Raydium.” It references AMM v4, CPMM, CLMM, Farm, LaunchLab and Perps, and states that it contains 126 pages.

Security

The only legal text reviewed was the Disclaimer, which stated that the protocol is permissionless and used at the user’s own risk. The documentation homepage links to a Bug Bounty. Audit reports were not reviewed. (Not verified)

Competitors

Raydium was compared with three other Solana venues that users might consider. TVL figures came from DeFiLlama and were checked on 6 November 2026. Role and feature descriptions came from each project’s documentation and earlier research; the other three applications were not tested.

For a straightforward token swap, Jupiter checks several pools, including Raydium, Orca and Meteora, and selects a route, reducing the need to compare venues manually.

For concentrated-range liquidity, both Raydium and Orca offer the feature. Orca has lower TVL but a narrower focus, so the fee tier and volume of the specific pool should be compared on each platform before depositing.

Meteora is built around dynamic fees and vault strategies. These features are more complex, and its documentation should be reviewed first.

Raydium, through LaunchLab, is a main venue for newly launched tokens. New tokens carry a high scam risk, and the mint address should be checked each time. Relevant documentation links include Orca, Meteora and Jupiter.

Risks

Smart-contract risk remains relevant. The documentation includes a bug-bounty link, but audits were not reviewed.

Anyone can create a pool or LaunchLab token, and many new tokens fail. Scam clones and wallet drainers are additional risks; users should verify the URL and the transaction they are asked to sign.

Solana tokens can move quickly. A 24-hour increase such as RAY at +11.42% can reverse. The tablet layout also caused some pool names and liquidity figures to overlap, making desktop preferable for pool research.

FAQ

Is Raydium safe? Raydium is a long-running protocol with a bug-bounty link in its documentation, but the interface is provided “as is.” Tokens listed on the platform are not vetted.

Is an account required? No. Users connect a wallet. The wallet list includes Phantom, Solflare, Ledger and Google or Apple sign-in options.

What does a swap cost? Captured pools showed fee tiers ranging from 0.04% to 0.4%. No trade was executed, so transaction and network costs were not verified.

What is LaunchLab? It is a launchpad where new tokens begin on a curve and later “graduate” to a normal pool. It is high risk.

What is Reclaim Rent? It is a feature in the More menu that was not opened. In general, Solana accounts hold a small refundable deposit, and the tool is presumably intended to recover it.

Can Raydium be used on a phone? Yes. The phone layout has a bottom bar with Swap, Liquidity, Portfolio, Perpetuals, LaunchLab and More.

Is an APR above 900% real? It was the 24-hour figure for a small pool and should not be expected to persist.

Verdict

Raydium is a busy Solana decentralized exchange with clear figures on its public pages and $1.079B in TVL according to DeFiLlama. Real swaps and deposits could not be tested. The review’s rating was 4/5 for the visible product, with transactions unverified.

The review assessed five areas with equal weighting. Three strong areas and two limited areas resulted in a score of 4 rather than 5. If real transactions are completed later, the final two rows of the assessment and the score may change. The most relevant follow-up is to verify wallet connection, swap execution, deposit and staking flows, transaction costs, and position tracking rather than treating the visible interface or live APR figures as proof of those functions.

Quick links

App:

Docs:

DeFiLlama:

The article is not financial advice. DeFi carries smart-contract and market risk.

Editorial credits

The Coinwy QC Team checked the article before publication on 6 November 2026 for headline accuracy, original value, factual consistency, metadata, authorship claims, review evidence and risk disclosure. Coinwy stated that its AI review system checks each article before publication and that a duty editor monitors it afterward.

Coinwy uses AI for research, drafting and review. Its editorial team is responsible for each article and corrects or withdraws articles when needed. The source provided a “How we review” reference.