Raydium: Solana swaps, liquidity pools, Orderly perps and access

Raydium is best understood through the particular contract being used. A spot swap changes wallet token balances through Solana liquidity pools. Supplying liquidity creates an investment in a pool. The perpetuals interface uses Orderly infrastructure and a different collateral and liquidation system. Moving between those screens therefore changes both the execution mechanism and the assets at risk.[1]

The swap workflow supports an exact input or a requested output. Routing can use one pool, several sequential pools or split paths. Before signing, distinguish the quoted output from the enforceable minimum received. A quote can become stale while a wallet prompt is open. A failed or ambiguous submission should be checked against the explorer and wallet balances before another transaction is sent; otherwise a retry can become a second trade.[3]

Perpetuals use cross margin and one-way positions. An opposite-side trade can reduce an existing position and, if large enough, reverse it. The guide advertises leverage up to 100 times on selected markets, not a universal entitlement. A shared collateral balance supports the cross-margin portfolio, so another position’s loss can affect liquidation capacity. Falling below maintenance requirements can lead to partial or full liquidation. Closing a browser does not remove that exposure.[8]

Raydium has no single spot commission. The pool configuration supplies the base rate; creator charges, dynamic fees, referral routing and Solana transaction costs can change the result. The following are published configuration ranges, not a promise that every token pair has a pool at the lowest rate. A multi-hop route incurs the applicable fee at each hop.[2]

A CPMM creator can specify an additional fee, including whether it applies to input or output. That charge is distinct from how the base fee is divided. For a deliberately simple input-side example, a 1,000 USDC trade with a 0.25% base fee and an additional 0.10% creator fee costs 2.50 plus 1.00 USDC, or 3.50 USDC before price impact, referrals and network charges. Do not add a protocol share again when it is already a division of the base charge.[22]

CLMM pools can also enable a volatility-sensitive surcharge. The documentation describes a 10% hard cap for the dynamic mechanism; this is a safety ceiling, not an ordinary quoted charge or an additional flat 10%. The fee can change with pool conditions. Fees earned by a position are recorded for collection rather than automatically reinvested into its active liquidity.[25]

Price impact is the change caused by trading against available liquidity; slippage is the difference between a quote and its eventual execution. Increasing the allowed slippage does not remove price impact. If a quote already allows for pool fees and shows 100 output tokens, a 0.5% tolerance gives a minimum of 99.5 tokens. Execution below that bound should fail; a failed transaction can still cost network fees. This example assumes an exact-input swap and no additional token transfer deduction.[23]

A spot referral link can add a 1% charge on input above the AMM fee. With 1,000 USDC input, a 0.25% pool fee and that referral setting, the illustrative deductions are 2.50 and 10 USDC, leaving 987.50 USDC to be priced by the pool. This excludes creator fees and network costs. The guide distinguishes a direct route without the referral parameter, and also describes a different LaunchLab referral mechanism; the two must not be treated as the same tariff.[26]

Those published perpetual rates are explicitly an April snapshot, not a verified live October account quote. The Orderly component is included in the displayed taker charge. At the first tier, 10,000 USDC of executed notional costs 4.50 USDC on one side, excluding funding and liquidation charges. Volume qualification covers Orderly markets rather than only one Raydium symbol.[4]

Spot funding normally means obtaining the correct tokens in a Solana wallet, not opening a Raydium cash account. The published routes include withdrawing from another exchange, using a wallet’s third-party purchase service and bridging from another chain. Each provider has its own pricing and checks. Confirm the token and network at both ends, and retain SOL for transactions. Having the token being sold does not by itself mean the wallet can pay to submit the swap or later withdrawal.[15]

Orderly settles trading profit, losses and funding in USDC while accepting several collateral assets. The documented list includes USDC, USDT, SOL, ETH, BNB, WBTC, YUSD and USD1. Non-USDC balances can be discounted for collateral purposes, and their changing prices affect available margin. Deposits require a vault transaction and acknowledgement; withdrawals involve an off-chain request and an on-chain payment. A wallet balance, recognised collateral value and withdrawable balance are therefore different figures.[6]

The perpetual fee guide describes a 1 USDC withdrawal deduction: a 100 USDC withdrawal would deliver 99 USDC under that schedule. Funding is a transfer between positions at each market’s interval, not a guaranteed financing rebate. Liquidation charges depend on Orderly’s market parameters. The withdrawal preview and current market specification should resolve the actual charge before authorisation.[5]

Burn and Earn makes a materially different commitment. It permanently escrows supported LP tokens or CLMM positions. The Fee Key NFT gives its holder fee-collection rights; it does not restore a right to withdraw the locked liquidity. A concentrated position also cannot be rebalanced after this commitment and can cease earning trading fees outside its range. Fee Key transferability must not be mistaken for redemption of principal. The guide excludes AMMv4 and certain restricted positions.[12]

Self-custody avoids handing a conventional exchange account password to an operator, but it does not eliminate contract or token risk. Raydium spot prices come from pool state; a displayed dollar valuation is not an oracle guarantee of sale proceeds. A token issuer’s freeze authority can interfere with transfers, including pool withdrawals. Transfer fees and hooks can also alter what arrives. These restrictions belong to the token design and can remain relevant even when the pool itself behaves as intended.[13]

Liquidity returns should be compared with simply holding the deposited assets. In a simplified constant-product pool, if one asset’s relative price quadruples, the pool position is worth 80% of the corresponding untouched holdings, before fees: a 20% relative shortfall. This does not mean a 20% loss against the deposit’s original dollar value. Concentrated liquidity changes this exposure and can become entirely one asset outside its range. Trading fees may offset some underperformance but are not an assured remedy.[24]

The published audit index separates implementations and dates: Kudelski covered an early AMM, OtterSec covered later components, and MadShield, Halborn and Sec3 reviewed specific subsequent releases. It includes a 2026 Sec3 CLMM review. An index entry is evidence of a review of that component, not independent confirmation here of every deployed bytecode revision, frontend, RPC provider, bridge or token issuer. No deposit-insurance entitlement was established from these materials.[10]

A wallet connection is a technical capability, not proof that a person is eligible to use every interface. The retrievable legacy Raydium interface disclaimer names Raydium Holding Foundation and prohibits access connected with the United States and a wider list including Belarus, Cuba, Iran, North Korea, Syria and specified Ukrainian regions, as well as sanctions and illegality restrictions. This is a summary of that published legacy document, not a complete October country whitelist. Current interface terms and any separate perpetual-service restrictions still require a product-specific check.[21]

Token availability also does not establish suitability or endorsement. Launches and permissionless pools can expose a trader to an issuer’s controls, poor liquidity or an asset that cannot be sold as expected. The relevant address, token extensions and live pool route matter more than a familiar ticker. A successful connection or visible price alone does not resolve those questions.[13]

Raydium directs general questions to its official Discord and technical SDK issues to the appropriate project channels. Use links from the official documentation to avoid impersonators and unsolicited direct messages. No verified telephone dealing desk or contractual resolution time was found. Support cannot be assumed to undo a confirmed blockchain transaction. For a disputed operation, keep the public transaction signature, network, token addresses, time and the screen’s error message; those facts are more useful than a screenshot of a dollar balance alone.[16]

A stalled swap should first be classified as unsubmitted, submitted but pending, failed, or confirmed. The guide recommends checking explorer status and balance changes before retrying. Requoting is appropriate when a quote has expired or pool conditions changed. Raising a priority fee may help a transaction reach a block, but it does not improve the pool price or guarantee execution within a chosen slippage bound.[3]

Security vulnerabilities have a separate reporting route through Immunefi; the disclosure guide also lists [email protected]. Reports should contain reproducible technical detail and go privately to the designated channel, rather than a public Discord thread. A bug-bounty process rewards qualifying disclosures under its terms; it is not a promise of compensation for an ordinary trading loss.[14]

These are documented administrative arrangements, not a live independent examination of every signer and transaction. The separation matters: an interface operator, a program-upgrade authority, a token issuer and a perpetuals infrastructure provider can create different dependencies. A claim that the user holds wallet keys does not answer which other party can alter the contracts or assets involved.[9]

The July 2026 RAY white paper names Raydium Foundation, a Cayman Islands entity incorporated in December 2024, as the person seeking token admission to trading. It states that no competent authority has approved the white paper. This is MiCA token-disclosure evidence, not an exchange-services licence or a guarantee that swaps and perpetuals are permitted everywhere. Its token-specific investor and deposit-protection limitations must not be recast as a universal legal opinion about all assets using Raydium.[20]

The sources use two different names: Raydium Holding Foundation in the legacy interface disclaimer and Raydium Foundation in the RAY admission white paper. Neither document establishes one operator responsible for every protocol, interface and Orderly position. Their different roles should be checked against the particular service being used.[21][20]

A 28 May 2026 company release reported that Raydium had exceeded US$1 trillion in cumulative trading volume. This is a historical company-reported protocol milestone. It does not establish current daily volume, an independently reconciled market share, unique customers or active traders. Wallet addresses and transactions would require their own definitions before being compared with registered users at a centralised exchange.[27]

Older AMMv4 pools can continue alongside CPMM; migration is optional. CLMM upgrades preserve position accounts, while moving between farm generations requires withdrawal and a fresh stake. The 22 October 2026 CLMM entry describes permissionless multi-pool creation through CreateCustomizablePoolV2, without changing existing account layouts. Its text still says it was checked against a pre-deployment code branch and requires confirmation of the deployed program. The date has passed, but that document alone does not confirm deployment.[17][28]

Operator

Raydium protocols; legacy interface disclaimer names Raydium Holding Foundation

Exchange model

Decentralised

Service scope

Solana AMM swaps, liquidity provision, token launches and a separate Orderly perpetuals interface.

Client types

Retail clients

Pricing publication

Public pricing

Funding scope

On-chain Solana wallet funding; bridges, exchange withdrawals and fiat on-ramps are separate services.

Custody and asset handling

Spot uses wallet-authorised pool transactions; perps require collateral in Orderly vaults.

Client eligibility

Wallet connectivity does not establish lawful access. The retrieved legacy interface disclaimer excludes the United States and other named jurisdictions.

Support

Official Discord for general help; Immunefi for vulnerability disclosures.

Authorisation and registration scope

The RAY MiCA white paper is a token disclosure, not evidence of an exchange-services licence or authority approval.

Exchange metadata checked 29 Oct 2026Source 1Source 3Source 6Source 14Source 15Source 16Source 20Source 21

Raydium’s REST API exposes public market and position data. Transaction endpoints construct unsigned transactions for a user to inspect and sign; retrieving a quote does not itself authorise spending. Data can be cached, so a developer should distinguish an informational API result from a fresh executable quote. The guide describes adaptive rate limits and HTTP 429 handling rather than one universal requests-per-second allowance.[18]

Wallet transaction history, LP positions and claims need to be retained across all relevant addresses. A protocol record is not necessarily a complete tax statement: acquisition cost, bridge movements, separate Orderly funding and token valuations can require additional records. A comprehensive tax export and recovery-related withdrawal hold timetable were not established in the reviewed material. Those gaps should not be converted into claims that all records are unavailable or that no restrictions can apply.[18]

The documented AI integration supplies documentation search and implementation assistance. It does not confer wallet-signing authority. A generated implementation still requires the appropriate review and explicit transaction authorisation.[19]

A Blink presents a wallet action for the user to approve; it does not establish a native copy-trading mandate. The actual wallet prompt and referral route determine what is being authorised.[26]

Disconnecting an interface does not redeem an LP position or cancel an irreversible Burn and Earn commitment. The Fee Key remains a claim on fees rather than a right to recover the permanently committed capital.[12]

Farm emissions and fee claims are token entitlements, not interchangeable with a cash bonus in a broker account. Rewards can stop accruing when a campaign ends while already earned amounts remain claimable. Leaving an interface unused does not itself remove liquidity; an inactive CLMM range can still hold assets while earning no new trading fees. This review did not establish a conventional account-inactivity fee schedule.[11][25]