What Is Raydium (RAY)? How It Works, Token, and Risks
Raydium is a decentralized exchange (DEX) built on an automated market maker (AMM) on the Solana network. Here you can swap tokens and provide liquidity to a liquidity pool, a shared pot of funds, without an intermediary. The RAY token can be staked for rewards, and part of the trading fees is used to buy back RAY.
Raydium runs on Solana, a network known for fast confirmations and low transaction fees. This article covers how Raydium works, what RAY does, the latest data, an impermanent loss example, and the risks.
Key Points
- Definition: Raydium is an AMM-based DEX on Solana for swapping tokens and providing liquidity.
- Serum and OpenBook: the Serum integration has ended, and according to Raydium's documentation none of its products currently depend on OpenBook.
- RAY token: can be staked for rewards, and part of trading fees is used to buy back RAY. Maximum supply is 555 million.
- Data for 5-6 November 2026: RAY price US$1.72, TVL about US$995 million (sources and dates in the Latest Raydium Data section).
- Risks: impermanent loss, sharp price swings, and smart contract risk.
- On Mobee: RAY is available as the RAY/USDT pair in Spot Trade.
What Is Raydium?
Raydium is an automated market maker (AMM) and decentralized exchange (DEX) on the Solana network. An AMM is a protocol that swaps tokens directly from a smart contract using a pricing formula, without a traditional order book. RAY is one of the altcoins, meaning crypto other than Bitcoin.
The name is sometimes misspelled "Reydium". The correct spelling is Raydium.
Read also: What Is XRP? A Complete Guide for Beginners
Latest Raydium Data (as of 6 November 2026)
The figures below were taken on 5-6 November 2026 and change every day. Use them as a snapshot, not as a basis for decisions.
| Metric | Figure | Source and date |
|---|---|---|
| RAY price | US$1.72 (24h -3.53%, 7d +10.54%, 30d -21.89%) | CoinGecko, 6 Nov 2026 02:50 UTC |
| Market capitalisation | about US$463.9 million, rank 111 | CoinGecko, 6 Nov 2026 |
| RAY 24h trading volume | about US$37.4 million | CoinGecko, 6 Nov 2026 |
| Supply | about 270 million circulating, 555 million maximum RAY | CoinGecko (circulating), Raydium docs (maximum) |
| All-time high | US$16.83 (12 Sep 2021); the current price is about 89.8% below it | CoinGecko |
| TVL (funds in pools, Solana) | about US$995.2 million on 5 Nov, down 26.1% from about US$1.35 billion on 7 Oct | DefiLlama |
| Raydium DEX volume | 24h about US$212.6 million, 7d about US$1.09 billion, 30d about US$4.92 billion | DefiLlama, 6 Nov 2026 |
| Share of Solana DEX volume | about 35-45% on a typical day (April 2026), Raydium's own documentation claim | Raydium docs |
TVL (total value locked) is the value of funds held in Raydium's pools. Over the past month TVL and the RAY price both fell, while trading volume stayed large. These numbers describe current market conditions, not the direction ahead.
How Does Raydium Work?
1. Liquidity Pools
Raydium uses liquidity pools, shared pots of two tokens deposited by liquidity providers (LPs). The price moves automatically with the ratio of the two tokens in the pool, not through an order book. The more funds in a pool, the lower the slippage, meaning the gap between the price you see and the price you get.
Raydium has several pool types: AMM v4, CPMM (constant product), and CLMM (concentrated liquidity, where LPs choose a price range). Every swap pays a fee. In CLMM and CPMM pools, 84% of the fee goes to LPs, 12% to RAY buybacks, and 4% to the treasury. In AMM v4 pools the split is 88% and 12%.
2. Serum and OpenBook: What Changed
Raydium used to connect to the Serum order book. After FTX and Alameda collapsed in November 2022, Serum was declared inactive. Raydium then ended the Serum integration and shut its trading page. Raydium at one point announced an integration with OpenBook, a community fork of Serum. But Raydium's current documentation says that integration has been deactivated, and no Raydium product depends on OpenBook. So the old statement that Raydium is "integrated with Serum" no longer holds.
3. The RAY Token
RAY is Raydium's native token with a maximum supply of 555 million. According to Raydium's documentation, its roles are:
- Buyback: part of trading fees is used to buy RAY on the market.
- Staking: RAY can be staked in the Raydium app to earn rewards in RAY.
- Pool asset: RAY is often one of the tokens in a liquidity pool.
You do not need to hold RAY to swap tokens or provide liquidity. The documentation does not list voting rights or direct fee sharing with RAY holders as functions of the token.
4. LaunchLab
Raydium has LaunchLab, a platform for launching new tokens on a bonding curve, after which the token moves to a Raydium pool once it meets the requirements. Raydium's documentation lists a 1% fee on buys and sells while a token is still on the bonding curve. Newly launched tokens are generally high risk because their liquidity and track record are still thin.
5. Staking and Rewards
Besides providing liquidity, you can stake RAY in the Raydium app. Reward amounts change and are not guaranteed, so check Raydium's staking page for current figures. Providing liquidity is not risk-free passive income. See the impermanent loss example below.
6. Integration With the Solana Ecosystem
Raydium integrates with many projects in the Solana ecosystem, such as wallets, oracles, and other DeFi apps. This widens its functionality and makes it easier for users to reach various services.
Read also: 7 Altcoins With Top Investment Potential in 2026
Raydium's Strengths
Here is what the sources can support, rather than "fastest" or "largest" claims with no basis.
- Speed and low fees come from Solana. Raydium runs on Solana, so fast confirmations and low network fees are traits of the network. They are not Raydium-specific advantages.
- Large trading volume on Solana. Raydium's documentation cites a share of about 35-45% of Solana DEX volume on a typical day (April 2026). That is Raydium's own claim. DefiLlama recorded 30-day volume of about US$4.92 billion as of 6 November 2026.
- A range of pool types. There are AMM v4, CPMM, and CLMM, and the documentation mentions Token-2022 support for CPMM and CLMM.
- Automatic RAY buybacks. 12% of pool trading fees is used to buy RAY.
The limit: liquidity is not "unlimited". Small pools mean large slippage, and anyone can create a new pool, so check a token before trading it.
An Impermanent Loss Example
Impermanent loss (IL) is the difference in value between tokens you put in a pool and the same tokens held in your wallet, when the prices of the two tokens move differently. It is called "impermanent" because the gap shrinks if the price returns to where it started.
The example below uses illustrative numbers and a simple model: a constant product pool (x times y = k) with no trading fees.
Suppose you deposit 1 SOL (priced at US$150) and 150 USDC into a SOL/USDC pool. Total starting capital is US$300.
Step 1. Work out the constant: k = 1 x 150 = 150.
Step 2. The SOL price rises to US$300. The pool adjusts the token amounts: SOL = square root of (150 / 300) = 0.7071 SOL, and USDC = square root of (150 x 300) = 212.13 USDC.
Step 3. The value of the position in the pool = 0.7071 x US$300 + US$212.13 = US$424.26.
Step 4. The value if you had just held = 1 x US$300 + US$150 = US$450.
Step 5. The difference is US$424.26 - US$450 = -US$25.74, or 424.26 / 450 - 1 = -5.72%.
The pool position is still larger than the US$300 you started with. What is "lost" is relative to simply holding the tokens without putting them in a pool.
The general formula: IL = 2 x sqrt(r) / (1 + r) - 1, where r is the ratio of the new price to the starting price. For r = 2 the result is 2 x 1.4142 / 3 - 1 = -5.72%.
Here are the results for several SOL price moves (illustrative numbers, starting price US$150):
| SOL price | Change | Value in pool | Value if held | Difference | Impermanent loss |
|---|---|---|---|---|---|
| US$75 | -50% | US$212.13 | US$225.00 | -US$12.87 | -5.72% |
| US$112.50 | -25% | US$259.81 | US$262.50 | -US$2.69 | -1.03% |
| US$225 | +50% | US$367.42 | US$375.00 | -US$7.58 | -2.02% |
| US$300 | +100% | US$424.26 | US$450.00 | -US$25.74 | -5.72% |
| US$450 | +200% | US$519.62 | US$600.00 | -US$80.38 | -13.40% |
| US$600 | +300% | US$600.00 | US$750.00 | -US$150.00 | -20.00% |
| US$750 | +400% | US$670.82 | US$900.00 | -US$229.18 | -25.46% |
Three things to remember:
- IL happens when the price rises or falls, and the further the price moves, the bigger the gap.
- The trading fees you earn can offset part of IL, but this is not guaranteed. In the +100% example, collected fees would need to reach at least about US$25.74 for the pool position to match simply holding.
- In CLMM pools you choose a price range, and the impact of price moving out of the range can be larger. This example uses a simple model.
Potential and Challenges
Raydium's activity depends heavily on trading conditions on Solana, including new token launches that can rise and fall fast. The data as of November 2026 shows both sides: 30-day trading volume is still about US$4.92 billion, but TVL is down 26.1% since 7 October and the RAY price is down 21.9% over 30 days.
Challenges to weigh: competition from other DEXs on Solana, impermanent loss for liquidity providers, volatile crypto prices, and smart contract risk. Raydium suffered a hack in December 2022 with losses of about US$4.4 million, according to DefiLlama's records. Uncertainty over crypto regulation also remains. Do your DYOR before deciding, and only use funds you can afford to put at risk. To understand market analysis further, you can read our on-chain analysis guide.
Read also: Crypto Faucets: How to Get Free Crypto Easily
Comparison Table
| Feature | Description | Note |
|---|---|---|
| Liquidity pool | Provides liquidity for token swaps | Carries impermanent loss risk |
| Pool types | AMM v4, CPMM, CLMM | CLMM uses a price range |
| RAY token | Buyback, staking, pool asset | Not required to swap |
| Buyback | 12% of pool trading fees | Source: Raydium docs |
| LaunchLab | Launch of new tokens | High risk |
| RAY staking | Rewards paid in RAY | Rewards are not guaranteed |
| Ecosystem integration | Connected to Solana projects | No Serum/OpenBook integration |
How to Buy $RAY on Mobee
RAY is available on Mobee as the RAY/USDT pair in Spot Trade. Open the RAY/USDT page in Spot Trade to see the price and set your order, and remember that the RAY price can swing sharply.
Follow these steps to buy RAY in the Mobee app:
- Sign up and verify: Register and complete account verification (KYC) first. You can see the Mobee sign-up and KYC tutorial.
- Deposit funds: After verification, deposit some funds into your Mobee wallet to make buying easier. You can use deposit via QRIS.
- Open the Trade menu: Go to the Trade menu at the bottom of the app.
- Pick RAY: Find RAY in the asset list or search for "RAY".
- Choose a trading pair: Choose a pair such as RAY/USDT. This pair uses USDT, so make sure you have enough USDT balance.
- Order type: Choose (a) a Market Order for the current market price, or (b) a Limit Order for a price you set yourself.
- Enter the amount: Enter the amount of RAY you want to buy and check the transaction details.
- Confirm: Tap "Confirm" to process the purchase.
After the transaction succeeds, you can find your RAY in the Wallet section. You can also look at the Earn feature on Mobee as another option for your crypto assets.
Conclusion
Raydium is an AMM-based DEX on Solana that lets you swap tokens and provide liquidity without an intermediary. The old information about a Serum integration no longer holds, and RAY's roles now centre on buybacks, staking, and being a pool asset. Providing liquidity carries impermanent loss risk, and the RAY price is highly volatile. Learn how it works first, count the risks, and do your own research before trading.
FAQ
What is Raydium?
Raydium is a decentralized exchange (DEX) built on an automated market maker (AMM) on the Solana network. Users can swap tokens directly from smart contracts and provide liquidity to liquidity pools without an intermediary. Raydium does not hold your funds: transactions run through your own wallet.
What does the RAY token do?
According to Raydium's documentation, RAY has three roles: part of trading fees is used to buy back RAY, RAY can be staked in the Raydium app to earn rewards in RAY, and RAY is often an asset in liquidity pools. You do not need to hold RAY to swap tokens or provide liquidity. The maximum supply is 555 million RAY.
How do liquidity pools work on Raydium?
A liquidity pool is a collection of two tokens deposited by liquidity providers. The price moves automatically with the ratio of the two tokens in the pool, not through an order book. Every swap pays a fee. In CLMM and CPMM pools, 84% of that fee goes to liquidity providers, 12% to RAY buybacks, and 4% to the treasury. In AMM v4 pools, the split is 88% and 12%.
What are the risks of providing liquidity on Raydium?
The main risk is impermanent loss: your position in the pool can be worth less than if you had simply held the tokens when prices move far. Other risks include sharp price swings, bugs or hacks in smart contracts, and new tokens in thinly funded pools. The trading fees you earn are not guaranteed to cover that loss.
How do I buy RAY on Mobee?
RAY is available in Mobee's Spot Trade as the RAY/USDT pair. You need a verified account and a USDT balance, then open the Trade menu, choose RAY/USDT, pick an order type (market or limit), enter the amount, and confirm. The RAY price can change quickly, so check the order summary before confirming.
Disclaimer
This article is for education only and is not an invitation or advice to buy or sell any asset. Crypto assets are high risk and their value can fall sharply. Market figures change every day, and the calculation example above is only an illustration. Mobee is operated by PT CTXG Indonesia Berkarya, licensed and supervised by OJK.
Mobee is a digital asset platform licensed and supervised by OJK, so you can follow market opportunities and investment products in a more structured way. Start your investing journey with Mobee and choose products that fit your goals and risk profile.
Direct market access from the app Start exploring digital assets with Mobee
Track the market, learn about digital assets, and start trading more conveniently with the Mobee App.
Mobee is licensed and supervised by the OJK. Not a solicitation to buy or sell any asset.
