Raydium Review

Raydium is rated in our decentralized exchange ranking, which scores nine protocols on five equally weighted criteria. This entry covers Raydium's CPMM, CLMM and AMM v4 programs on Solana, as described by its documentation, public API and GitHub repositories on 1 November 2026. The basis is desk research; we did not trade or provide liquidity.

How Raydium scores in decentralized exchanges

Every criterion carries the same weight, so the overall score is the plain average: (10 + 9 + 8 + 4 + 10) ÷ 5 = 41 ÷ 5 = 8.2 out of 10.

This is a re-score. The previous entry, checked on 24 July 2026, stood at 6.0 and said that no audits were named and upgradeability was not stated. Both statements are now out of date. Audit disclosure rose from 3 to 10 because Raydium's audits page lists ten linked reports by named firms. Immutability & governance rose from 4 to 8 because its admin documentation now sets out who can upgrade the programs and under what delay. The other three marks are unchanged.

Strongest criteria: fees and audits

Fee transparency (10)

Raydium's CLMM fee page lists the typical tiers with their on-chain AmmConfig index and tick spacing: 0.01%, 0.05%, 0.25% and 1.00%. It tells readers to confirm the live set against the public API. On 1 November 2026 that endpoint returned 18 CLMM configurations from 0.01% to 4%, and 21 CPMM configurations from 0.005% to 4%. Every one carried the same protocol and fund rates. The buybacks page states the split: 84% of the fee to liquidity providers (LPs), 12% to RAY buybacks and 4% to the treasury on CPMM and CLMM, and 88% and 12% on AMM v4. On a $1,000 swap in a 0.25% CLMM pool, the fee is $2.50: $2.10 to LPs, $0.30 to buybacks and $0.10 to the treasury. A trader can find any pool's rate before swapping and check it on chain. CPMM pools can add an optional creator fee on top, which is shown before you sign.

Audit disclosure (10)

The audits page lists Kudelski Security (Q2 2021), OtterSec (three reports, Q3 2022), MadShield, now OShield (Q2 2023 and Q1 2024), Halborn (Q4 2024 and Q2 2025) and Sec3 (Q3 2025 and Q2 2026). Each entry names the program it covers, from the original AMM to the 2026 CLMM update for limit orders and dynamic fees, and links the report. That level of scoping is what lets a reader match an audit to the code it reviewed. Raydium also says Neodyme reviewers have worked through bug-bounty agreements, but it gives no reports for that, so we do not count it. An Immunefi bounty runs alongside. An audit is not insurance.

Weaker criteria

Immutability & governance (8): disclosed, still upgradeable

Raydium's admin and multisig page says every program is upgradeable: AMM v4, CPMM, CLMM, farms, LaunchLab, the locker, routing and Stable Swap. The upgrade authority is a 3-of-4 Squads multisig with a 24-hour timelock. Its signers are core team members on air-gapped devices, though they are not named. Raydium states it has not revoked upgrade authority on any program. The disclosure goes further than the other Solana venues here. It also names a 3-of-5 treasury multisig with no timelock, which can create and modify CLMM fee configurations and update fees on existing AMM v4 pools. It names a single hot-wallet key that can only settle CLMM limit orders.

That plain statement is what the rubric rewards. Two findings keep the mark below Uniswap's 10, which documents non-upgradeable core contracts. Everything here can be changed, and fee settings can be edited without a delay. Raydium's docs also record a December 2022 incident in which a compromised AMM v4 pool authority key was used to drain several pools. After it, the authority roles were moved to multisig.

Licence & code openness (9)

GitHub detects Apache 2.0 on the raydium-clmm, raydium-cp-swap and raydium-amm repositories. That is a recognized open-source licence with no change date or revocation clause, and it matches the reading from the previous check. The mark is unchanged.

Chain coverage (4): narrow scope

Raydium is deployed on Solana only. Four is the mark this category gives every single-chain protocol. It records reach, not a defect in the protocol.

What the score does not cover

The rating does not measure liquidity depth, execution, interface quality, LaunchLab tokens, Raydium Perps (run on Orderly Network) or RAY as an investment. It does not assess access rules either. Raydium's site disclaimer states the protocol is not available to US residents or to residents of a list of other countries and regions. Because anyone can launch a token or a pool, copycat tokens are a common risk. Read our guide to avoiding wallet scams and phishing before trading new listings.

Raydium vs Orca and Jupiter

The two other Solana protocols in the ranking are the closest comparison. Their marks below are as recorded on 1 November 2026.

The licence is the decisive difference. Orca and Jupiter both score 2, while Raydium's code is Apache-licensed. Across the full ranking, Raydium ties with PancakeSwap at 8.2. Ties are listed alphabetically, so PancakeSwap appears first. Only 1inch and Uniswap, both at 8.4, score higher.

Who this rating suits

The score suits a Solana user or developer who wants to check fees on chain, read and reuse the code under a permissive licence, and know exactly who can change the programs. It is less useful to someone who needs a DEX on another network, or who wants contracts that cannot be upgraded. If concentrated liquidity is new to you, read how automated market makers work before choosing a fee tier. A high mark here reflects disclosure, not a promise about any trade or pool.