GMX vs Raydium
GMX and Raydium share the same setup (AMM): liquidity and tooling make the difference. On liquidity Raydium dominates: $1B TVL vs $152M. Only GMX offers perpetuals. On a DEX, liquidity IS the product: features being equal, pick where slippage on your size is lower.
| GMX | Raydium | |
|---|---|---|
| Tier | A | A |
| Rating | ★ 4.1 | ★ 4.1 |
| Liquidity model | AMM | AMM |
| Maker / Taker fee | 0.1% / 0.1% | 0.01% / 1% |
| Markets | Spot + Perp | Spot |
| Supported chains | Arbitrum, Avalanche | Solana |
| TVL (as of Jun 13) | $152M | $1B |
| 24h volume | $2.8B | $435M |
| Native token | GMX | RAY |
| Fund custody | Non-custodial (funds in your wallet) | Non-custodial (funds in your wallet) |
| Supported wallets | MetaMask, WalletConnect, Rabby, Coinbase Wallet, Trust Wallet, OKX Wallet, Ledger | Phantom, Solflare, Backpack, Ledger |
| Audits | Guardian Audits (primary auditor, multiple engagements 2022-2026), ABDK Consulting (GMX Synthetics), Certora (Nov 2023), Dedaub (GMX Synthetics), Sherlock (GMX Synthetics updates) | Kudelski Security (Q2 2021), OtterSec (Q3 2022 - CLMM/staking), MadShield/OShield (Q2 2023 - AMM; Q1 2024 - CP-swap), Halborn (Q4 2024; Q2 2025), Sec3 (Q3 2025; Q2 2026) |
| Governance | DAO + GMX token (Snapshot governance + multi-sig execution) | DAO + RAY token (governance + fee incentives) |
| KYC | Full | Full |
| Supported countries | US, EEA, APAC, LATAM, MENA, AFRICA · 200+ countries | US, EEA, APAC, LATAM, MENA, AFRICA · 200+ countries |
| Regulator | None | None |
| Segment | B2C | B2C |
| Regions | US, EU/EEA, APAC, LATAM, MENA, Africa | US, EU/EEA, APAC, LATAM, MENA, Africa |
| Licences & safety | None (decentralized protocol) | None (decentralized protocol) |
Frequently asked questions
GMX vs Raydium: which is better?
GMX and Raydium share the same setup (AMM): liquidity and tooling make the difference. On liquidity Raydium dominates: $1B TVL vs $152M. Only GMX offers perpetuals. On a DEX, liquidity IS the product: features being equal, pick where slippage on your size is lower.
Is GMX custodial or self-custody?
GMX is self-custody: you keep the keys, while Raydium is self-custody.