Raydium vs dYdX
Different architectures: Raydium runs AMM, dYdX on-chain order book (CLOB) — execution, slippage and UX all change. On liquidity Raydium dominates: $1B TVL vs $327M. Only dYdX offers perpetuals. Also check supported chains and network costs from your wallet: they often matter more than protocol design.
| Raydium | dYdX | |
|---|---|---|
| Tier | A | A |
| Rating | ★ 4.1 | ★ 4.2 |
| Liquidity model | AMM | CLOB |
| Maker / Taker fee | 0.01% / 1% | 0.01% / 0.05% |
| Markets | Spot | Spot + Perp |
| Supported chains | Solana | dYdX Chain (Cosmos SDK) |
| TVL (as of Jun 13) | $1B | $327M |
| 24h volume | $435M | $4.5B |
| Native token | RAY | DYDX |
| Fund custody | Non-custodial (funds in your wallet) | Non-custodial (funds in your wallet) |
| Supported wallets | Phantom, Solflare, Backpack, Ledger | MetaMask, Keplr, Phantom, Coinbase Wallet, WalletConnect, Privy, Ledger, Trust Wallet |
| Audits | 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) | Informal Systems (audit completo dYdX Chain v4, zero issue critiche), Peckshield (token bridge e contratti di governance) |
| Governance | DAO + RAY token (governance + fee incentives) | DAO + DYDX token (Cosmos SDK governance) |
| 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
Raydium vs dYdX: which is better?
Different architectures: Raydium runs AMM, dYdX on-chain order book (CLOB) — execution, slippage and UX all change. On liquidity Raydium dominates: $1B TVL vs $327M. Only dYdX offers perpetuals. Also check supported chains and network costs from your wallet: they often matter more than protocol design.
Is Raydium custodial or self-custody?
Raydium is self-custody: you keep the keys, while dYdX is self-custody.