Raydium vs PancakeSwap
Raydium and PancakeSwap share the same setup (AMM): liquidity and tooling make the difference. On liquidity PancakeSwap dominates: $2.5B TVL vs $1B. Only PancakeSwap offers perpetuals. On a DEX, liquidity IS the product: features being equal, pick where slippage on your size is lower.
| Raydium | PancakeSwap | |
|---|---|---|
| Tier | A | A |
| Rating | ★ 4.1 | ★ 4.3 |
| Liquidity model | AMM | AMM |
| Maker / Taker fee | 0.01% / 1% | 0.01% / 1% |
| Markets | Spot | Spot + Perp |
| Supported chains | Solana | BSC, Ethereum, Arbitrum, Base, Linea, ZkSync |
| TVL (as of Jun 13) | $1B | $2.47B |
| 24h volume | $435M | $1.12B |
| Native token | RAY | CAKE |
| Fund custody | Non-custodial (funds in your wallet) | Non-custodial (funds in your wallet) |
| Supported wallets | Phantom, Solflare, Backpack, Ledger | MetaMask, Trust Wallet, Binance Wallet, Coinbase Wallet, Token Pocket, SafePal, WalletConnect |
| 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) | PeckShield, SlowMist, BlockSec, Cyfrin, HashDit, OtterSec, Zellic, Halborn |
| Governance | DAO + RAY token (governance + fee incentives) | DAO + veCAKE 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 PancakeSwap: which is better?
Raydium and PancakeSwap share the same setup (AMM): liquidity and tooling make the difference. On liquidity PancakeSwap dominates: $2.5B TVL vs $1B. Only PancakeSwap offers perpetuals. On a DEX, liquidity IS the product: features being equal, pick where slippage on your size is lower.
Is Raydium custodial or self-custody?
Raydium is self-custody: you keep the keys, while PancakeSwap is self-custody.