Perpetuals · Arbitrum L2
Raydium Alternative: Solana DEXs vs SOL Perpetuals
Orca and PumpSwap out-trade Raydium on Solana, with $7.45B and $19.24B of 30-day volume. For SOL price exposure without swaps, EVEDEX offers SOL-USD perpetuals: 200x up to $50,000 notional.
SOL-USD on EVEDEX at a glance
SOL-USD terms as of September 15, 2026, from EVEDEX trading terms, fee schedule and CoinGecko.
Raydium alternatives compared
Solana DEXs by liquidity and volume, plus EVEDEX, a perp DEX for trading SOL without swapping. Fees in detail: our best Solana DEX guide.
| Platform | TVL and 30-day volume | Fees | Best for | Drawbacks |
|---|---|---|---|---|
| Raydium | $1.13B TVL; $6.61B volume | 0.25% on most pools | Deepest Solana pools, LaunchLab launches | Unvetted tokens; Perps withdrawals cost 1 USDC |
| Orca | $257.3M TVL; $7.45B volume | Tiers from 0.01% to 2% | Established pairs like SOL-USDC | Fewer new launches; ranges stop earning |
| Meteora DLMM | $186.6M TVL; $5.95B volume | Base fee plus volatility fee | Dynamic pools for new tokens | Unpredictable fee; bins need rebalancing |
| PumpSwap | $329.2M TVL; $19.24B volume | 0.30% to 1.25% by market cap | Graduated pump.fun meme coins | Up to 1.25% fee; rug-pull risk |
| EVEDEX: not a spot DEX, perpetuals instead of spot swaps | $30.6M SOL-USD open interest | 0.015% maker, 0.045% taker | Long or short SOL with USDT margin | No SPL tokens |
Why trade SOL on EVEDEX instead of swapping
Trade SOL's price instead of picking pools: one USDT account, low fees and both directions.
No pools, no mint checks
SOL-USD tracks the SOL price with USDT margin, so there is no pool to pick and no token mint to verify.
Short as easily as long
A perpetual lets you profit from a falling SOL price, which a spot swap cannot do without borrowing.
Low trading fees
0.015% maker and 0.045% taker with up to 35% cashback on your own trades, while most Raydium pools charge 0.25%.
One account, 52 markets
The same USDT margin trades BTC, ETH, gold, oil, EUR/USD and US stock perpetuals, 24/7.
Connect your wallet
Log in to the EVEDEX exchange with your wallet. There is no traditional KYC; deposits pass AML screening.
Deposit USDT
Fund your account from 6 USDT. The first deposit deploys a personal deposit contract on Arbitrum for about 0.1 USDT.
Open SOL-USD
Choose long or short and set leverage within the pair cap. The minimum order is 5 USDT.
Perpetual or spot swap?
A swap gives you SPL tokens; a perpetual gives you a position on the SOL price.
A Raydium swap leaves tokens in your Solana wallet. A SOL-USD perpetual on EVEDEX has no expiry and no token delivery: you post USDT margin, funding is calculated every 8 hours and charged hourly, and the position is liquidated if margin falls below maintenance, 0.4% of notional at the 200x tier. Leverage steps down to 100x above $50,000 and holds to $200,000. If you need the token itself, use a DEX from the table. EVEDEX lists 52 perpetual pairs and settles on Arbitrum L2, not Solana.
Risk disclosure
Leveraged perpetuals can lose your entire margin quickly, and Solana pools carry fake-token and smart-contract risk. Perpetual futures carry a high risk of loss. EVEDEX services are not intended for UK retail clients.
Raydium alternative questions
Raydium is a decentralized exchange on Solana that runs CPMM, legacy AMM v4 and concentrated CLMM pools, plus the LaunchLab launchpad and Orderly-powered Raydium Perps. With $1.13B in total value locked on September 15, 2026, it held the largest DEX liquidity on Solana, according to DefiLlama.
Yes. Raydium is a decentralized exchange: swaps execute against on-chain liquidity pools from your own Solana wallet. Its FAQ states that your wallet is your identity, with no signup and no KYC on Raydium itself. It processed $6.61B of swaps in the 30 days to September 15, 2026.
CPMM is Raydium’s constant-product market maker, a pool type where liquidity covers the full price range. Raydium’s documentation calls it set-and-forget with lower fee capture per dollar than CLMM concentrated pools. Pool creators pick the tier, with 0.25% as the default for most volatile pairs.
Connect a Solana wallet such as Phantom or Solflare to Raydium, fund it with SOL, choose the token pair, confirm the mint address and review the route and slippage. Keep extra SOL for network fees; Raydium’s FAQ suggests leaving at least 0.02 SOL above your swap amount.
No. According to pump.fun documentation, coins that graduate from the pump.fun bonding curve get a canonical pool on PumpSwap, the pump.fun DEX, not on Raydium. PumpSwap charges 0.30% to 1.25% on those pools and led Solana DEX volume with $19.24B in the 30 days to September 15, 2026.
Open the Portfolio or pool page in the Raydium app, select your position, choose Withdraw or Remove, set the amount and sign. CPMM positions return both tokens by burning LP tokens; CLMM positions also collect accrued fees. A permanently locked Burn and Earn position cannot be withdrawn.
PumpSwap had the highest direct DEX volume on Solana in the 30 days to September 15, 2026, with $19.24B, according to DefiLlama. BisonFi followed with $8.80B, Orca with $7.45B and Raydium with $6.61B. Jupiter routed $16.0B as an aggregator through other venues.
Withdraw SOL or USDC from the centralized exchange to a self-custody Solana wallet, selecting the Solana network. Keep some SOL for fees, connect the wallet to Raydium, Orca or another DEX, verify the token mint and sign the swap. EVEDEX is different: it accepts USDT margin for perpetuals, not SPL swaps.
