Can Raydium’s New Perps Platform Siphon Market Share From Jupiter, Drift?
Solana’s leading DEX adds another feather to its cap, but does it stack up to its rivals?
Raydium, Solana’s biggest DEX by trading volume, has added a perpetual exchange to its trading platform, stoking the coals of Solana’s fiery perps scene.
Over 10,000 traders visited the Raydium Perps site within hours of the platform’s launch, indicating high demand for a new competitor to perps leaders like Jupiter and Drift Protocol.
What makes Raydium’s platform different, and how does Solana’s leading DEX plan to siphon uses away from its rivals?
Raydium Joins Fiery Solana Perps War
On January 9, Raydium publicly launched the beta version of its new perpetual exchange, offering Solana DeFi users gasless trades and up to 40x leverage on 90 trading pairs. Built on Orderly Network’s permissionless liquidity layer, Raydium’s new platform has reignited competition in Solana’s fierce perps market.
Solana has emerged as one of the industry’s most popular networks for perpetual and derivatives trading, beating out Ethereum and Layer-2s like Arbitrum and Base. Regularly witnessing over $1B in daily volume, Solana’s perps trading activity is second only to HyperLiquid, the market leader.
According to internal data, Raydium’s new platform attracted over 10,000 visits shortly after going live, suggesting traders are eager to sample new trading apps on the Solana network.
During its beta phase, Raydium has announced it will be running a bug bounty. Users who notify Raydium of any UI/UX bugs on the platform may be rewarded with $RAY, the protocol’s native token.
How Does Raydium Perps Fare Against Rivals?
In a bid to siphon users away from rival platforms, Raydium boasts the lowest trading fees of any perps market on Solana. In addition to gasless transactions, Raydium perps charges zero maker fees, with 0.025% taker fees charged via Orderly Network.
Comparatively, Jupiter, Solana’s largest perps DEX by volume, charges a base fee of 0.06% on all perps positions. On the other hand, Drift Protocol offers a more versatile fee structure, rewarding market makers with a -0.01% return and charging between 0.03-0.10% on taker fees. Additional discounts are applied to $BTC, $ETH, and $SOL markets.
Meanwhile, Raydium perps also offers a wider spread of trading pairs than its competitors. While Jupiter and Drift Protocol provide 3 and 51 pairs respectively, the Raydium perp DEX currently boasts 90 listed assets.
|
Exchange |
Listed Pairs |
Maker Fee |
Taker Fee |
|
Raydium |
90 |
0% |
0.025% (via Orderly) |
|
Jupiter |
3 |
0.06% |
0.06% |
|
Drift Protocol |
51 |
-0.01% |
0.03-0.1% |
However, unlike Jupiter and Drift Protocol, Raydium perpetuals doesn’t currently offer any rewards for asset lenders. Comparatively $JLP holders and Drift Earn depositors can potentially earn generous yield on the respective platforms.
In an exclusive statement to SolanaFloor, Raydium contributor Infra indicated that Raydium Perpetuals may introduce fees at a later date, alongside “an open, incentivized trading competition will follow after the perps product moves out of beta.”
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