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RAY Raydium overtook PumpFun in 24-hour trading volume
Raydium overtook PumpFun in 24-hour decentralized trading volume, recording US$192.2 million in trading volume, compared with US$185.0 million for PumpFun. Although the gap is slight, this milestone is significant given the fierce competition that has defined the Solana decentralized exchange (DEX) landscape over the past year.
The increase in trading volume has lifted Raydium one place in the global ranking of decentralized exchanges, from ninth to eighth. The move is a concrete manifestation of the strength of a deal that has spent most of 2026 trying to regain its share of the erosion by PumpFun's own trading infrastructure.
Background: The protracted battle on Solana
The two agreements have been in fierce competition since early 2025. At the time, PumpFun launched its native automated market maker PumpSwap, cutting off the token graduation pipeline Raydium had previously relied on. In this pipeline, the tokens that complete the Bonding Curve will be transferred directly to Raydium's liquidity pool.
In response, Raydium launched LaunchLab, its own token launch platform. In May 2026, Raydium's cumulative trading volume exceeded the US$1 trillion mark; in the same month, its RAY token was launched by Robinhood and Revolut. Recent data shows that during the 30-day cycle, Raydium accounted for US$805.2 million of the total trading volume of xStocks issued assets, accounting for as much as 80.5%, indicating that its user base has surpassed the scope of memin and is expanding.
Raydium is an automated market maker agreement on the Solana network where users can exchange SPL tokens, provide liquidity, mink new coins, or take leveraged positions. Its pool deposits are close to $806 million, higher than any other decentralized exchange on Solana.
The 24-hour trading volume data released on Wednesday marked the latest development in the competition, and there seems to be few signs of cooling down at this time. Whether Raydium can maintain its advantage over PumpFun and further climb the global DEX rankings in the coming weeks will depend on how well the two platforms compete for Solana miniin and broader DeFi transaction traffic.
