Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
RAY 
SOL 
PUMP Key Facts
As of 11:23 a.m. EDT on Tuesday, Raydium (RAY) was trading at US$2.20, an increase of approximately 64% in the past 30 days, mainly due to StonkFun migrating its token issuance to the Raydium platform on September 5. According to on-chain research publisher Pine Analytics, in the third quarter, trading pairs containing tokenized stock legs brought Raydium $4.14 billion in trading volume, more than double the second quarter, and its main pool generated a 12% fee used to repurchase RAY.
However, the October to date rate level is about 45% lower than the September average. Looking back at a similar single-partner-driven growth in 2025, Launchpad fees fell 79% in a month. This suggests that the current high activity may not be sustainable.
Why did Raydium rise?
Equity related transactions doubled
StonkFun moved all of its offerings to Raydium's LaunchLab on September 5. The number of releases on the platform surged nearly 30 times in September, with almost all of them coming from StonkFun. Launchpad allows anyone to create a token and sell it along a preset price curve until there are enough buyers to bring it into the regular pool for trading. Instead of using SOL or stablecoins to quote, StonkFun quotes tokenized stock prices in its offering.
These tokens accounted for 28% of Raydium's total trading volume in September. Pine calculates that trading volume for all trading pairs that include stock legs doubled from the second quarter. RAY was quoted at $2.20 in Tuesday trading, up about 9% in 24 hours, and closed at its highest level in nearly a year on Monday, CoinMarketCap data showed.
Is Solana regaining market share in stock trading? It has surpassed Robinhood Chain
Sam Schubert of Blockworks Research wrote on X that according to Blockworks Research, between September 28 and October 4, tokenized stock trading volume on the Solana decentralized exchange was $1.14 billion, compared with $952 million for Robinhood Chain. Robinhood Chain is the brokerage's own blockchain, which went online on July 1 and leads every week starting in mid-August.
How does Raydium's RAY benefit?
Transaction fee funded repurchase
Raydium uses 12% of the fees generated in its main pool to repurchase RAY on the open market. Rival Launchpad Pump.fun (PUMP) also uses some of its revenue to repurchase its own tokens. In the third quarter, agreement fees more than tripled. Pine estimates that September's buybacks were equivalent to about 9% of RAY's full-year market value.
Since Raydium's share is fixed, purchasing power will change with the ups and downs of trading activity. Keyrock's Amir Hajian pointed out in an October 2025 report: "Programmatic repos often overspend at market peaks and underfund when financial support is most needed during the down cycle."
What could lead to reversal? Repeating the 2025 rate decline
Pine found that Raydium experienced a similar surge in July 2025, when LetsBonk Launchpad promoted LaunchLab activities. In the following month, LaunchLab fees fell by 79%, and Raydium total fees fell by 54%. The current start to October is slow. DefiLlama data shows that as of October 5, Raydium's average daily fee was about 45% lower than the September average.
Raydium also charged a new fee. Starting from October 1, the pool for graduation token transactions will hand over part of the creator's fees to the agreement. At the current rate in October, Raydium will charge approximately $25 million this month, compared with $44.6 million in September. If the downward trend of 2025 is repeated, the total amount may drop to around US$20 million. "Launchlab's surge in base rates driven by a single partner underperformed," Pine Analytics wrote.
