Raydium briefly moved ahead of Pump.fun’s PumpSwap in daily decentralized exchange activity earlier this month, highlighting how quickly Solana’s trading venue rankings can shift. Raydium processed approximately $192.2 million in 24-hour volume on October 7, compared with $185 million for PumpSwap, according to Sundial Analytics data.
The approximately $7.2 million gap placed Raydium eighth among decentralized exchanges globally in that particular ranking. The result represented a daily market snapshot rather than a lasting change in Solana DEX leadership, where volumes can rotate rapidly between venues as token launches, automated routing and speculative activity change.
Monthly data provides a broader comparison. In September, PumpSwap accounted for approximately 18.6% of Solana DEX volume while Raydium held 12.2%, leaving Pump.fun’s native exchange comfortably ahead despite Raydium’s stronger performance on October 7.
Raydium Broadens Volume Beyond Memecoin Trading
The competitive relationship between the two venues changed after Pump.fun launched PumpSwap and began retaining more liquidity from tokens created through its launch platform. Raydium has since broadened its sources of activity through LaunchLab and markets for tokenized traditional assets, reducing its dependence on tokens graduating from external launchpads.
Tokenized stocks have become a measurable component of that diversification. Token Terminal data captured on September 15 showed Raydium processing $805.2 million, or 80.5%, of 30-day DEX volume generated by xStocks-issued assets, ahead of Byreal and Orca during that historical rolling window.
The segment has continued expanding across Solana. More recent data shows Raydium leading the network with about $6.1 billion in tokenized-stock volume during 2026, while Orca has also expanded its tokenized-equity trading business. Gross trading volume demonstrates recurring turnover but does not represent an equivalent amount of new capital entering tokenized equities.
That distinction also applies beyond Solana. Tokenized stocks are generating increasing activity across venues such as Uniswap on Base, showing that competition for on-chain equity trading is developing across both exchanges and blockchain ecosystems rather than remaining concentrated in one protocol.
PumpSwap Retains Stronger Monthly Position
PumpSwap remains a major source of Solana trading activity despite the October 7 crossover. Its daily volume exceeded $1.7 billion during its July peak, demonstrating how sharply launch-driven speculative activity can expand when memecoin markets accelerate.
Raydium brings a different liquidity profile. DeFiLlama recorded approximately $1.20 billion in Raydium TVL on October 21 and about $7.2 billion in DEX volume over the preceding 30 days, while the protocol crossed $1 trillion in cumulative trading volume in May. Cumulative turnover, however, measures repeated trading rather than unique capital deposited into the exchange.
Market-share comparisons are also complicated by aggregators and automated routing. As DEX aggregators increasingly determine where individual trades execute, venue-level volume does not necessarily indicate that traders deliberately selected the exchange ultimately processing their transaction.
Raydium’s October 7 lead therefore shows that PumpSwap no longer dominates every short-term Solana DEX snapshot, but it does not establish a permanent reversal. The more durable competitive signal will come from sustained monthly volume, liquidity depth and whether Raydium can continue generating activity across token launches, conventional crypto markets and tokenized assets rather than relying on isolated daily spikes.
Emma Lawson writes about the pressure points where crypto meets the outside world: regulation, exchanges, macro policy, tokenized assets and geopolitical risk. From the US, she follows the decisions and events that can change how capital moves, how platforms operate and how digital assets are treated by institutions.
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