Raydium just won a round in Solana’s most closely watched exchange rivalry. On October 7, 2026, the protocol logged $192.2 million in 24-hour trading volume, slipping past PumpFun’s PumpSwap, which recorded $185.0 million.
The gap was $7.2 million. In a market that moves hundreds of millions a day, that is less a knockout than a photo finish.
The numbers behind the flip
The daily volume jump pushed Raydium to eighth place in the global decentralized exchange rankings. That is one spot higher than the ninth position it held before.
The monthly picture is less flattering for Raydium. In September 2026, it captured 12.2% of Solana DEX volume, while PumpFun led the pack with 18.6%.
Context matters on the PumpFun side too. The platform hit a peak of more than $1.7 billion in trading volume in a single day during July 2026. The $185.0 million it posted on October 7 sits far below that high-water mark.
How the rivalry started
For a long stretch, PumpFun and Raydium were partners of convenience. PumpFun was the place memecoins were born, and Raydium was often where they went to trade once they grew up.
That changed in early 2025, when PumpFun launched PumpSwap, its own automated market maker. By building its own, PumpFun cut its dependence on Raydium. Liquidity that used to flow to Raydium started staying in-house.
Raydium’s response was to stop betting everything on memecoins. It introduced LaunchLab, a token launch platform that competes directly with PumpFun’s core product, and it leaned into tokenized asset trading.
That second bet appears to be paying off. Over the past 30 days, Raydium handled 80.5% of trading volume in xStocks-issued assets, or $805.2 million. xStocks are tokenized versions of traditional assets that trade onchain.
Raydium also brings scale that predates the current fight. Its cumulative trading volume passed $1 trillion in May 2026, and its liquidity pools hold around $806 million, the highest of any venue on Solana.
What this means for Solana traders and protocols
PumpFun still owns the memecoin segment. When speculative token launches heat up, as they did during its July peak, its volume can dwarf the competition.
Raydium is building a broader base. Tokenized assets, a launchpad of its own and the deepest liquidity on Solana give it volume sources that do not rise and fall entirely with memecoin activity.
For anyone tracking these protocols as businesses, the September market share figures are the more reliable benchmark. PumpFun’s 18.6% against Raydium’s 12.2% shows the leader still has a meaningful cushion on a monthly basis.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.