DEX comparison · updated Oct 15, 2026
PancakeSwapvsRaydium
Two high-volume, low-fee AMMs on different chains: BNB Chain's flagship against Solana's core venue.
At a glance
Higher 24h volume
PancakeSwap
$769.1M
Lower taker fee
Roughly even
0.25% vs 0.25%
Deeper liquidity (TVL)
PancakeSwap
$1.98B
Longer track record
PancakeSwap
since 2020
dexwatch score
PancakeSwap
77/100
Full comparison
Every figure is a dated snapshot from public sources (Oct 15, 2026); fields without a verifiable source show n/a. “Best” marks the stronger value in a row — higher volume or liquidity, lower fees, longer track record. Max leverage is shown as information, not a positive.
| Exchange | $CAKE ★★★★★★★★★★77/100Solid | $RAY ★★★★★★★★★★74/100Solid |
|---|---|---|
| Type | Spot + Perp | Spot DEX (AMM) |
| Chains | BNB ChainEthereumBaseArbitrum+1 | Solana |
| 24h volume | $769.1MBest | $168.9M |
| 7d volume | $4.69BBest | $1.16B |
| Total value lockedLiquidity depth | $1.98BBest | $1.16B |
| Open interest | n/a | n/a |
| Token price | $2.20 | $1.79 |
| 24h change | 6.81% | 10.55% |
| Market cap | $700.1M | $483.1M |
| Maker feeNegative = rebate | 0% | 0% |
| Taker feeLower is cheaper | 0.25% | 0.25% |
| Max leverageHigher = riskier | 50× | — |
| Trading pairs | 6,100Best | 4,200 |
| LaunchedLonger track record | 2020Best | 2021 |
| Security scoredexwatch estimate | 83/100Best | 80/100 |
| Audits | CertikPeckShieldSlowMist | OtterSecKudelski |
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The honest take
PancakeSwap
✓Very low fees and a colorful, approachable interface
✓Huge selection of pools and yield options across 11 chains
✓New Infinity CLMM engine reaches top-tier volumes
✕Perps are secondary to the spot product
✕CAKE token has fairly high emissions
Raydium
✓Where most new Solana tokens get their liquidity
✓Fast, cheap swaps with a big user base
✓Yield farms for liquidity providers
✕Spot only
✕Lots of risky brand-new token pairs to navigate
PancakeSwap vs Raydium FAQ
Which has higher trading volume, PancakeSwap or Raydium?
PancakeSwap — about $769.1M in the last 24 hours versus $168.9M on Raydium. Figures are a dated snapshot (Oct 15, 2026) and move constantly.
Is PancakeSwap or Raydium cheaper to trade?
Both list the same headline taker fee of 0.25%. Your real cost also depends on network gas, maker rebates and price impact on the size you trade.
Which has deeper liquidity, PancakeSwap or Raydium?
PancakeSwap holds more total value locked ($1.98B versus $1.16B), a rough proxy for how much size a market can absorb.
Which offers higher leverage, PancakeSwap or Raydium?
PancakeSwap allows up to 50×; Raydium is a spot venue with no leverage.
What's the main difference between PancakeSwap and Raydium?
PancakeSwap is a spot + perp on BNB Chain, Ethereum, Base, while Raydium is a spot dex (amm) on Solana. Match the venue to the chain and assets you actually use.
What are perpetuals & perp DEXes?Leverage risk & liquidationFunding rates: the hidden cost of holding a perpperpetualleveragefunding rate
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