Raydium and Orderly Forge a Perps Powerhouse on Solana

2025 has dawned kindly on Solana, the “Presidential network” following the launch of the official $TRUMP coin as well as that of its First Lady counterpart

2025 has treated Solana (SOL) kindly thus far, with the launch of the official $TRUMP coin and its First Lady counterpart, $MELANIA. But two Solana projects in particular have been doing much of the heavy lifting behind the scenes to allow degens to do what they do best.

Raydium (RAY), the leading Solana trading protocol, needs no introduction – and neither does Orderly (ORDERLY) these days, the rising star in omnichain liquidity. It’s no coincidence that the upwards trajectory of both projects, as evidenced by their record-breaking volume and rising adoption, follows their integration at the start of the month.

Orderly’s profile on Solana is now being buoyed by Raydium’s performance – which in turn is being enhanced by the former’s perps orderbook. The integration of Orderly into Raydium has fueled a surge in trading activity, with both protocols experiencing record-breaking volumes in January.

As perpetual trading goes from strength to strength on Solana, the partnership between Orderly and Raydium has positioned the twin projects as the network’s perps powerhouses.

On January 23, Orderly noted that its monthly trading volume for the $ORDER token had surged by 157%, with daily trading volumes reaching $190 million.

This growth coincided with Raydium’s integration of Orderly’s perpetual futures infrastructure, a move that has expanded the available trading pairs and unlocked significant liquidity.

On the same day, Blockworks Research posted an X thread highlighting the immediate impact of the collaboration, noting that Orderly’s peak daily volume had reached nearly $500 million following the integration.

The majority of this volume was attributed to organic adoption, suggesting that Raydium’s large user base has quickly embraced the new perpetuals offering.

It also presented the bull case for Orderly and its eponymous token, noting “If 12% of Raydium’s volume shifted to perps (aligned with Jupiter’s DEX/per volume ratio), Orderly’s volume could increase six-fold.”

It’s an appetizing prospect that, should it come to pass, has the potential to elevate Orderly into the preeminent perps liquidity layer for Solana.

Raydium has long been a dominant force in Solana DeFi, leading decentralized exchange activity, as evidenced by it pulling in nearly $100 billion in trading volume in January.

The addition of Orderly’s perpetual trading infrastructure has the potential to increase this volume by multiples, giving Raydium’s users access to over 80 trading pairs.

Of course, there’s more than one way to measure DEX progress than merely focusing on volume. But whatever indicator you use to examine Raydium’s performance this year, it’s been a good one.

The $RAY token, for example, is up 50% in a month which tells its own story. Raydium’s connection to Pump.fun, whose graduating tokens are deployed as liquidity pools on its protocol, have been another factor in keeping it ahead of the chasing pack in Solana’s ever-competitive trading landscape.

It’s clear, however, that Raydium sees its fortunes anchored to growing its perps market share with the aid of Orderly, as the pinned tweet on its X profile shows.

While Solana has long outstripped all EVM chains combined for DEX volumes, it’s lagged badly when it comes to perps. Not any more.

Solana is rapidly gaining market share of a DeFi primitive that was once the preserve of EVM-affiliated projects such as GMX.

As the success of other onchain perps protocols such as Hyperliquid shows, the people want perps. And with its battle-tested infra, robust reputation, and willing new partner in the form of Orderly, Raydium is confident it can conquer new ground in 2025.

If its January performance is an arbiter of what’s to come, it’s odds on to succeed.