Raydium buybacks reach $1.5 million in 30 days

The quick take

Price: Raydium ($RAY) traded at $1.65, up 2.6% in 24 hours (CoinGecko, 11:40 a.m. ET).
Trigger: $RAY buybacks reached $295,479 in the latest seven days, up 4.4% from the week before.
Watch: Weekly swap fees, which rose 16% to $3.11 million while trading volume stayed flat.

What happened

Raydium buybacks added up to about $1.5 million over the last 30 days, according to DefiLlama data read at 11:45 a.m. ET on Oct. 31. Raydium ($RAY) is a decentralized exchange on Solana ($SOL). It sends part of every swap fee to buying back its own token.

In the latest seven days, the buybacks came to $295,479. That is 4.4% more than the $283,054 spent in the seven days before. Since launch, DefiLlama counts $67.1 million spent this way.

The latest single-day reading was $46,374, down from $72,529 the day before. Daily numbers swing with trading, so weekly totals give a steadier view.

Why it moved

Buybacks follow fees. DefiLlama’s methodology for Raydium says 12% of swap fees across all pool types goes to $RAY buybacks. Liquidity providers keep 88% of fees in the older AMM pools and 84% in the newer CLMM and CPMM pools.

The newer pools also send 4% of their fees to the Raydium treasury. The older AMM pools send nothing to the treasury, so their fees split between liquidity providers and buybacks only.

Fees rose much faster than trading this week. Raydium collected $3.11 million in fees over the latest seven days, up 16% from $2.68 million a week earlier. Trading volume barely changed: $1.107 billion against $1.094 billion, a 1.2% gain.

That gap means each dollar traded paid a little more in fees. DefiLlama’s summary does not show which pools drove the gain, so the cause is not confirmed.

Who’s buying and selling

Raydium’s own data showed $234.2 million in 24-hour trading volume and $1.65 billion in total value locked at 11:44 a.m. ET. DefiLlama’s latest 24-hour reading for Raydium was $203.5 million. The two sources measure different time windows, so the figures differ.

In the busiest $RAY pool, paired with $SOL on Raydium, buyers made 8,498 trades in 24 hours against 6,519 sales, DexScreener data showed at 11:41 a.m. ET. That pool held about $2.06 million in liquidity.

On price, $RAY traded at $1.65 at 11:40 a.m. ET, up 2.6% in 24 hours, according to CoinGecko. Jupiter’s price of $1.652 matched it within 0.1%.

For context, all Solana DEXs handled $2.12 billion in DefiLlama’s latest 24-hour reading. Solana DeFi deposits stood at $5.45 billion.

What to watch next

Weekly fees are the number to watch, since the buyback share is fixed at 12% of swap fees. A fee week below the prior $2.68 million would point to smaller buybacks, and a stronger one to larger buybacks.

Daily buyback readings ranged from $24,702 to $72,529 across the last 14 full days. A run of readings near the low end would show the weekly total cooling.

It is also worth watching whether the fee gain lasts once trading picks up or slows. A rise in fees without more volume does not always repeat the next week.

Bottom line: Raydium buybacks are holding near $300,000 a week as fees climb, even with trading volume flat.