HCS Score
Red Line Violations
Research Opinion, Not a Fatwa
These are absolute prohibitions in Islamic finance. If any red line is triggered, the asset is automatically classified as HARAM.
Ecosystem Riba Exposure
Not directly or indirectly connected to interest generating mechanisms
Gambling / Betting
No gambling or betting mechanism
Haram Industry
Not involved in haram industry
Based on Red Line Screening and HCS Scoring.
Haram / Non Compliant
This cryptocurrency is evaluated as Haram for investment and use because the asset demonstrates material Sharia compliance concerns within the CoinStudy HCS framework.
Explanation
This asset shows significant concerns related to Sharia compliance, financial structure, or speculative design.
Reviewed by
CoinStudy Shariah Board
Solana's DeFi ecosystem needed infrastructure.
When Solana emerged as a high-performance alternative to Ethereum in 2020 and 2021, its potential for fast and cheap transactions was clear. What was less clear was how to build the liquidity infrastructure that makes a DeFi ecosystem functional. Without deep liquidity pools allowing users to swap tokens at fair prices, fast transaction speeds are useful for nothing.
Raydium was built to solve this. Launched in 2021, Raydium combined Automated Market Making with an integrated central limit order book, routing liquidity through Serum to enable deeper execution and improved price discovery. It became Solana's primary liquidity layer, the backbone of the ecosystem's token economy, and the default swap infrastructure for most Solana wallets' in-app features.
According to Raydium's official documentation, Raydium is the largest TVL DEX on Solana at approximately $1.8 billion as of April 2026, routing the majority of Solana volume through its pools and powering the liquidity that appears in most Solana wallets' in-app swap features. According to Messari research, Raydium was Q2 2025's fifth straight quarter as the leader in Solana daily DEX volume. According to Coin Bureau research updated July 1, 2026, Raydium's main edge is that it combines swaps, farms, token launches, and a separate Perps product in one Solana-native ecosystem.
That last element, the separate Perps product, is the compliance-defining development that makes Raydium's 2026 assessment more complex than a simple DEX analysis. LaunchLab for meme token launches, xStocks integration for tokenized equities, and the perpetuals platform with up to 100x leverage all coexist within the same Raydium ecosystem and all have genuinely different compliance profiles.
The story of Raydium's compliance assessment in 2026 is the same story as Arcus's: a platform that combines genuinely permissible activities with definitively prohibited ones, requiring Muslim investors to engage with specific activities rather than with the platform as an undifferentiated whole.
We ran RAY through the full CoinStudy Halal Crypto Standard (HCS) methodology with comprehensive research into all 2026 developments. Here is the complete picture.
Raydium as a platform fails the CoinStudy HCS Sharia red-line screening due to its perpetual futures product with up to 100x leverage. The Gambling and Betting red line and the Synthetic Interest Products red line are both triggered. However CoinStudy makes the same specific and important distinction for Raydium that was made for Arcus: spot swapping of halal-classified tokens on Raydium's AMM is assessed differently from the perpetual futures product. The infrastructure neutrality principle applies to genuine spot token exchange while the perpetuals product remains definitively prohibited.
Raydium is a decentralized exchange and liquidity platform built on the Solana blockchain. According to Raydium's official documentation, it supports three pool types: AMM v4 which still runs approximately $300 million in TVL, CPMM which is the recommended default for new pools with simpler and cheaper mechanics, and CLMM which provides Uniswap-V3-style concentrated liquidity for capital-efficient positions.
According to Coin Bureau research, Raydium adds CPMM pools, CLMM positions, farms, LaunchLab, RAY staking, pool creation tools, token launch flows, and Perps alongside its core swap interface. This product suite encompasses four distinct business lines with four distinct compliance profiles.
The RAY token is Raydium's governance and utility token. It is used for governance voting, fee reduction, and staking rewards from protocol fee revenue. According to CoinMarketCap research, RAY's market capitalization is approximately $950 million as of the most recent available data.
Product 1 — Spot Swapping of Halal Tokens: Closer to Permissible ✅
The core AMM swap mechanism allowing users to exchange one token for another at market rates is the most directly permissible product in Raydium's suite. Spot token exchange is genuine commerce: you hold token A, you want token B, you pay a small spread to the liquidity providers who make the exchange possible. This is the digital equivalent of currency exchange, which Islamic jurisprudence has consistently recognized as permissible when conducted on a spot basis.
Our Chairman Dr. Usman Quddus has confirmed through multiple rulings that spot trading of halal-classified tokens is permissible. His ruling on xStocks of halal companies and his rulings on individual halal-classified tokens all establish that genuine spot exchange of permissible assets is permissible economic activity.
The key Muslim investor filter for Raydium spot swapping is individual token assessment. Not every token on Raydium is halal-classified. The platform is permissionless, meaning any token can be listed and traded regardless of its underlying compliance profile. Muslim investors must verify that each token they swap is halal-classified under CoinStudy's framework before trading. Swapping SOL for a halal-classified token like RENDER or ENS on Raydium is permissible. Swapping for a Haram-classified token like FLOKI or any interest-bearing token is not made permissible by the DEX mechanism implementing it.
Product 2 — LaunchLab Token Launches: Doubtful ⚠️
LaunchLab is Raydium's permissionless token launch platform launched in April 2025 to compete with Pump.fun. According to Gate Learn research, LaunchLab features a dynamic bonding curve, a hybrid liquidity engine, and anti-rug pull mechanisms, creating a closed-loop ecosystem from token issuance to trading. According to CoinMarketCap research, LaunchLab has facilitated 35,000 plus token launches generating approximately $900,000 per day in fees as of August 2025.
According to Blockworks research, LaunchLab fuels hundreds of daily launches including memecoins, AI tokens, and emerging communities. The meme coin concentration in LaunchLab is the compliance concern. CoinStudy's meme coin analysis framework, established through analyses of BONK, PEPE, Official Trump, and APEPE, consistently finds that pure meme tokens with no genuine utility and no productive economic purpose fall in the Doubtful to Haram range due to Maysir concerns.
LaunchLab enabling the easy creation and trading of speculative meme tokens at scale creates a platform whose primary use case by volume is facilitating the Maysir-adjacent speculative dynamics that CoinStudy identifies as problematic. The platform mechanism itself is neutral infrastructure. The dominant activity it facilitates raises significant Maysir concerns.
Muslim investors who use LaunchLab to launch or trade genuine utility tokens with real economic purposes are engaging with neutral infrastructure for permissible purposes. Muslim investors who use LaunchLab primarily to participate in meme token speculation are engaging in the Maysir-concerning activity that CoinStudy's framework identifies.
Product 3 — Liquidity Provision on Halal Token Pairs: Conditionally Permissible ⚠️
Providing liquidity to Raydium pools for spot trading of halal-classified token pairs is closer to permissible than the perpetuals product and requires individual assessment of the specific pool mechanics.
Liquidity providers earn trading fees from genuine spot exchange activity between their deposited tokens. The fee income represents compensation for providing genuine market-making services, making token exchange accessible at fair prices for genuine traders. This is closer to permissible service income than to prohibited interest.
The specific concerns for liquidity provision on Raydium are the impermanent loss risk, which is a market dynamics risk rather than a compliance concern, and whether the specific pool includes LSTs or other yield-bearing tokens whose compliance requires individual assessment. Muslim investors providing liquidity should verify that both tokens in their pool pair are halal-classified and that the pool does not involve leveraged or lending-based mechanics.
Product 4 — Perpetual Futures: Haram ❌
Raydium's perpetual futures platform with leverage up to 100x is definitively Haram for the same reasons that CoinStudy classifies Hyperliquid, dYdX, and Injective's derivatives as Haram.
According to Cryptonews research, when navigating to the Perpetual Futures tab, users could easily become overwhelmed, noting that if you are new to trading with leverage it is wise to familiarize yourself with how Raydium Perps work. The 100x leverage means a 1% adverse price movement eliminates the entire position.
Perpetual futures involve funding rate mechanisms where leveraged long traders pay funding payments to short traders or vice versa. These funding payments create the same synthetic interest-like transfer between position holders that CoinStudy identified in Hyperliquid and Falcon Finance. The leverage itself involves borrowing capital at implicit interest to hold positions larger than deposited collateral. At 100x leverage, a $100 margin controls a $10,000 position, meaning $9,900 of borrowed capital underlies every position.
The explicit strategic priority in Raydium's 2026 roadmap to scale the perpetuals trading platform as a logical step to compete for market share in the lucrative crypto derivatives space confirms that perpetuals are a core and growing product rather than an incidental feature. According to CoinMarketCap research, the team noted the platform is "looking good here" as of February 2026, actively promoting its growth.
Muslim investors must not use Raydium's perpetuals platform under any circumstances. No multiplier, no fee discount, no yield incentive, and no narrative about competing with Hyperliquid changes what perpetual futures with 100x leverage are: leveraged speculative bets on price movements with no productive economic purpose.
xStocks Integration — Over $250 Million in Tokenized Stock Volume
According to CoinMarketCap research, Raydium is cementing its role as the primary liquidity layer for tokenized traditional assets on Solana, having facilitated over $250 million in tokenized stock volume accounting for more than 90% of such volume on Solana as of August 2025.
The xStocks integration on Raydium creates a specific compliance note for Muslim investors. Our Chairman confirmed that xStocks of halal companies are permissible when held and traded on spot markets. Spot trading of halal-classified xStocks on Raydium's AMM pools, specifically Apple, NVIDIA, Amazon, and other Chairman-confirmed halal company tokens, falls within the permissible xStocks ruling.
However the same concerns from CoinStudy's xStocks analysis apply here. SGOVx which represents US Treasury bills is explicitly Haram. Index fund tokens like SPYx and QQQx require comprehensive AAOIFI screening before use. Muslim investors should verify individual company halal classification before trading any xStock on Raydium.
LaunchLab vs Pump.fun — The Ecosystem Battle
According to Messari research, BONKfun and Raydium combined for $1.1 billion in LaunchLab volume in Q2 2025, generating roughly $4.0 million of Raydium's $18.4 million Q2 net revenue. According to Gate Learn research, on July 6, BONKfun became the first Solana token launchpad to flip Pump.fun in 24-hour token launches.
The LaunchLab versus Pump.fun competitive dynamic is commercially interesting for RAY's token economics. LaunchLab fees fund RAY buybacks which create deflationary pressure on RAY supply. From a compliance perspective the competition accelerates the meme token launch volume that raises the Maysir concern in LaunchLab's primary use case.
RWA Integration and PRIME Yield Products
According to CoinMarketCap research, Raydium is deepening liquidity and products for tokenized equities and credit markets on Solana, including integrations for RWA-backed yield products like PRIME. RWA-backed yield products that distribute interest income from underlying real-world assets require individual compliance assessment. If PRIME or similar products distribute yield from interest-bearing credit instruments through Raydium pools, the specific pool creates Riba exposure at the liquidity provider level that Muslim investors must avoid.
AI Agent Integration — Bankr
According to CoinMarketCap research, LaunchLab integrated tools like Bankr for AI agents to deploy coins as noted in a February 2026 announcement. This AI integration for automated token deployment reflects the broader AI and crypto convergence trend. From a compliance perspective it enables AI agents to launch tokens on LaunchLab with the same compliance profile as human-launched tokens: individually assessed based on what each token represents.
Raydium Q1 2026 Tokenholder Report
According to Blockworks research, Raydium published its Q1 2026 Tokenholder Report. This governance transparency initiative reflects growing institutional maturity in Raydium's reporting. The publication of tokenholder reports is a positive transparency signal that helps Muslim investors understand how protocol revenue is generated and distributed.
RAY staking earns buyback-funded yield from LaunchLab fees at approximately 6% annualized yield according to CoinMarketCap research. The compliance of RAY staking yield requires understanding exactly what generates the revenue being distributed.
Raydium's revenue comes from multiple sources simultaneously. Trading fees from spot swaps on permissible token pairs are permissible service income. LaunchLab token launch fees are service income from a platform with mixed meme token concerns. Perpetual futures trading fees are income from a definitively Haram product. When these revenue streams are pooled and distributed to RAY stakers through the buyback mechanism, the yield source is mixed, combining permissible and prohibited income.
Mixed-source income from a protocol that operates both permissible and prohibited products creates the same purification requirement CoinStudy identified in the Binance Alpha Points ruling: the proportion attributable to prohibited activity requires purification. For RAY staking yield, Muslim investors who choose to stake RAY should honestly estimate what proportion of Raydium's total fee revenue comes from perpetual futures trading and purify that proportion from their received yield.
However the more conservative and simpler approach is to not stake RAY and not claim the yield, given the difficulty of precisely calculating the perpetual futures fee proportion in any given period.
Ecosystem Riba Exposure — ⚠️ Concern. Core AMM swap mechanism passes at the protocol level. LST ecosystem integration and RWA yield products create documented concerns at the liquidity pool level.
Gambling and Betting — ❌ Failed. Perpetual futures with up to 100x leverage are a core and actively promoted product. Funding rate payments between leveraged position holders constitute gambling-like financial mechanisms.
Haram Industry — ✅ Passed. DEX infrastructure and token launch services at classification level.
Guaranteed Interest — ⚠️ Concern. RAY staking yield from mixed revenue pool including perpetual futures fees creates mixed-source income concern.
Synthetic Interest Products — ❌ Failed. Perpetual futures funding rate mechanisms create synthetic interest-like transfers between position holders. 100x leverage at the extreme end of the leverage spectrum.
Two red lines failed definitively. Layer 2 scoring skipped.
Overall Platform Result: Haram — Red Line Violations
Spot swapping of halal-classified tokens assessed separately as closer to permissible under the infrastructure neutrality principle and Chairman's rulings on individual halal tokens.
What is permissible on Raydium: Spot swapping of halal-classified tokens through Raydium's AMM pools with no leverage, where both tokens have been individually verified as halal-classified under CoinStudy's framework. Spot trading of halal-classified xStocks on Raydium pools with appropriate individual company verification. Providing liquidity to spot trading pools of halal token pairs without leverage or lending mechanics.
What is Haram on Raydium: Any interaction with the perpetual futures platform regardless of the leverage amount used. Any liquidity provision involving LSTs whose compliance has not been individually verified. Any RAY staking to earn yield from the mixed fee pool without honest assessment of the perpetuals fee proportion. Any participation in LaunchLab for speculative meme token flipping rather than genuine utility token launches.
The airdrop farming question: Raydium does not currently have a confirmed future token airdrop at the time of this analysis. Muslim investors who want to participate in Raydium's ecosystem for potential future rewards should do so exclusively through spot swapping and liquidity provision on halal token pairs rather than through perpetuals activity.
Muslim investors evaluating Solana DEX options benefit from honest comparison across the category.
Jupiter is Solana's leading DEX aggregator routing through multiple DEXes including Raydium for best execution. Jupiter's core swap aggregation is closer to permissible but Jupiter also offers perpetual futures through Jupiter Perps, creating the same split compliance picture as Raydium.
Orca is a Solana AMM focused on concentrated liquidity pools without a perpetuals product. This absence of a perpetuals product gives Orca a potentially cleaner compliance profile at the platform level than Raydium, though individual token pool assessment is still required.
Raydium's larger TVL, deeper liquidity, and broader ecosystem integration make it the most practically useful Solana DEX for accessing liquidity for halal-classified tokens. The perpetual futures product does not make spot swapping on halal token pairs impermissible. It makes the platform overall Haram while specific spot activities remain closer to permissible.
Before using Raydium, ask yourself honestly.
Do I understand that Raydium's perpetual futures platform with up to 100x leverage is definitively Haram and that I must not use it under any circumstances, regardless of the fee discounts, yield incentives, or competitive narrative attached to it? Have I verified that every token I plan to swap or provide liquidity for on Raydium is individually halal-classified under CoinStudy's framework, specifically checking that I am not inadvertently swapping for LSTs, interest-bearing yield tokens, or meme coins in the Haram or Doubtful range? Do I understand that LaunchLab's primary use case by volume is meme token speculation and that participating in meme token launches for quick speculative profit falls into the Maysir-concerning category that CoinStudy's framework identifies as Doubtful to Haram? If I am considering RAY staking for the approximately 6% annualized yield, do I understand that this yield comes from a mixed fee pool that includes perpetual futures trading fees, and that the proportion attributable to prohibited activity requires purification or avoidance?
Raydium (RAY) as a platform is classified as Haram / Non-Compliant under the CoinStudy Halal Crypto Standard due to perpetual futures with up to 100x leverage as a core and actively promoted product triggering the Gambling and Betting and Synthetic Interest Products red lines.
The spot swapping of halal-classified tokens through Raydium's AMM is assessed separately as closer to permissible under the infrastructure neutrality principle and the Chairman's rulings on individual halal token trading. The xStocks integration facilitating over $250 million in tokenized stock volume is assessed under the Chairman's ruling on xStocks of halal companies with individual token verification required.
Muslim investors who want to use Raydium for spot swapping and liquidity provision on genuinely halal-classified token pairs can do so with the specific cautions described in this analysis. The perpetual futures platform, RAY staking yield from the mixed fee pool, and speculative LaunchLab meme token participation must be avoided completely.
Read detail analysis and concepts here:
Is Hyperliquid Halal?
Is xStocks Halal?
Are Meme Coins Halal?
Is Crypto Trading Halal?
Disclaimer: This analysis is provided for educational and research purposes only based on guidance from CoinStudy's HCS Shariah Board members. The spot trading assessment applies the infrastructure neutrality principle and requires individual halal verification of each specific token pair. CoinStudy does not issue personal fatwas or financial advice. Please consult a qualified Islamic scholar for individual guidance.
Guaranteed Interest
No guaranteed interest obligations
Synthetic Interest Products
No synthetic interest instruments
3 Red Lines Failed
This asset is automatically classified as HARAM.
