Solana DEXes Explained: pump.fun, PumpSwap, Raydium, Orca, Meteora
A plain guide to the main Solana DEXes and launchpads, how their pools differ, where tokens usually start and finish, and how Jupiter routes trades between them.
By Mentat Booster Team · · Updated · 2 min read
In this article
If you are new to Solana trading, the number of DEX names can feel overwhelming. The good news is that they fall into a few groups, and tokens tend to move between them in a predictable way. This guide covers the main ones.
What a DEX is
A DEX (decentralised exchange) is a program on the blockchain that lets people swap tokens directly from their wallets, without an account. Most use liquidity pools: money deposited by liquidity providers that traders swap against.
The launchpad stage: pump.fun
New tokens often begin on pump.fun, where a bonding curve sets the price. No pool is needed at the start, which is why anyone can launch in minutes. Read how pump.fun works for the details.
After graduation: PumpSwap and Raydium
When a token graduates from the curve, its liquidity moves to a regular pool:
- PumpSwap is pump.fun's own AMM, so graduated tokens trade on a pool run by the same platform.
- Raydium is one of the longest-running Solana DEXes and has been a common home for graduated tokens. It offers several pool types, including a classic AMM, a newer CPMM design and concentrated-liquidity (CLMM) pools.
Other major DEXes
- Orca is known for its concentrated-liquidity pools, called Whirlpools, where providers choose a price range for their funds.
- Meteora offers several designs, including dynamic liquidity pools (DLMM) that use price "bins" and dynamic fees, and launch tools of its own.
These venues often list the same token on several pools at once, with different fees and depth.
Jupiter: the router on top
Jupiter is an aggregator. It checks many pools and splits or routes your trade to get a good price. Most wallets and bots use it for non-curve trades. It has rate limits on how many requests a user can make, which matters when a bot makes many trades.
Why it matters if you run a bot
- The pool decides the fee and the depth, which affects your costs and slippage.
- Curve tokens trade differently from pooled tokens, which is why a bump bot is a common choice on the curve and a volume bot after graduation.
- Not every token trades everywhere. A new or unusual token may have no route yet. A good bot checks this first.
What Mentat Booster supports on Solana
Mentat Booster trades pump.fun curve tokens directly and works with graduated and other tokens on PumpSwap, Raydium, Orca, Meteora and other pools. When you paste a token address, it checks that it can trade the token before any funds move, and tells you if it cannot. Our testing found some newer launchpad curves are not supported, which is why that pre-check matters.
Summary
| Stage | Where it trades |
|---|---|
| Brand new | pump.fun bonding curve |
| Graduated | PumpSwap, Raydium |
| Established | Raydium, Orca, Meteora and more |
| Routing across all | Jupiter |
To see how this fits into a full launch, see our token launch checklist.
Frequently asked questions
What is Jupiter?
Jupiter is a DEX aggregator on Solana. It finds the best route for a trade across many pools, so you do not have to pick a DEX yourself.
Does a token need to be on a specific DEX for a bot to trade it?
Not necessarily. Mentat Booster trades pump.fun curve tokens directly and uses Jupiter routing for most other pools, and it checks your token before any funds move.
Why are there so many types of pools?
Different pool designs trade off simplicity, capital efficiency and fees. Newer designs let liquidity providers concentrate their funds in a price range.
This article is for information only and is not financial advice. Crypto trading carries a high risk of loss, and no tool can guarantee price movement or profit.