A major Solana DEX; volume, fees, and real liquidity are the read.
RAY scores 50: trend quality leads (0.95x its long trend, +20% over 30 days), with liquidity depth the soft spot.
What this page answers
RAY carries a Depth Composite of 50 of 100 and is watched inside the 88-asset Reef, below the Signal Lab line this read. RAY scores 50: trend quality leads (0.95x its long trend, +20% over 30 days), with liquidity depth the soft spot. The score is a sounding of open data: liquidity depth, real demand, valuation, trend, positioning, and narrative. Visible risk is carried separately and only subtracts when a source-backed threshold fires.
Bathymark Analysis Standard
RAY scores 50: trend quality leads (0.95x its long trend, +20% over 30 days), with liquidity depth the soft spot.
Seven components, then a risk penalty. Bars show each component's 0 to 100 reading; the percentage is its weight in the composite. A greyed bar means that lane is unassessed and makes no directional claim. The Source coverage row records the gap.
$187.32M market cap, $885.68M protocol depth
4.8% daily turnover, $74.3K a day in fees, $11.4K a day in revenue, $50.75M DEX volume
0.2x market cap to protocol depth, 7x market cap to annual fees, 45x market cap to annual revenue, 2.06x FDV to market cap
0.95x its long trend, +20% over 30 days
A further slide in liquidity depth ($187.32M market cap, $885.68M protocol depth) would pull it out.
Drawn from the entity graph, so a question that starts here always has somewhere to go.
RAY's validated daily price changed +20.9% across 31 observed days.
Reported nominal protocol TVL changed -4.7% over seven days. The composite history has 1 same-method daily observations, below the change gate.
Depth Composite unusualness is not assigned yet.
At least seven daily observations across six days are required before percentile, persistence, or volatility is assigned. The latest price sits at the 30th percentile, which is not a Depth Composite percentile.
RAY remains in the wider monitored set and is outside the current surfaced board.
Its current Depth Composite is 50, compared with the common 50-point neutral reference under the same methodology.
Draining is the current source-backed market-structure state for RAY.
The score and scenario references are information, not a price target, trade instruction, or prediction.
Liquidity depth: $187.32M market cap, $885.68M protocol depth.
3 of 4 visible risk lanes are source-backed. A zero penalty means no threshold fired in observed lanes, not no risk.
Stored score history has not yet cleared the seven-observation persistence and percentile gate.
RAY enters the surfaced call only if it ranks inside the top 11 with a Depth Composite of at least 50 for three consecutive complete daily boards.
Measured byDepth Composite, current board rank, source-complete status, three consecutive daily observations, and one unchanged method version.
Depth Composite = 20% liquidity + 20% demand + 15% valuation + 15% trend + 10% positioning + 10% narrative + 10% source coverage - visible risk penaltyMissing component lanes use a neutral score floor and reduce source coverage. Visible risk can subtract up to 30 points only when a source-backed threshold fires.
Open formula noteno public perp market to read
quiet in the attention feeds right now
5 of 6 reads backed by live open data
3 of 4 visible risk lanes are source-backed. A zero penalty means no threshold fired in observed lanes, not no risk.
Headlines are matched to RAY, Raydium, and its category tags from the open RSS newsroom. We link out to the publisher and do not reprint article bodies.
No matched headline right now
The current open RSS set has no direct RAY headline. Broader crypto headlines are intentionally not forced onto this asset.
Every number on this page is a sounding of open, keyless data.
$187.32M market cap, $885.68M protocol depth
CoinGecko markets · DeFiLlama protocols API
4.8% daily turnover, $74.3K a day in fees, $11.4K a day in revenue, $50.75M DEX volume
CoinGecko markets · DeFiLlama fees API · DeFiLlama revenue API · DeFiLlama DEX volume API
0.2x market cap to protocol depth, 7x market cap to annual fees, 45x market cap to annual revenue, 2.06x FDV to market cap
CoinGecko markets · DeFiLlama protocols API · DeFiLlama fees API · DeFiLlama revenue API
0.95x its long trend, +20% over 30 days
DeFiLlama Coins API · CoinGecko markets
quiet in the attention feeds right now
CoinGecko trending API · ApeWisdom Reddit mentions
5 of 6 reads backed by live open data
CoinGecko markets · DeFiLlama protocols API · DeFiLlama fees API · DeFiLlama revenue API · DeFiLlama DEX volume API · DeFiLlama Coins API · CoinGecko trending API · ApeWisdom Reddit mentions
protocol depth draining -5% this week. 3 of 4 visible risk lanes are source-backed. A zero penalty means no threshold fired in observed lanes, not no risk.
DeFiLlama hacks API · CoinGecko markets · DeFiLlama protocols API
1 unsourced lane is omitted from the evidence cards. Their neutral score-floor treatment remains visible in the score breakdown above.
Bathymark reads these open numbers and renders its own sounding. This is information, not financial advice. Confidence is high, set by how complete the data is.
overlay lab
Compare the asset with available benchmark, observed-depth, and 200-day moving-average context. Each moving series starts at 100 at its first visible observation. Fixed price references use the asset's first visible price, so unlike units never pretend to share a raw scale.
Trend-only stress references. No multi-model band is implied. Cards compare with the timestamped quote; chart gaps compare with the shared-window daily close.
Lower edge of a supported scenario band, or an unrated 0.8x moving-average reference.
Evidence: DeFiLlama Coins 200d moving average; displayed gap uses CoinGeckoMiddle of a supported scenario band, or the current 200-day moving average.
Evidence: DeFiLlama Coins 200d moving average; displayed gap uses CoinGeckoUpper edge of the scenario band, or an unrated 1.6x moving-average heat reference.
Evidence: DeFiLlama Coins 200d moving average; displayed gap uses CoinGeckoA 2.4x long-trend stretch, the heat zone used by the depth composite. It is a stress test, not a forecast.
Evidence: DeFiLlama Coins 200d moving average; displayed gap uses CoinGeckoThese are unrated 200-day moving-average references, not a multi-model valuation band, targets, or advice.
Exact readings, their meaning, data state, and source. Metrics are grouped by purpose so they can be read in context. Optional missing readings are omitted rather than padded with empty cards.
8 optional readings currently have no defensible value and are omitted.
Price action, long-trend context, volatility, and benchmark relationships.
Available from the named upstream source.
The current CoinGecko quote is kept separate from the daily history move below.
CoinGeckoCalculated by Bathymark from named source inputs.
Bathymark computes this from adjacent DeFiLlama Coins daily history points. It is distinct from CoinGecko's rolling 24h move.
Available from the named upstream source.
A fast move only matters if volume, depth, or leverage confirms it.
CoinGeckoAvailable from the named upstream source.
The weekly tide is where short squeezes and real demand start to separate.
CoinGeckoAvailable from the named upstream source.
Monthly relative strength is the cleanest price read before it gets noisy.
CoinGeckoCalculated by Bathymark from named source inputs.
A negative number shows how far price sits below its recent shelf.
Bathymark computed from DeFiLlama CoinsCalculated by Bathymark from named source inputs.
Wildness from actual daily returns, not vibes.
Bathymark computed from DeFiLlama CoinsCalculated by Bathymark from named source inputs.
The moving average is computed only after 200 consecutive UTC daily observations and a fresh final point clear the coverage gate.
Bathymark computed from DeFiLlama CoinsCalculated by Bathymark from named source inputs.
Above 2.4x is treated as heat in the depth composite.
Bathymark computed from CoinGecko and DeFiLlama CoinsCalculated by Bathymark from named source inputs.
How much this asset is really just Bitcoin beta right now.
Bathymark computed from DeFiLlama CoinsCalculated by Bathymark from named source inputs.
Useful for spotting when an alt is moving with Ethereum rather than its own story.
Bathymark computed from DeFiLlama CoinsCalculated by Bathymark from named source inputs.
A fast check for Solana-beta hiding inside an unrelated ticker.
Bathymark computed from DeFiLlama CoinsMarket size, turnover, onchain depth, fees, revenue, and available yield context.
Available from the named upstream source.
Size is not conviction, but it decides how much water the asset displaces.
CoinGeckoAvailable from the named upstream source.
Volume tells us whether the market is actually crossing the spread.
CoinGeckoCalculated by Bathymark from named source inputs.
High turnover can mean demand, churn, or liquidation. It needs context.
Bathymark computedAvailable from the named upstream source.
Dilution pressure, visible where supply still has to enter the float.
CoinGeckoAvailable from the named upstream source.
TVL is the source-reported USD value attributed to the chain or protocol when open data maps cleanly. It is not measured exit liquidity or deposit flow.
DeFiLlama protocol family depthAvailable from the named upstream source.
Depth rising while price sleeps is the kind of divergence worth reading.
DeFiLlamaAvailable from the named upstream source.
Fees are demand people actually paid for, not a narrative claim.
DeFiLlamaAvailable from the named upstream source.
Revenue is stricter than fees. It asks what the protocol keeps.
DeFiLlamaCalculated by Bathymark from named source inputs.
A rough valuation ratio where fee data exists.
Bathymark computedAvailable from the named upstream source.
Yield can be real demand or rewards. Base APY and reward APY should be separated before trusting it.
DeFiLlamaModel cases shown as reference levels, never forecasts or price targets.
Calculated by Bathymark from named source inputs.
Current unrated 200-day moving-average reference, not a forecast.
DeFiLlama CoinsCalculated by Bathymark from named source inputs.
Unrated 0.8x moving-average stress reference, not a probability or target.
DeFiLlama CoinsCalculated by Bathymark from named source inputs.
Unrated 1.6x moving-average heat reference, not a probability or target.
DeFiLlama CoinsCalculated by Bathymark from named source inputs.
A heat-zone case from price history, not a forecast and not advice.
DeFiLlama Coins