Kamino Finance vs Raydium: Quick Compare (2026)
Kamino Finance is a lending platform rated 9.2/10 with $2.19B TVL, best for Lending, LST collateral, leveraged staking. Raydium is a dex platform rated 8.7/10 with $1.06B TVL, best for LP yield farming on Solana.
Need a deeper breakdown? Use editorial comparison pages and full platform reviews before you decide.
Head-to-Head Comparison
| Feature | Kamino Finance | Raydium |
|---|---|---|
| Rating | 9.2/10 | 8.7/10 |
| TVL | $2.19B | $1.06B |
| APY | 15–30% | — |
| Best for | Lending, LST collateral, leveraged staking | LP yield farming on Solana |
| Not best for | Not ideal for users who want simple, passive staking — Kamino's Multiply and leveraged strategies carry liquidation risk. Users who don't monitor positions actively can lose capital during rapid SOL price drops. | Not ideal for traders who just want the cheapest swap price — Jupiter aggregates Raydium's liquidity and often finds better routes. Raydium's concentrated liquidity pools have significant impermanent loss risk for inexperienced LPs. |
| Founded | 2022 | 2021 |
Fees Comparison
Kamino Finance Fees
| Fee | Value |
|---|---|
| Lending spread | ~0.5-1% |
| Multiply fee | 0.1% |
| Vault management fee | 10% of yields |
| Withdrawal fee | None |
Raydium Fees
| Fee | Value |
|---|---|
| Swap fee | 0.25% |
| CLMM fee tiers | 0.01% / 0.05% / 0.25% / 1% |
| LaunchLab creation | 0.15 SOL |
Pros & Cons
Kamino Finance
Pros
- #1 Solana lending protocol by TVL ($2.19B)
- Multiply: leverage JitoSOL/mSOL up to 3x
- Auto-managed CLMM vaults with auto-compounding
Cons
- Complex product surface area
- Multiply positions carry liquidation risk
Raydium
Pros
- $1B+ TVL — deepest native Solana AMM liquidity
- CLMM pools for concentrated LP yield
- RAY farm emissions on top pools
Cons
- UI less polished than Jupiter
- Some farm APYs are token-emission dependent
When to Choose Kamino Finance
Best for: Lending, LST collateral, leveraged staking
Honest limitation: Kamino's $2.19B TVL makes it systemically important to Solana DeFi, which means a Kamino exploit would have cascading effects. The Multiply product uses leveraged positions that amplify both gains and losses.
When to Choose Raydium
Best for: LP yield farming on Solana
Honest limitation: Raydium's AMM v4 pools are less capital efficient than newer CLMM designs. LaunchLab token launches carry high rug pull risk — most launched tokens lose 90%+ of value within 48 hours.