Raydium volatility and risk: how violent it has been
1,922 daily moves since 10 Aug 2021. On a typical day RAY moves 3.3% in one direction or the other; on 1 day in 20 it has lost more than 8.9%, and its deepest fall from a record close was −99%.
Volatility is the standard deviation of daily log returns multiplied by the square root of 365, the usual way to put it on a yearly scale. “1 in 20” and “1 in 100” are the 5th and 1st percentiles of all daily moves, read straight from the history with no model.
The 10 largest one-day falls, and what followed
| Day | Move | Close | 7 days later | 30 days later |
|---|---|---|---|---|
| 9 Nov 2022 | −39.5% | $0.2176 | −3.8% | −6.8% |
| 24 Feb 2025 | −28.7% | $2.99 | −26.3% | −33.4% |
| 10 Oct 2025 | −26.2% | $1.99 | −13.1% | −24.5% |
| 8 Nov 2022 | −25.1% | $0.3595 | −38.1% | −47.5% |
| 13 Nov 2022 | −24.8% | $0.1854 | −1.3% | +2.7% |
| 3 Mar 2025 | −22.8% | $2.21 | −29.6% | −16.3% |
| 19 Mar 2024 | −19.6% | $2.13 | −1.6% | −27.4% |
| 2 Nov 2023 | −16.9% | $0.2897 | +7.6% | +55.7% |
| 31 Jan 2026 | −16.6% | $0.7620 | −19.7% | −20.6% |
| 20 Sep 2021 | −16.2% | $10.06 | −4.1% | +2.5% |
After these 10 falls, RAY was higher a week later in 1 of 10 cases and higher 30 days later in 3 of 10. 10 hand-picked extremes are an anecdote, not a test. The full count is on the 10% drop in a day study: 46 scored cases, verdict “no better than chance”.
The 10 largest one-day gains, and what followed
| Day | Move | Close | 7 days later | 30 days later |
|---|---|---|---|---|
| 1 Nov 2023 | +63.8% | $0.3488 | −24.6% | +28.4% |
| 14 Jan 2023 | +55.7% | $0.2707 | −12.4% | −2.4% |
| 21 Dec 2023 | +52.6% | $1.49 | −6.7% | −22.0% |
| 27 Aug 2021 | +47.9% | $10.13 | +25.2% | −4.4% |
| 8 Dec 2023 | +45.3% | $0.6493 | +29.2% | +80.9% |
| 6 Sep 2026 | +41.7% | $1.29 | +7.4% | +70.5% |
| 10 Nov 2023 | +34.3% | $0.4186 | −12.7% | +76.9% |
| 6 Nov 2024 | +34.0% | $4.31 | +15.3% | +15.0% |
| 14 Nov 2022 | +30.6% | $0.2422 | −9.0% | −19.4% |
| 16 Mar 2024 | +29.4% | $2.26 | −14.9% | −32.9% |
After these 10 gains, RAY was higher a week later in 4 of 10 cases and higher 30 days later in 5 of 10. The full count is on the 10% jump in a day study: 68 scored cases, verdict “no better than chance”.
Moves are from one daily close to the next (00:00 UTC), Binance spot. “Open” means that many days have not passed yet.
Raydium and Bitcoin
Over the last 365 days RAY has moved loosely with Bitcoin: the correlation of their daily moves is 0.59, where 1 means in step and 0 means unrelated. For each 1% Bitcoin moved in a day, RAY moved about 1.33% on average.
| Period | Days | Correlation | Move per 1% of Bitcoin |
|---|---|---|---|
| Last 90 days | 90 | 0.41 | 1.34% |
| Last 365 days | 365 | 0.59 | 1.33% |
| All shared history | 1,922 | 0.55 | 1.37% |
Daily close-to-close moves on the 1,922 days both pairs traded. What RAY did in the week after a Bitcoin shock is tested separately: after Bitcoin drops 5% in a day.