JUP vs RAY
Jupiter and Raydium scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
JUP scores 151 of 250 and ranks 19th of 251. RAY scores 129 and ranks 46th. JUP leads by 22 points, which is a real gap, though small enough that one variable moving would close much of it. JUP takes 15 of the 25 variables, RAY takes 5, and 5 are level.
The framework rates JUP HOLD and RAY CAUTIOUS HOLD. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
5 variables separate them by 3 points or more. JUP is clear on Competitive Moat (8 against 4), BTC Alpha Potential (7 against 3) and Network Growth (9 against 6). RAY is clear on Buyback and Burn (7 against 3) and Circulating / FDV Ratio (6 against 3).
JUP still has 66.8% of its eventual supply to enter circulation against 51.4% for RAY. On the same market capitalisation, a buyer of JUP is taking the 3.01x dilution path and a buyer of RAY the 2.06x one.
JUP is valued at $1.04B against $670.5M for RAY, a 1.6x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 6 | 6 | level | |
| Revenue Trend | 4 | 4 | level | |
| P/S Multiple | 6 | 6 | level | |
| Real Staking Yield | 4 | 4 | level |
Supply
| Supply Inflation | 6 | 7 | RAY +1 | |
| Vesting Schedule | 7 | 9 | RAY +2 | |
| Circulating / FDV Ratio | 3 | 6 | RAY +3 | |
| Buyback and Burn | 3 | 7 | RAY +4 |
Ownership
| Smart Money Flows | 6 | 4 | JUP +2 | |
| Insider Selling | 7 | 6 | JUP +1 | |
| Holder Concentration | 3 | 5 | RAY +2 |
Traction
| TVL Trend | 7 | 5 | JUP +2 | |
| Active Users | 8 | 7 | JUP +1 | |
| Developer Activity | 7 | 5 | JUP +2 | |
| Network Growth | 9 | 6 | JUP +3 |
Position
| Market Share | 8 | 5 | JUP +3 | |
| Competitive Moat | 8 | 4 | JUP +4 | |
| Institutional Adoption | 5 | 3 | JUP +2 | |
| Exchange Depth | 5 | 5 | level | |
| Social Mindshare | 7 | 5 | JUP +2 |
Risk
| Regulatory Safety | 5 | 3 | JUP +2 | |
| Catalyst Calendar | 7 | 4 | JUP +3 | |
| BTC Alpha Potential | 7 | 3 | JUP +4 | |
| Team Execution | 7 | 5 | JUP +2 | |
| Treasury Runway | 6 | 5 | JUP +1 |
Bars read outward from the centre: JUP to the left, RAY to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| JUP | RAY | |
|---|---|---|
| Price | $0.3145 | $2.48 |
| Market cap | $1.04B | $670.5M |
| Circulating | 33.2% | 48.6% |
| Dilution to full supply | 3.01x | 2.06x |
| Off all-time high | -84.3% | -85.2% |
| To recover the high | 6.4x | 6.8x |
| Total value locked | $2.94B | $1.00B |
| Network | Solana | Solana |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
JUP · HOLD
Net-zero emissions (Feb 2026), Securitize onchain equities live, Jupiter Lend $2B+ TVL, Jupnet omnichain (testnet)
Revenue -78% ($580M→$129M), buyback halted ($70M failed), LIBRA scandal, 72% whale concentration, Jupnet testnet only
RAY · CAUTIOUS HOLD
Solana memecoin cycle revival could 3-5x volume overnight
PumpSwap directly forked revenue model, anonymous team, Q1 2026 revenue -76% from Q3 2025
Common questions
- Is JUP or RAY the better investment?
- On this framework JUP scores higher: 151 against 129 of 250, and it is rated HOLD against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and JUP still wins 15 of the 25 individual variables against RAY.
- What is the biggest difference between JUP and RAY?
- Buyback and Burn. JUP scores 3 of 10 there and RAY scores 7, a gap of 4 points on a single variable.
- Which is bigger, JUP or RAY?
- JUP is valued at $1.04B and RAY at $670.5M on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.