Raid is like a mixture of Mercenaries and Monster Hunter. You have an RPG-like level for each character, and each one has seperate stats. You go into a dungeon like level with chained doors and defeat groups of enemies to get keys, you get ranked on how many enemies you defeat, how many hits you take, and so on, and at the end of the stage you get loot. Loot can be new weapons, custom parts to attach to weapons, and money you can use in a store.
As Raid Mode goes on, the stages get more and more complex with multiple routes, optional areas, bosses, etc. Enemies can have stats to make them more intimidating, such as being huge, tiny, speed increase, defense increase, attack increase, etc. There are three difficulty levels per stage, and each one changes the level dramatically instead of just being harder stats. There's 20 normal levels, but also a 21st level, known as Ghost Ship, which is a huge open world obstacle course version if the whole Revelations ship with multiple ending points, branching paths, and a hidden boss exclusive to the stage in the deepest part.
It all can be played online co-op again, and though the first three stages are auper simple, it gets pretty addicting as the stages get tougher, bigger, branching, and with interesting twists.