Measured verdict: On September 23, 2026, at 18:55 UTC, Lighter cost less than EdgeX for a $10,000 BTC market buy: 0.31 bps against 4.71 bps. For a $1,000,000 BTC market buy, Lighter cost less than EdgeX: 1.17 bps against 4.93 bps. Lighter cost less in all 6 BTC and ETH order sizes where both venues had a rank. Read our verdict
Measured cost of a market buy
| Order | Lighter | EdgeX |
|---|---|---|
| BTC $10,000 | 0.31 bps ($0.31)Rank 1 of 43✓ | 4.71 bps ($4.71)Rank 17 of 43 |
| BTC $100,000 | 0.38 bps ($3.76)Rank 1 of 42✓ | 4.71 bps ($47.13)Rank 11 of 42 |
| BTC $1,000,000 | 1.17 bps ($116.83)Rank 1 of 38✓ | 4.93 bps ($493.45)Rank 5 of 38 |
| ETH $10,000 | 0.35 bps ($0.35)Rank 1 of 43✓ | 5.06 bps ($5.06)Rank 18 of 43 |
| ETH $100,000 | 0.85 bps ($8.48)Rank 1 of 43✓ | 4.95 bps ($49.49)Rank 13 of 43 |
| ETH $1,000,000 | 1.43 bps ($143.35)Rank 1 of 36✓ | 5.05 bps ($504.51)Rank 4 of 36 |
Fees, funding and market data
| Item | Lighter | EdgeX |
|---|---|---|
| Taker fee, base tier | 0%✓Read Sep 23, 2026 | 0.045%Read Sep 23, 2026 |
| Maker fee, base tier | 0%✓Read Sep 23, 2026 | 0.040%Read Sep 23, 2026 |
| Maximum leverage | 50x on BTC and ETHRead Sep 23, 2026 | 100x on BTC and ETH, up to a $1M BTC positionRead Sep 23, 2026 |
| Chain and settlement | ZK rollup anchored to EthereumRead Sep 23, 2026 | Own rollup on the Arbitrum stack, anchored to EthereumRead Sep 23, 2026 |
| Custody of funds | Ethereum contracts; escape hatch to EthereumRead Sep 23, 2026 | User-key smart contracts; operator-free withdrawal claimed, steps not describedRead Sep 23, 2026 |
| Exit without the operator | Escape hatch on Ethereum✓ | Claimed in V2 docs; steps not described |
| Audits named in docs | Nethermind | RigSec, SlowMist, PeckShield (V1 and StarkEx code) |
| BTC funding rate | 0.0012% per 1hSeptember 23, 2026, 21:51 UTC · interval | Not collected |
| ETH funding rate | 0.0012% per 1hSeptember 23, 2026, 21:51 UTC · interval | Not collected |
| BTC perp open interest | $179.4mSeptember 23, 2026, 21:51 UTC | Not collected |
| ETH perp open interest | $113.5mSeptember 23, 2026, 21:51 UTC | Not collected |
| Reported 24h volume | $1.55bSep 23, 2026 | $1.60bSep 23, 2026, DefiLlama edgeX V2 row |
Two exchanges that anchor to Ethereum
Lighter is a ZK rollup. Its proofs and state root go to Ethereum, and Ethereum contracts hold deposits, per its architecture page. edgeX anchors its state to Ethereum and uses the Arbitrum stack as a transition, per its V2 architecture page. Both venues document a way to withdraw when the operator does not respond. The edgeX self-custody page describes withdrawals that bypass the operator.
Fees
A Lighter standard account pays no maker fee and no taker fee. The edgeX VIP fee API listed 0.040% maker and 0.045% taker at level 0 on September 23, 2026. The edgeX V2 market data API shows the same default rates.
Size changes the answer
A zero fee helps most on a small order, where the fee is a large part of the cost. On a large order, price impact can be larger than any fee. Compare the $10,000 row with the $1,000,000 row for each asset. If the gap closes as size grows, the edgeX book held its cost better at that size.
Leverage and funding
The edgeX V2 market data API lists 100x for BTC and ETH. The Lighter market API lists 50x for the same markets. Lighter settles funding every hour. The edgeX API settles funding every 4 hours, but its docs page still says every hour. We do not collect edgeX funding yet, so its funding rows show no reading.
Audits
Lighter names Nethermind for its core and its deposit bridge on its audit page. The edgeX audit page names RigSec, SlowMist and PeckShield. The RigSec and SlowMist reports cover edgeX V1 contracts, and the PeckShield report covers StarkEx code. No listed report covers the edgeX V2 contracts.
Lighter vs EdgeX FAQ
Does edgeX charge more than Lighter?
A Lighter standard account pays no trading fee. The edgeX VIP fee API listed 0.045% taker at level 0 on September 23, 2026. The measured table shows the full cost with spread and price impact.
Can I leave Lighter or edgeX if the operator goes offline?
Both venues document an exit path. Lighter users can withdraw on Ethereum from posted data. edgeX users can send withdrawals that bypass the operator.
Which offers more leverage, Lighter or edgeX?
The edgeX V2 market data API lists 100x for BTC and ETH. The Lighter market API lists 50x for the same markets.
Verdict
Both venues anchor to Ethereum and document an exit path. Lighter has no fee on standard accounts. edgeX has a higher leverage limit and a 0.045% base taker fee. Let the measured rows at your size decide the cost question.