Measured cost of a market buy
| Order | Lighter | EdgeX |
|---|---|---|
| BTC $10,000 | 0.44 bps ($0.44)Rank 1 of 38✓ | 4.52 bps ($4.52)Rank 15 of 38 |
| BTC $100,000 | 0.51 bps ($5.12)Rank 1 of 37✓ | 4.52 bps ($45.21)Rank 12 of 37 |
| BTC $1,000,000 | 0.78 bps ($77.59)Rank 1 of 33✓ | 4.74 bps ($473.75)Rank 5 of 33 |
| ETH $10,000 | 0.59 bps ($0.59)Rank 1 of 39✓ | 5.15 bps ($5.15)Rank 19 of 39 |
| ETH $100,000 | 0.54 bps ($5.35)Rank 1 of 38✓ | 5.17 bps ($51.74)Rank 13 of 38 |
| ETH $1,000,000 | 1.52 bps ($151.82)Rank 1 of 33✓ | 5.35 bps ($534.53)Rank 6 of 33 |
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.
Fees, funding and market data
| Item | Lighter | EdgeX |
|---|---|---|
| Taker fee, base tier | 0%✓ | 0.045% |
| Maker fee, base tier | 0%✓ | 0.040% |
| Maximum leverage | 50x on BTC and ETH | 100x on BTC and ETH, up to a $1M BTC position |
| Chain and settlement | ZK rollup anchored to Ethereum | Own rollup on the Arbitrum stack, anchored to Ethereum |
| Custody of funds | Ethereum contracts; escape hatch to Ethereum | User-key smart contracts; operator-free withdrawal claimed, steps not described |
| 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 1hOctober 16, 2026, 07:52 UTC · interval | Not collected |
| ETH funding rate | 0.0012% per 1hOctober 16, 2026, 07:52 UTC · interval | Not collected |
| BTC perp open interest | $164.8mOctober 16, 2026, 07:52 UTC | Not collected |
| ETH perp open interest | $74.4mOctober 16, 2026, 07:52 UTC | Not collected |
| Reported 24h volume | $2.05bOct 16, 2026 | $1.02bOct 16, 2026, DefiLlama edgeX V2 row |
- Lighter
- fees, leverage, settlement and custody
- EdgeX
- fees, leverage, settlement, custody
Each fee, leverage, settlement and custody value comes from the official page named here. PerpFinder read every page on Sep 23, 2026.
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 and EdgeX book depth
A $1,000,000 BTC market buy moved the Lighter book more. Spread and impact cost 0.78 bps there and 0.24 bps on EdgeX. For ETH, EdgeX kept the lower book cost: 0.85 bps, with 1.52 bps on Lighter. A hundred times the order size added 0.34 bps of book cost on Lighter and 0.22 bps on EdgeX, from $10,000 to $1,000,000 of BTC.
Who can open an account
Both venues bar persons in the United States and Canada. Only Lighter also bars the United Kingdom.
| Jurisdiction | Lighter | EdgeX |
|---|---|---|
| United States | Not available | Not available |
| United Kingdom | Not available | Not named |
| EU and EEA | Not named | Not named |
| Canada | Not available | Not available |
| Identity documents | Not asked in the interface | Not stated |
Lighter states that a user interacts with the Protocol only through a public wallet address, not identity documents. The edgeX Terms of Use do not mention identity verification or KYC requirements.
A country that the terms do not name is not a permission. Check your local law before you open an account.
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.