Lighter DEX review
Live Lighter stats updated every minute: 24h volume, open interest, fees (0% maker / 0% taker), and up to 50x leverage across 210+ pairs on zkLighter.
At a glance
- Measured cost rank
- Rank 1 of 39, 0.47 bps$10,000 BTC market buy, measured October 3, 2026, 12:55 UTC. Full ranking
- Fees, base tier
- 0% maker, 0% takerSource, read 2026-09-23
- Maximum leverage
- 50x on BTC and ETHSource, read 2026-09-23
- Chain and settlement
- ZK rollup anchored to EthereumSource, read 2026-09-23
- Custody of funds
- Ethereum contracts; escape hatch to EthereumSource, read 2026-09-23
- Funding interval
- Every hour, clamped at 0.5% per hourSource, read 2026-09-23
- Audits named in official docs
- Nethermind (Lighter Core and EVM deposit bridge)Source, read 2026-09-23
- Last reviewed
- 2026-09-23
Verdict
7.5/10 · how we rankRanked #4 of 84 DefiLlama-listed perp DEXes by 24h volume (6.5% share, 2026-10-03 snapshot). Taker fee 0% is below the DEX median of 0.04%.
Advantages
- Standard accounts pay a 0% maker fee and a 0% taker fee
- Smart contracts on Ethereum hold deposits and the Lighter state root
- Users can rebuild their account state from data on Ethereum and withdraw there if the sequencer fails
- The security page lists nine audit report files, and two of them name Nethermind
Considerations
- Premium accounts pay maker and taker fees
- Normal trading depends on the Lighter sequencer
- The security page names a firm for only two of its nine report files
- Each market sets its own leverage cap, so a market can have a cap lower than 50x
Last editorial review 2026-09-23 · live protocol stats refresh every minute — rating is our editorial assessment, not an objective fact.
- Markets
- 210+ pairs
- Launch date
- Unavailable
Lighter — volume and open interest
Venue terms from the registry. Daily volume series since 2026-06-05; latest observed day 2026-10-03.
Lighter is a perp DEX with an order book on its own ZK rollup, and Ethereum is its anchoring layer. Standard accounts pay 0% maker and 0% taker fees. The official API listed 210 active perp markets on September 23, 2026, with a 50x maximum leverage. Airdrop & points program
Market share by 24h volume
- Hyperliquid Perps26.8%
- Variational17.5%
- Aster Perps10.8%
- Lighter Perps6.5%
- GMX Solana6.3%
- Other ranked venues32.2%
Share of reported 24h volume across the 84 ranked DefiLlama-listed perp DEXes in the 2026-10-03 snapshot. Browse DefiLlama-listed perp DEXes
PerpFinder may earn a commission from this link. You can lose all your money on perp trades. Details
Live figures
- Volume 24h
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- Volume 7d
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- Volume 30d
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- Volume 1y
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- Volume all-time
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- Fees 24h
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- Fees 7d
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- Fees 30d
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- Fees 1y
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- Fees all-time
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- Open interest
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Taker fee vs other perp DEXes
Show all 36 venues▾
Published base-tier rates from each venue's fee page. A negative maker fee is a rebate. Volume tiers, referral discounts and token holdings can lower what you pay.
Rating breakdown
Key features
Who can use Lighter perps
Each answer comes from the Lighter terms or help pages, or from a regulator register. Each source shows the date that we opened it. See all venues in the perps by country matrix.
- United StatesNot available
Lighter states that its services are not available to persons located in the United States of America.
- United KingdomNot available
Lighter states that its services are not available to persons located in the United Kingdom.
- EU and EEANot named
The terms name European Union sanctions lists but do not name any European Union or European Economic Area state as a barred location.
- CanadaNot available
Lighter states that its services are not available to persons located in Canada.
- AustraliaNot named
The terms do not name Australia. No Lighter page states a perpetual futures service for Australian users.
- SingaporeNot named
The terms do not name Singapore. No Lighter page states a perpetual futures service for Singapore users.
- NorwayNot named
The terms do not name Norway or the European Economic Area. No Lighter page states a perpetual futures service for Norwegian users.
Identity check: No identity check in the interface. Lighter states that a user interacts with the Protocol only through a public wallet address, not identity documents.
This page is not legal advice. It repeats what each venue and regulator publish on the checked date. Read the current terms and ask a qualified adviser before you trade.
SourcesTerms, help pages and regulator registers
- United States: Lighter Terms of Service, prohibited-jurisdictions clause (checked 2026-09-23)
- United Kingdom: Lighter Terms of Service, prohibited-jurisdictions clause (checked 2026-09-23)
- EU and EEA: Lighter Terms of Service, prohibited-jurisdictions clause (checked 2026-09-23)
- Canada: Lighter Terms of Service, prohibited-jurisdictions clause (checked 2026-09-23)
- Australia: Lighter Terms of Service, prohibited-jurisdictions clause (checked 2026-09-23)
- Singapore: Lighter Terms of Service, prohibited-jurisdictions clause (checked 2026-09-23)
- Norway: Lighter Terms of Service, prohibited-jurisdictions clause (checked 2026-09-23)
- Identity check: Lighter Terms of Service, Data Collection section (checked 2026-09-25)
Lighter review 2026
What Lighter is and how it settles
Lighter is a decentralized exchange (DEX) for perpetual futures contracts (perps). It runs an order book on a purpose-built ZK rollup. Its design page names Ethereum as the anchoring layer for both proofs and system state. Smart contracts on Ethereum hold user deposits and the main Lighter state root.
Lighter uses a sequencer for normal trades, so normal trading needs that service to work. The same page gives an exit path if the sequencer fails.
Fees
Lighter's fee page lists two account types. Standard accounts pay a 0% maker fee and a 0% taker fee. Premium accounts with no LIT staked pay 0.0040% maker and 0.0280% taker. The fee page also lists other premium tiers that depend on the amount of LIT staked.
Trading fees are only one part of the cost. Funding, spread, and price impact also add to it. Use the fee calculator to compare trading fees across venues.
PerpFinder stores cost sweeps for $10,000 market buys. In the sweeps of September 22 and 23, 2026, Lighter had rank 1 of the measured venues for BTC and ETH. Each new sweep can change that rank. The BTC cost ranking shows the current result.
Audits
Lighter's security page lists nine report files. The files cover Block, Block and delta, LighterCore, the EVM deposit bridge, a wrapper, desert exit, spot, and an EVM migration. Two spot files are on the list.
Only two file names name a firm. Both name Nethermind, and they cover LighterCore and the EVM deposit bridge. The page does not name a firm for the other seven files. PerpFinder does not guess one. An audit covers a stated scope at a stated time. It does not remove all smart contract risk.
Main risks
Normal trading depends on the sequencer. The exit path uses data on Ethereum, but a user must rebuild the account state before a withdrawal. A ZK rollup has more parts than a single smart contract, and a fault in one part can stop trading.
High leverage makes a liquidation more likely. At 50x, a small price move against a position can remove most of its initial margin. Premium accounts also pay fees that standard accounts do not pay.
Leverage and markets
On September 23, 2026, Lighter's official order-book API returned 235 perp records. Of those records, 210 markets were active. For BTC and ETH, the API gave a min_initial_margin_fraction value of 200. That value means 2% initial margin, or 50x leverage.
No active market had a lower fraction. Thus, 50x was the platform maximum on that date. Other markets can have lower caps. Check the contract in the live app before you open a position.
A long list of markets does not show that each book has deep liquidity. Compare venues on the perp exchange list.
Funding
Lighter pays funding at each hour mark, as its funding page states. A clamp limits funding to 4% per 8 hours, which is 0.5% per hour. The funding rate tool shows the rates on each venue now.
Custody and exit path
The design page states that users always keep custody of their assets. Deposits stay in smart contracts on Ethereum. If the sequencer fails, users can use the data blobs that Lighter posts to Ethereum. With that data, users can rebuild their account state and withdraw on Ethereum.
Who Lighter may fit
Standard accounts may fit traders who want a 0% trading fee tier. These traders must also accept a design with a sequencer and an Ethereum exit path. Compare the design with Hyperliquid, dYdX, or other venues on the compare page.
Before a trade, check the account type, market, leverage cap, and funding rate in the live app. Markets and limits can change at any time.
Frequently asked questions
What is Lighter's max leverage?
On September 23, 2026, the official order-book API gave BTC and ETH a 2% initial margin fraction, which is 50x leverage.
No active market had a lower fraction. Each market sets its own cap, so check the contract in the live app.
What are Lighter trading fees?
Standard accounts pay a 0% maker fee and a 0% taker fee.
Premium accounts with no LIT staked pay 0.0040% maker and 0.0280% taker. Funding, spread, and price impact are separate costs.
How many markets can you trade on Lighter?
The official order-book API returned 235 perp records on September 23, 2026.
Of those records, 210 markets were active. The count can change when Lighter adds or closes markets.
Has Lighter been audited?
The official security page lists nine report files.
Two file names name Nethermind, and they cover LighterCore and the EVM deposit bridge. The page does not name a firm for the other seven files. An audit does not remove all protocol risk.
Which chain does Lighter settle on?
Lighter runs its own ZK rollup.
Its architecture page names Ethereum as the anchoring layer for proofs and system state. Smart contracts on Ethereum hold deposited assets and the Lighter state root.
What happens if the Lighter sequencer fails?
Lighter posts data blobs to Ethereum.
If the sequencer fails, users can use that data to rebuild their account state. They can then withdraw on Ethereum.
Trade on Lighter
Sign up through our link for: Referral association for a Lighter account; no active points season.