Lighter is a decentralized perpetual futures exchange on Robinhood Chain, zkLighter. Trading model: ZK-proven order book. It lists perpetual markets on traditional assets such as stocks, commodities or FX alongside crypto.
Open interest$860.41M#4 of 91 · 6.0% share
Volume · 24h$3.12BRolling 24h · CoinGecko
Fees · 30d$5.39M+12.3% vs prior 30d
OI · 30d change+42.6%Daily average vs prior 30 days
2025-10 source ↗public mainnet ~2025-10-01 after ~8-month private beta; Season 1 ended with final private beta distribution 2025-09-30 (docs.lighter.xyz/points-program)
50× source ↗50x on BTC/ETH; API min initial margin also caps at 50x (incl. EURUSD, SPY)
Perp markets
About 213 · includes stocks, commodities or FX source ↗213 active perp order books in official API; includes FX (EURUSD, USDJPY), commodities (XAU, XAG), equities (AAPL, AMZN, GOOGL, SPY)
Not required source ↗terms: no personal data collected beyond IP; interaction via public wallet address
Restricted regions
United States, Canada, United Kingdom, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela, Sudan, Belarus and 3 more source ↗
Audits
Nethermind — LighterCore, LighterEvmDepositBridge (2025-09-22); not named in docs — 7 further reports: block, block & delta, wrapper, desert exit, spot, EVM migration, spot contract (2025) source ↗
Incidents
2025-10-10: exchange outage during market crash (team cited extremely high TPS); 250k points distributed to affected traders source ↗compensation: https://x.com/Lighter_xyz/status/1978190823163347279
Points program
Live source ↗Robinhood Chain points program effective 2026-08-10; main Season 2 ended 2025-12-26 per market-makers page
Referral program
Yes. Benefit for the referred trader: “Referees can activate one week of premium for free; fees paid during that week are rebated weekly (first $10M volume).” source ↗
From Lighter’s own documentation, terms, API or official posts, checked 08 Oct 2026. Terms change; confirm on the venue before trading. “Not verified yet” means we could not confirm it from an official source.
IS IT GROWING?
Lighter trend: Growing
1 metric(s) up, 0 down, 1 without a material change. The label counts metric directions; it is not a score and not investment advice.
Rank by open interest: #4 now · #4 30 days ago · #4 90 days ago (among venues reporting that day)
Metric
30 days
90 days
Coverage
Reading
Open interest
+42.6%
+58.5%
100%
Materially improving (30d and 90d agree)
User fees
+12.3%
+34.3%
100%
30-day and 90-day moves disagree
Trading volume
—
—
2%
Not enough daily history yet
Thresholds: open interest ±25%, fees ±30%, volume ±40% over 30 days; the 90-day move must agree at half the threshold. Incentive campaigns can lift activity temporarily.
HISTORY
Activity over time
Open interest · daily
DefiLlama daily open interest · 180 days · 12 Apr 2026 – 08 Oct 2026
$860.41M
Gaps are not joined. The scale starts near the series minimum, not at zero.
User fees · daily
DefiLlama daily user fees, complete UTC days · 180 days · 11 Apr 2026 – 07 Oct 2026
$316.98K
Gaps are not joined. The scale starts near the series minimum, not at zero.
24h volume · daily capture
CoinGecko rolling 24h volume, one capture per UTC day
Daily volume history started on 8 October 2026; the chart appears after the second daily capture.
Lighter is a decentralized trading platform that is designed to deliver unmatched security and scale. Lighter provides verifiable matching and liquidations, while operating at the best-in-class traditional exchange level performances.
Lighter had $860.41M of open interest according to DefiLlama on 08 Oct 2026 · 12:17 UTC, ranking #4 of 91 perp DEXs we track by open interest. That is 6.0% of the combined open interest of the tracked venues.
How much volume does Lighter trade per day?
CoinGecko reported $3.12B of rolling 24-hour volume for Lighter on 08 Oct 2026 · 12:16 UTC. Venue-reported volume is not independently audited.
How much do traders pay in fees on Lighter?
Traders paid $5.39M in fees over the last 30 days according to DefiLlama, +12.3% compared with the previous 30 days.
Is Lighter growing?
Our current reading is “Growing”. Average open interest over the last 30 days changed +42.6% versus the prior 30 days. The reading updates daily and requires sufficient history and a minimum base.
Does Lighter have a token?
Yes, LIT. It traded at $3.53 with a market cap of $882.53M on 08 Oct 2026 · 12:15 UTC (CoinGecko). Token ownership does not by itself entitle holders to exchange revenue.
What are Lighter’s trading fees?
Taker 0% · maker 0% at the base tier, according to Lighter’s fee documentation. Higher-volume tiers and promotions can differ.
What is the maximum leverage on Lighter?
Up to 50× on some markets, according to Lighter’s documentation. Most markets allow less.
Does Lighter require KYC?
Not required, based on Lighter’s terms and sign-up flow. Access rules can change by country.
Does Lighter have a referral program?
Yes. Benefit for the referred trader: “Referees can activate one week of premium for free; fees paid during that week are rebated weekly (first $10M volume).”.
Lighter Core and Lighter on Robinhood Chain are separate instances; both are summed here as one brand because their markets do not overlap.
Open interest and fees: DefiLlama, captured 08 Oct 2026 · 12:17 UTC. 24h volume: CoinGecko derivatives exchange data (rolling 24 hours, converted from BTC), captured 08 Oct 2026 · 12:16 UTC. Token prices and 30-day price change: CoinGecko, at the time shown on each venue page; a parent-project or chain token is labelled and is not evidence of a claim on exchange revenue. Changes compare the last 30 days with the previous 30 days (OI as a daily average, fees as a total) and need at least 95% daily coverage. A trend label needs the 30-day move to pass a threshold (OI ±25%, fees ±30%) on a minimum base (OI ≥ $5M, fees ≥ $100K per 30 days); with 90 days of history both horizons must agree. Venue-reported volume is not audited; ⚑ marks volume above 25× open interest. “—” means unavailable, never zero. Full method ↗
