Lighter
Decentralized perpetual futures and spot exchange with verifiable order matching and zero fees on Standard accounts.
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Lighter key facts
| Category | Derivatives exchange |
|---|---|
| Platforms | Web, API |
| Custody | Non-custodial |
| Fees | Standard: 0 maker / 0 taker; Premium: 0.004% maker / 0.028% taker |
| Security audits | 9 audit reports for smart contracts and circuits |
| Token | LIT |
| US availability | Not available to US residents or US-incorporated entities |
| Company | Elliot Technologies, Inc. |
LIT token
- Price
- $3.24 +4.2% 24h
- Market cap
- $809.8M
- Fully diluted value
- $3.2B
- 30-day change
- -9.8%
Market data: CoinGecko, updated Nov 10, 2026. Educational content, not financial advice.
What is Lighter?
Lighter is a decentralized trading platform for perpetual futures and spot markets that offers verifiable order matching and liquidations. Standard accounts pay 0 maker and 0 taker fees with added latency; opt-in Premium accounts pay 0.004% maker and 0.028% taker before LIT staking discounts. Its docs publish nine audit reports.
How Lighter works
Lighter Core pairs an exchange engine with succinct zero-knowledge proofs anchored on Ethereum.
A Sequencer orders user-signed transactions first in, first out and gives soft finality. Witness Generator services and the Lighter Prover then build proofs for each batch. Smart contracts on Ethereum hold deposited assets and the state root, and each state update is posted with data blobs so users can rebuild their own balances. Proofs must verify on Ethereum before the state changes.
Liquidations follow a waterfall. Below initial margin an account enters pre-liquidation and cannot grow positions. Below maintenance margin the engine cancels open orders and sends IoC orders at a computed zero price. Below the close-out margin, the LLP insurance fund takes over positions, and if it lacks capital, auto-deleveraging closes against opposite positions. If the Sequencer ignores priority exit requests submitted on Ethereum, the contract enters Escape Hatch mode and users withdraw with proofs.
How to start with Lighter
- Lighter's terms of service, last updated December 29, 2025, say the services are not available to persons who reside in, are located in or are incorporated in the United States, Canada, the United Kingdom, China, Russia and several other countries.
- US residents and US-incorporated entities are therefore excluded from its services.
- Where use is allowed, you connect a third-party non-custodial wallet at app.lighter.xyz.
- A Standard account can create up to 4 sub-accounts, which cannot be deleted.
Lighter fees and limits
- Standard accounts pay 0 maker and 0 taker fees on perps and spot, with 300 ms taker latency, 200 ms maker latency and 300 ms cancel latency.
- Premium accounts pay 0.0040% maker and 0.0280% taker at zero staked LIT, with 140 ms taker latency.
- Staking 1,000 LIT cuts both by 2.5%, rising to 30% off at 500,000 LIT, where fees become 0.0028% maker and 0.0196% taker.
Stake is counted across the main account and its sub-accounts.
Risks to know before using Lighter
- Deposits sit in Lighter's Ethereum contracts rather than with the operator, but you rely on the Sequencer for normal execution and on the escape hatch if it stalls.
- The audit page lists nine report files without naming the auditors on the page.
- The terms are issued by Elliot Technologies, Inc. and include a mandatory arbitration clause and class action waiver.
- Full liquidation hands positions to the LLP, and auto-deleveraging can close profitable positions on the other side of a bankrupt account.
Lighter usage
From DefiLlama (TVL) (fees users paid), updated Nov 10, 2026.
Lighter alternatives
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Lighter pros and cons
- 0 maker and 0 taker fees on Standard accounts
- Premium taker fee of 0.028%, cut by staking LIT
- Nine audit reports published in its docs
- Standard accounts get 300ms taker latency versus 140ms on Premium
- Audit files on the docs page do not name the auditors
- Fee discounts on Premium need staked LIT
Lighter FAQ
What is Lighter?
Lighter is a decentralized trading platform for perpetual futures and spot markets that offers verifiable order matching and liquidations. Standard accounts pay 0 maker and 0 taker fees with added latency; opt-in Premium accounts pay 0.004% maker and 0.028% taker before LIT staking discounts. Its docs publish nine audit reports.
How much value is locked in Lighter?
$791M according to DefiLlama on Nov 10, 2026. It is deployed on 4 chains: Ethereum, Arbitrum, Robinhood Chain, zkLighter.
How much does Lighter cost?
Standard: 0 maker / 0 taker; Premium: 0.004% maker / 0.028% taker, according to Lighter’s own page (checked Sep 26, 2026).
How much do users pay Lighter in fees?
$6.3M over the last 30 days, according to DefiLlama on Nov 10, 2026.
Does Lighter have a token?
Yes, LIT. Its market cap was $809.8M on CoinGecko on Nov 10, 2026. Educational content, not financial advice.
Is Lighter available in the US?
Not available to US residents or US-incorporated entities, according to Lighter’s own page (checked Sep 26, 2026).
Does Lighter hold my funds?
No. Lighter is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
How this page works
Sources: Lighter: official site, Lighter: Docs, Trading Fees, Lighter: Docs, Security Audits. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.