Lighter vs Aftermath Perps
Lighter traded 210× Aftermath Perps's 24-hour volume ($2.68B vs $12.7M) and holds 790× its open interest.
Head to head
the arrow points to the better figure| Lighter | Aftermath Perps | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $28.11 |
| $277 | BTC trade, $1M | — |
| $14.8M | ◀BTC book depth | $332K |
| 0.000%/0.000% | ◀Taker / maker | 0.045%/-0.005% |
| 50x | ◀Max leverage | 25x |
| Size | ||
| $2.68B | ◀Volume 24h | $12.7M |
| $2.15B | ◀Volume, 7-day average | $9.3M |
| $510.2M | ◀Open interest | $646K |
| $579.7M | TVL | — |
| Markets | ||
| 201 | ◀Markets | 65 |
| 96 | ◀Stocks & RWA | 32 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0846% |
| +0.682% | BTC longs paid, 30d | +4.225% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | — |
Cost to trade BTC
| Size | Lighter | Aftermath Perps |
|---|---|---|
| $1k | $0.101.0 bp | $2.0220.2 bp |
| $10k | $1.181.2 bp | $28.1128.1 bp |
| $100k | $15.611.6 bp | $40740.7 bp |
| $1M | $2772.8 bp | — |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 42
funding /8h · Net 7d at $10k| Asset | Lighter | Aftermath Perps | Spread | Net 7d |
|---|---|---|---|---|
| SUI | 0.0000% | +0.0345% | +0.0345% | +$1 |
| BTC | +0.0096% | +0.0846% | +0.0750% | +$3 |
| ETH | +0.0096% | +0.0929% | +0.0833% | −$2 |
| SOL | +0.0096% | +0.1063% | +0.0967% | −$10 |
| XRP | +0.0096% | +0.0319% | +0.0223% | +$29 |
| ZEC | +0.0128% | −0.0332% | +0.0460% | −$104 |
| BNB | +0.0096% | +0.0050% | +0.0046% | −$61 |
| HYPE | +0.0096% | +0.0670% | +0.0574% | +$29 |
| XMR | +0.1520% | +0.0427% | +0.1093% | −$154 |
| NEAR | 0.0000% | +0.1482% | +0.1482% | −$16 |
| LTC | +0.0096% | −0.0035% | +0.0131% | −$72 |
| PUMP | +0.0064% | +0.0679% | +0.0615% | — |
| UNI | +0.0096% | +0.1070% | +0.0974% | +$11 |
| LIT | +0.0088% | −0.0427% | +0.0515% | −$107 |
| SPX | +0.0096% | +0.0417% | +0.0321% | — |
| MON | +0.0096% | +0.0047% | +0.0049% | −$132 |
| WLD | −0.0408% | −0.0418% | +0.0010% | −$116 |
| DATA | +0.0096% | +0.0039% | — | — |
| CRV | −0.0232% | +0.0303% | +0.0535% | −$17 |
| CHIP | −0.0040% | +0.0127% | +0.0167% | −$46 |
Only on Lighter: 169
XAU · QQQ · ZRO · AAVE · SPY · ANTHROPIC · AMD · SOXL · EUR · ENA · NATGAS · MSFT · AMZN · MSTR · PAXG · ADA · LINK · OPENAI · XPL · VVV · GRAM · SKHY · USDKRW · UNITREE · STRC · WLFI · AERO · AVAX · USDJPY · COIN · GRASS · BMNR · HOOD · LDO · ASTER · DOGE · USELESS · TAO · ARB · LITE · NBIS · ETHFI · BCH · USDCHF · SKY · ONDO · PONS · US10Y · XPD · BABA · POL · JUP · XPT · EIGEN · TRX · CC · STABLECOINX · ORCL · VIRTUAL · PEPE · and 109 more
Questions
Is Lighter or Aftermath Perps cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $28.11 on Aftermath Perps right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.045%. Lighter: 0 / 0 is the default Standard account, whose taker orders wait 300 ms; a Premium account (140 ms) pays 0.4 bp maker, 2.8 bp taker.
Which has more markets, Lighter or Aftermath Perps?
Lighter lists 201 active markets and Aftermath Perps 65; 42 assets trade on both, 22 of them stocks, commodities or other real-world assets.
Does Lighter or Aftermath Perps require KYC?
Lighter: No ID (the card deposit on-ramp is optional); not for the US, Canada, the UK, China, Russia, Ukraine or sanctioned countries. Aftermath Perps: No ID; not for sanctioned countries, and the operator may geo-block parts of the service.
Can you arbitrage funding between Lighter and Aftermath Perps?
Yes: 7 of the assets on both paid more in funding over the last 7 days than a $10k round trip on both costs. The best was XRP, long on Lighter and short on Aftermath Perps, with $29 left after costs.
Which is bigger, Lighter or Aftermath Perps?
24-hour volume: Lighter $2.68B, Aftermath Perps $12.7M. Open interest as each reports it: $510.2M and $646K. TVL: $579.7M and none published.