Lighter vs Bluefin
Lighter traded 2871× Bluefin's 24-hour volume ($2.72B vs $946K) and holds 696× its open interest.
Head to head
the arrow points to the better figure| Lighter | Bluefin | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $13.98 |
| $277 | BTC trade, $1M | — |
| $14.8M | ◀BTC book depth | $158K |
| 0.000%/0.000% | ◀Taker / maker | 0.035%/0.010% |
| 50x | ◀Max leverage | 40x |
| Size | ||
| $2.72B | ◀Volume 24h | $946K |
| $2.15B | ◀Volume, 7-day average | $827K |
| $517.3M | ◀Open interest | $744K |
| $579.7M | ◀TVL | $1.5M |
| Markets | ||
| 201 | ◀Markets | 8 |
| 96 | ◀Stocks & RWA | 1 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0100% |
| +0.682% | BTC longs paid, 30d | +2.207% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | $BLUE |
| Season 3 | Airdrop | — |
Cost to trade BTC
| Size | Lighter | Bluefin |
|---|---|---|
| $1k | $0.101.0 bp | $1.3613.6 bp |
| $10k | $1.181.2 bp | $13.9814.0 bp |
| $100k | $15.611.6 bp | $24524.5 bp |
| $1M | $2772.8 bp | — |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 6
funding /8h · Net 7d at $10k| Asset | Lighter | Bluefin | Spread | Net 7d |
|---|---|---|---|---|
| SUI | +0.0064% | +0.0100% | +0.0036% | −$62 |
| HYPE | +0.0096% | +0.2371% | +0.2275% | +$8 |
| BTC | +0.0096% | +0.0100% | +0.0004% | −$13 |
| SOL | +0.0096% | +0.0100% | — | — |
| ETH | +0.0096% | −0.0035% | — | — |
Only on Lighter: 205
LIT · ZEC · QQQ · AAPL · SKHYNIX · NEAR · GOOGL · ZRO · BNB · AAVE · SPY · MU · NVDA · XAG · CL · XMR · NAS100 · SNDK · XRP · WLD · CRCL · SOXL · META · PUMP · ANTHROPIC · AMD · EUR · ENA · NATGAS · TSLA · MSFT · BZ · INTC · AMZN · MSTR · SPCX · SAMSUNG · PAXG · ADA · LINK · SP500 · XPL · OPENAI · VVV · GRAM · SKHY · USDKRW · UNITREE · UNI · STRC · WLFI · LTC · AERO · AVAX · DRAM · USDJPY · COIN · GRASS · BMNR · HOOD · and 145 more
Questions
Is Lighter or Bluefin cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $13.98 on Bluefin right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.035%. 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 Bluefin?
Lighter lists 201 active markets and Bluefin 8; 6 assets trade on both, 1 of them stocks, commodities or other real-world assets.
Does Lighter or Bluefin 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. Bluefin: No ID (deposit addresses are sanctions-screened); not for the US, Canada, retail UK or sanctioned countries.
Can you arbitrage funding between Lighter and Bluefin?
Yes: 1 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 HYPE, long on Lighter and short on Bluefin, with $8 left after costs.
Which is bigger, Lighter or Bluefin?
24-hour volume: Lighter $2.72B, Bluefin $946K. Open interest as each reports it: $517.3M and $744K. TVL: $579.7M and $1.5M.