Head to head
the arrow points to the better figure| Lighter | Bulk | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $7.00 |
| $277 | ◀BTC trade, $1M | $1,390 |
| $14.8M | ◀BTC book depth | $1.9M |
| 0.000%/0.000% | ◀Taker / maker | 0.035%/0.000% |
| 50x | ◀Max leverage | 40x |
| Size | ||
| $2.68B | ◀Volume 24h | $38.1M |
| $2.15B | ◀Volume, 7-day average | $32.4M |
| $510.2Mone side | Open interest | $15.8Mlongs + shorts |
| $579.7M | ◀TVL | $7.0M |
| Markets | ||
| 201 | ◀Markets | 19 |
| 96 | ◀Stocks & RWA | 8 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0100% |
| +0.682% | BTC longs paid, 30d | +0.811% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | — |
Cost to trade BTC
| Size | Lighter | Bulk |
|---|---|---|
| $1k | $0.101.0 bp | $0.707.0 bp |
| $10k | $1.181.2 bp | $7.007.0 bp |
| $100k | $15.611.6 bp | $79.568.0 bp |
| $1M | $2772.8 bp | $1,39013.9 bp |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 18
funding /8h · Net 7d at $10k| Asset | Lighter | Bulk | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0100% | +0.0004% | −$14 |
| ETH | +0.0096% | +0.0097% | +0.0001% | −$21 |
| SOL | +0.0096% | +0.0100% | +0.0004% | −$24 |
| ZEC | +0.0128% | +0.0100% | +0.0028% | −$13 |
| PAXG | +0.0096% | +0.0031% | +0.0065% | −$20 |
| HYPE | +0.0096% | +0.0100% | +0.0004% | −$18 |
| NEAR | 0.0000% | +0.0100% | +0.0100% | −$13 |
| LIT | +0.0088% | −0.0166% | +0.0254% | −$9 |
| XRP | +0.0096% | +0.0100% | +0.0004% | −$8 |
| MON | +0.0096% | −0.0363% | +0.0459% | −$9 |
| PUMP | +0.0064% | +0.0100% | +0.0036% | −$20 |
Only on Lighter: 193
XAU · QQQ · AAPL · GOOGL · ZRO · BNB · AAVE · SPY · XAG · NAS100 · XMR · CL · WLD · META · ANTHROPIC · AMD · SOXL · EUR · ENA · NATGAS · MSFT · BZ · AMZN · INTC · SPCX · SAMSUNG · ADA · LINK · OPENAI · XPL · VVV · SP500 · GRAM · SKHY · USDKRW · UNITREE · UNI · STRC · SUI · WLFI · LTC · AERO · AVAX · DRAM · USDJPY · COIN · GRASS · BMNR · HOOD · LDO · ASTER · DOGE · USELESS · TAO · ARB · LITE · NBIS · PLTR · ETHFI · BCH · and 133 more
Only on Bulk: 1
Questions
Is Lighter or Bulk cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $7.00 on Bulk 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 Bulk?
Lighter lists 201 active markets and Bulk 19; 18 assets trade on both, 7 of them stocks, commodities or other real-world assets.
Does Lighter or Bulk 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. Bulk: No ID (the terms keep a right to checks); barred: the US, UK, Ontario, Australia, Japan, South Korea, Singapore, UAE and several EU countries.
Can you arbitrage funding between Lighter and Bulk?
Not profitably right now: none of the 18 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Lighter or Bulk?
24-hour volume: Lighter $2.68B, Bulk $38.1M. Open interest as each reports it: $510.2M and $15.8M. Bulk reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions Bulk's figure reads about twice as large. TVL: $579.7M and $7.0M.