Head to head
the arrow points to the better figure| Lighter | Bullet | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $3.69 |
| $277 | ◀BTC trade, $1M | $21,991 |
| $14.8M | ◀BTC book depth | $1.6M |
| 0.000%/0.000% | Taker / maker≈ | 0.000%/0.000% |
| 50x | ◀Max leverage | 20x |
| Size | ||
| $2.72B | ◀Volume 24h | $14.8M |
| $2.15B | ◀Volume, 7-day average | $28.0M |
| $517.3Mone side | Open interest | $4.2Mlongs + shorts |
| $579.7M | TVL | — |
| Markets | ||
| 201 | ◀Markets | 30 |
| 96 | ◀Stocks & RWA | 14 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0100% |
| +0.682% | BTC longs paid, 30d | +0.392% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | Active |
Cost to trade BTC
| Size | Lighter | Bullet |
|---|---|---|
| $1k | $0.101.0 bp | $0.222.2 bp |
| $10k | $1.181.2 bp | $3.693.7 bp |
| $100k | $15.611.6 bp | $12312.3 bp |
| $1M | $2772.8 bp | $21,991219.9 bp |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 29
funding /8h · Net 7d at $10k| Asset | Lighter | Bullet | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0100% | +0.0004% | −$5 |
| SOL | +0.0096% | −0.0151% | +0.0249% | +$1 |
| ETH | +0.0096% | +0.0057% | +0.0040% | +$2 |
| LIT | +0.0016% | −0.0852% | +0.0889% | +$58 |
| HYPE | +0.0096% | +0.0100% | +0.0004% | −$8 |
| ZEC | +0.0192% | +0.0100% | +0.0092% | −$11 |
| NEAR | +0.0096% | +0.0100% | +0.0004% | −$16 |
| XRP | +0.0096% | +0.0100% | +0.0004% | −$3 |
| RAY | +0.0096% | +0.0100% | +0.0004% | — |
| UNI | +0.0096% | +0.0100% | +0.0004% | — |
| PUMP | +0.0096% | +0.0083% | +0.0026% | — |
| DOGE | +0.0096% | +0.0100% | +0.0004% | −$15 |
| ONDO | +0.0096% | −0.0054% | — | — |
| TAO | +0.0024% | +0.0100% | — | — |
| TIA | −0.0536% | −0.0438% | — | — |
| ENA | +0.0048% | +0.0100% | +0.0052% | — |
Only on Lighter: 182
QQQ · AAPL · GOOGL · ZRO · BNB · AAVE · SPY · XMR · WLD · CRCL · SOXL · META · ANTHROPIC · AMD · EUR · NATGAS · MSFT · INTC · AMZN · MSTR · SAMSUNG · PAXG · ADA · LINK · XPL · OPENAI · VVV · GRAM · SKHY · USDKRW · STRC · SUI · WLFI · LTC · AERO · AVAX · DRAM · USDJPY · COIN · GRASS · BMNR · HOOD · LDO · ASTER · USELESS · NBIS · LITE · ARB · PLTR · ETHFI · BCH · USDCHF · SKY · MON · PONS · US10Y · XPD · CRV · BABA · MRVL · and 122 more
Only on Bullet: 1
Questions
Is Lighter or Bullet cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $3.69 on Bullet right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0%. 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 Bullet?
Lighter lists 201 active markets and Bullet 30; 29 assets trade on both, 13 of them stocks, commodities or other real-world assets.
Does Lighter or Bullet 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. Bullet: No ID (the terms keep a right to ask); not for US or Singapore residents or sanctioned countries.
Can you arbitrage funding between Lighter and Bullet?
Yes: 6 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 SPCX, long on Lighter and short on Bullet, with $93 left after costs.
Which is bigger, Lighter or Bullet?
24-hour volume: Lighter $2.72B, Bullet $14.8M. Open interest as each reports it: $517.3M and $4.2M. Bullet reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions Bullet's figure reads about twice as large. TVL: $579.7M and none published.