Lighter RH vs Deribit
Deribit traded 19× Lighter RH's 24-hour volume ($12.65B vs $651.5M) and holds 7.8× its open interest.
Head to head
the arrow points to the better figure| Lighter RH | Deribit | |
|---|---|---|
| Trading | ||
| $0.79 | ◀BTC trade, $10k | $7.06 |
| $984 | ◀BTC trade, $1M | $1,461 |
| $3.3M | BTC book depth▶ | $46.5M |
| 0.000%/0.000% | ◀Taker / maker | 0.035%/0.015% |
| 50x | Max leverage≈ | 50x |
| Size | ||
| $651.5M | Volume 24h▶ | $12.65B |
| $654.5M | Volume, 7-day average▶ | $9.13B |
| $170.5M | Open interest▶ | $1.33B |
| $112.4M | TVL | — |
| Markets | ||
| 67 | Markets▶ | 144 |
| 48 | ◀Stocks & RWA | 42 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0077% |
| +0.612% | BTC longs paid, 30d | +0.745% |
| Access | ||
| No ID | ◀KYC | Required |
| $LIT | Token | none yet |
| Points live | Airdrop | — |
Cost to trade BTC
| Size | Lighter RH | Deribit |
|---|---|---|
| $1k | $0.070.7 bp | $0.717.1 bp |
| $10k | $0.790.8 bp | $7.067.1 bp |
| $100k | $21.012.1 bp | $78.347.8 bp |
| $1M | $9849.8 bp | $1,46114.6 bp |
| $5M | — | $15,57631.2 bp |
BTC funding per day
pair pageSize
daily, last 90 daysVolume by asset class
last 90 daysOn both: 42
funding /8h · Net 7d at $10k| Asset | Lighter RH | Deribit | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0017% | +0.0079% | $0 |
| ETH | +0.0096% | 0.0000% | +0.0096% | −$8 |
| HYPE | +0.0096% | +0.0013% | +0.0083% | −$38 |
| SOL | +0.0096% | 0.0000% | +0.0096% | −$19 |
| NEAR | +0.0096% | +0.0287% | +0.0191% | −$10 |
| ZEC | +0.0160% | 0.0000% | +0.0160% | −$12 |
| XRP | +0.0096% | +0.0006% | +0.0090% | −$8 |
| SUI | +0.0008% | 0.0000% | +0.0008% | −$25 |
| UNI | +0.0096% | +0.0015% | +0.0081% | −$19 |
| LIT | +0.0096% | 0.0000% | +0.0096% | −$31 |
| AAVE | −0.0240% | 0.0000% | +0.0240% | −$26 |
| TRX | −0.0440% | 0.0000% | +0.0440% | −$144 |
| VVV | +0.0096% | +0.0389% | +0.0293% | −$84 |
| LINK | +0.0040% | 0.0000% | +0.0040% | −$16 |
| PONS | +0.0096% | +0.0272% | +0.0176% | — |
| CASHCAT | +0.0096% | +0.2972% | +0.2876% | — |
Only on Lighter RH: 25
COIN · USO · BABA · SGOV · USAR · XMR · SLV · BMNR · UBER · SMCI · IREN · SOFI · AMC · ZRO · ASTS · WULF · AI · USELESS · MCD · SHEIN · LUNR · RGTI · QBTS · ANSEM · CLSK
Only on Deribit: 100
EURC · PAXG · AVAX · DOGE · BNB · ADA · LTC · XLM · MSTR · ENA · DOT · BCH · CL · WLD · AERO · LITE · HBAR · BZ · CRV · WIF · CBRS · ONDO · INJ · KORU · EWY · ARB · DRAM · NBIS · TRUMP · TAO · PUMP · RENDER · SOXS · COIN50 · FARTCOIN · SNXX · FIL · ETHFI · MRVL · ATOM · PEPE · FET · ASTER · PENGU · MON · WLFI · ALGO · PENDLE · HOOD · DELL · VIRTUAL · POL · APT · TIA · ARM · AVGO · APE · LDO · MERL · DASH · and 40 more
Questions
Is Lighter RH or Deribit cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $0.79 on Lighter RH and $7.06 on Deribit right now, taker fee and order-book slippage together, so Lighter RH is cheaper. Taker fees: 0% and 0.035%. Lighter RH: 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 RH or Deribit?
Lighter RH lists 67 active markets and Deribit 144; 42 assets trade on both, 26 of them stocks, commodities or other real-world assets.
Does Lighter RH or Deribit require KYC?
Lighter RH: No ID, wallet connect only; closed to 18 regions including the US, UK, Canada, China, Russia, Switzerland, Singapore and the UAE. Deribit: ID, proof of address and a financial profile before any deposit; not for the US, Canada, Japan or retail UK clients.
Can you arbitrage funding between Lighter RH and Deribit?
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 XAG, long on Lighter RH and short on Deribit, with $2 left after costs.
Which is bigger, Lighter RH or Deribit?
24-hour volume: Lighter RH $651.5M, Deribit $12.65B. Open interest as each reports it: $170.5M and $1.33B. TVL: $112.4M and none published.