Lighter vs dYdX
Lighter traded 50× dYdX's 24-hour volume ($2.72B vs $54.6M) and holds 9.3× its open interest.
Head to head
the arrow points to the better figure| Lighter | dYdX | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $20.60 |
| $277 | ◀BTC trade, $1M | $3,310 |
| $14.8M | BTC book depth▶ | $67.4M |
| 0.000%/0.000% | ◀Taker / maker | 0.050%/0.010% |
| 50x | Max leverage≈ | 50x |
| Size | ||
| $2.72B | ◀Volume 24h | $54.6M |
| $2.15B | ◀Volume, 7-day average | $39.9M |
| $517.3M | ◀Open interest | $55.6M |
| $579.7M | ◀TVL | $68.5M |
| Markets | ||
| 201 | ◀Markets | 57 |
| 96 | ◀Stocks & RWA | 0 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0024% |
| +0.682% | BTC longs paid, 30d | +0.321% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | $DYDX |
| Season 3 | Airdrop | Not active |
Cost to trade BTC
| Size | Lighter | dYdX |
|---|---|---|
| $1k | $0.101.0 bp | $1.7417.4 bp |
| $10k | $1.181.2 bp | $20.6020.6 bp |
| $100k | $15.611.6 bp | $27127.1 bp |
| $1M | $2772.8 bp | $3,31033.1 bp |
| $5M | $4,3438.7 bp | $40,03080.1 bp |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 48
funding /8h · Net 7d at $10k| Asset | Lighter | dYdX | Spread | Net 7d |
|---|---|---|---|---|
| ETH | +0.0096% | +0.0168% | +0.0072% | −$6 |
| BTC | +0.0096% | +0.0024% | +0.0072% | −$18 |
| SOL | +0.0096% | +0.0142% | +0.0046% | +$4 |
| HYPE | +0.0096% | +0.0002% | +0.0094% | −$756 |
| XRP | +0.0096% | 0.0000% | +0.0096% | −$109 |
| LTC | +0.0096% | 0.0000% | +0.0096% | −$98 |
| ZEC | +0.0192% | 0.0000% | +0.0192% | −$166 |
| DOGE | +0.0096% | 0.0000% | +0.0096% | −$186 |
| LINK | +0.0096% | 0.0000% | +0.0096% | −$309 |
| TRX | −0.0544% | 0.0000% | +0.0544% | −$359 |
| XMR | +0.1528% | +0.1607% | +0.0079% | −$411 |
| ADA | +0.0096% | 0.0000% | +0.0096% | −$366 |
| BNB | +0.0096% | 0.0000% | +0.0096% | −$98 |
| NEAR | +0.0096% | 0.0000% | +0.0096% | — |
| DOT | +0.0096% | 0.0000% | +0.0096% | — |
| PYTH | −0.0408% | 0.0000% | +0.0408% | −$110 |
| SUI | +0.0064% | 0.0000% | +0.0064% | — |
| UNI | +0.0096% | 0.0000% | +0.0096% | — |
| SEI | +0.0096% | 0.0000% | +0.0096% | — |
| AAVE | +0.0096% | 0.0000% | +0.0096% | — |
Only on Lighter: 163
LIT · XAU · QQQ · AAPL · SKHYNIX · GOOGL · ZRO · SPY · MU · NVDA · XAG · CL · NAS100 · SNDK · CRCL · SOXL · META · ANTHROPIC · AMD · EUR · ENA · NATGAS · TSLA · MSFT · BZ · INTC · AMZN · MSTR · SPCX · SAMSUNG · SP500 · XPL · OPENAI · VVV · GRAM · SKHY · USDKRW · UNITREE · STRC · WLFI · AERO · DRAM · USDJPY · COIN · GRASS · BMNR · HOOD · USELESS · NBIS · LITE · PLTR · ETHFI · USDCHF · SKY · ONDO · PONS · US10Y · XPD · BABA · MRVL · and 103 more
Questions
Is Lighter or dYdX cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $20.60 on dYdX right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.05%. 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 dYdX?
Lighter lists 201 active markets and dYdX 57; 48 assets trade on both.
Does Lighter or dYdX 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. dYdX: No ID, a web3 wallet is enough; dydx.trade blocks the US, Canada, the UK and sanctioned places (close-only, then blocked after 7 days).
Can you arbitrage funding between Lighter and dYdX?
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 SOL, long on Lighter and short on dYdX, with $4 left after costs.
Which is bigger, Lighter or dYdX?
24-hour volume: Lighter $2.72B, dYdX $54.6M. Open interest as each reports it: $517.3M and $55.6M. TVL: $579.7M and $68.5M.