Head to head
the arrow points to the better figure| Lighter | Entropy | |
|---|---|---|
| Trading | ||
| $1.18 | BTC trade, $10k | — |
| $277 | BTC trade, $1M | — |
| $14.8M | BTC book depth | — |
| 0.000%/0.000% | ◀Taker / maker | 0.009%/0.003% |
| 50x | ◀Max leverage | 25x |
| Size | ||
| $2.71B | ◀Volume 24h | $111.7M |
| $2.15B | ◀Volume, 7-day average | $59.9M |
| $516.7Mone side | Open interest | $155.6Mlongs + shorts |
| $579.7M | TVL | — |
| Markets | ||
| 201 | ◀Markets | 14 |
| 96 | ◀Stocks & RWA | 12 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | — |
| +0.682% | BTC longs paid, 30d | — |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | — |
Volume by asset class
last 90 daysOn both: 10
funding /8h · Net 7d at $10kOnly on Lighter: 201
BTC · ETH · LIT · ZEC · SOL · HYPE · XAU · QQQ · SKHYNIX · NEAR · GOOGL · ZRO · BNB · AAVE · SPY · MU · XAG · NAS100 · CL · XMR · XRP · WLD · META · SOXL · PUMP · AMD · EUR · ENA · NATGAS · TSLA · MSFT · BZ · AMZN · INTC · MSTR · SPCX · SAMSUNG · PAXG · ADA · LINK · SP500 · XPL · VVV · GRAM · SKHY · USDKRW · UNITREE · UNI · STRC · SUI · WLFI · LTC · AERO · AVAX · USDJPY · COIN · GRASS · BMNR · HOOD · LDO · and 141 more
Questions
Which has more markets, Lighter or Entropy?
Lighter lists 201 active markets and Entropy 14; 10 assets trade on both, 10 of them stocks, commodities or other real-world assets.
Does Lighter or Entropy 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. Entropy: No ID, but a wide block: the US, Canada, the UK, Australia, Singapore, Russia, Ukraine and most EU countries (not DE, FR, NL, IE).
Can you arbitrage funding between Lighter and Entropy?
Not profitably right now: none of the 10 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Lighter or Entropy?
24-hour volume: Lighter $2.71B, Entropy $111.7M. Open interest as each reports it: $516.7M and $155.6M. Entropy reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions Entropy's figure reads about twice as large. TVL: $579.7M and none published.