Head to head
the arrow points to the better figure| Lighter | Extended | |
|---|---|---|
| Trading | ||
| $0.28 | ◀BTC trade, $10k | $5.12 |
| $262 | ◀BTC trade, $1M | $568 |
| $17.1M | ◀BTC book depth | $11.5M |
| 0.000%/0.000% | ◀Taker / maker | 0.025%/0.000% |
| 50x | Max leverage▶ | 100x |
| Size | ||
| $1.57B | ◀Volume 24h | $493.2M |
| $1.33B | ◀Volume, 7-day average | $427.8M |
| $608.9Mone side | Open interest | $203.1Mlongs + shorts |
| $656.0M | ◀TVL | $119.2M |
| Markets | ||
| 196 | Markets▶ | 307 |
| 95 | Stocks & RWA▶ | 130 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | −0.0048% |
| +0.671% | BTC longs paid, 30d | +0.684% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | Active |
Cost to trade ETH
| Size | Lighter | Extended |
|---|---|---|
| $1k | $0.050.5 bp | $0.545.4 bp |
| $10k | $0.810.8 bp | $5.375.4 bp |
| $100k | $12.361.2 bp | $53.705.4 bp |
| $1M | $2232.2 bp | $8758.7 bp |
| $5M | $3,5127.0 bp | $12,55725.1 bp |
NEAR funding per day
pair pageSize
daily, last 90 daysVolume by asset class
last 90 daysOn both: 149
funding /8h · Net 7d at $10k| Asset | Lighter | Extended | Spread | Net 7d |
|---|---|---|---|---|
| XAU | +0.0104% | +0.0040% | +0.0064% | −$2 |
| CL | −0.0224% | +0.0032% | +0.0256% | +$24 |
| XAG | +0.0056% | +0.0032% | +0.0024% | −$6 |
| SP500 | +0.0032% | −0.0072% | +0.0104% | −$2 |
| SKHYNIX | −0.1096% | −0.0696% | +0.0400% | −$22 |
| NAS100 | +0.0032% | +0.0032% | 0.0000% | −$9 |
| EUR | +0.0016% | +0.0032% | +0.0016% | +$7 |
| BZ | −0.0552% | −0.0520% | +0.0032% | −$44 |
| NATGAS | +0.1544% | +0.1408% | +0.0136% | −$55 |
| MU | +0.0032% | +0.0032% | 0.0000% | +$3 |
| SPCX | −0.0272% | −0.0248% | +0.0024% | −$7 |
| META | +0.0048% | 0.0000% | +0.0048% | −$4 |
| SNDK | +0.0096% | +0.0272% | +0.0176% | −$6 |
| NVDA | +0.0032% | +0.0032% | 0.0000% | −$15 |
| TSLA | +0.0032% | 0.0000% | +0.0032% | −$15 |
| COPPER | +0.0032% | +0.0032% | 0.0000% | −$60 |
| AMZN | +0.0032% | +0.0024% | +0.0008% | −$18 |
| MSFT | +0.0032% | 0.0000% | +0.0032% | −$16 |
| GOOGL | +0.0056% | +0.0184% | +0.0128% | −$4 |
| AMD | +0.0032% | 0.0000% | +0.0032% | −$11 |
Only on Lighter: 59
SPY · QQQ · USDCAD · USDCHF · STABLECOINX · STRC · USDKRW · US10Y · STONK · SKY · AUD · NZD · AI · XPD · GBP · CC · ANSEM · RIVER · SYRUP · PYTH · RAY · MNT · NMR · MET · ZK · CAP · OURA · ZHIPU · 0G · GMX · FOLKS · CXMT · STBL · TENCENT · FF · BERA · 2Z · IWM · APEX · SMIC · CRO · BOT · PROVE · HYUNDAI · SKR · BIO · XIAOMI · SHEIN · CTR · WEN · NOW · RAIL · ROBO · GEV · H100 · GME · USDHKD · SOXS · POPMART
Only on Extended: 177
XAUT · SHOP · STX · PURR · CRWD · GRVT · MARSCOIN · CHZ · JASMY · TXN · FET · INJ · AKT · KSM · SAGA · ADI · QNT · JP225 · ORCA · AR · TER · AMGN · RENDER · AMAT · BTW · SAND · H · COHR · CFG · TMUS · PIEVERSE · W · KITE · NFLX · BKNG · ASTS · GTC · ZEN · XEL · PARTI · SNPS · APP · WMT · CGPT · ATOM · NAORIS · AKE · ORDI · B · Q · NEIRO · STXX · HEMI · ALGO · US · COLLECT · ALAB · SWARMS · IREN · LYN · and 117 more
Questions
Is Lighter or Extended cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $0.28 on Lighter and $5.12 on Extended right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.025%. 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 Extended?
Lighter lists 196 active markets and Extended 307; 149 assets trade on both, 64 of them stocks, commodities or other real-world assets.
Does Lighter or Extended 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. Extended: No ID (only transaction screening and third-party on-ramps); not for the US, UK, Canada, Hong Kong, Russia or sanctioned countries.
Can you arbitrage funding between Lighter and Extended?
Yes: 8 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 CRCL, long on Extended and short on Lighter, with $26 left after costs.
Which is bigger, Lighter or Extended?
24-hour volume: Lighter $1.57B, Extended $493.2M. Open interest as each reports it: $608.9M and $203.1M. Extended reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions Extended's figure reads about twice as large. TVL: $656.0M and $119.2M.