Head to head
the arrow points to the better figure| Lighter | Extended | |
|---|---|---|
| Trading | ||
| $0.92 | ◀BTC trade, $10k | $5.46 |
| $211 | ◀BTC trade, $1M | $688 |
| $14.2M | ◀BTC book depth | $11.2M |
| 0.000%/0.000% | ◀Taker / maker | 0.025%/0.000% |
| 50x | Max leverage▶ | 100x |
| Size | ||
| $1.58B | ◀Volume 24h | $501.1M |
| $1.33B | ◀Volume, 7-day average | $427.8M |
| $613.1Mone side | Open interest | $203.5Mlongs + shorts |
| $656.0M | ◀TVL | $119.2M |
| Markets | ||
| 196 | Markets▶ | 307 |
| 95 | Stocks & RWA▶ | 130 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | −0.0016% |
| +0.671% | BTC longs paid, 30d | +0.687% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | Active |
Cost to trade ETH
| Size | Lighter | Extended |
|---|---|---|
| $1k | $0.030.3 bp | $0.545.4 bp |
| $10k | $0.550.6 bp | $5.375.4 bp |
| $100k | $9.861.0 bp | $53.685.4 bp |
| $1M | $2462.5 bp | $9879.9 bp |
| $5M | $3,2636.5 bp | $14,11528.2 bp |
SOL funding per day
pair pageSize
daily, last yearVolume by asset class
last yearOn both: 149
funding /8h · Net 7d at $10k| Asset | Lighter | Extended | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | −0.0016% | +0.0112% | −$5 |
| ETH | +0.0096% | +0.0088% | +0.0008% | −$8 |
| HYPE | +0.0096% | +0.0104% | +0.0008% | −$9 |
| SOL | +0.0096% | +0.0096% | 0.0000% | −$6 |
| PUMP | +0.0096% | +0.0104% | +0.0008% | −$6 |
| NEAR | +0.0176% | +0.0048% | +0.0128% | −$5 |
| LIT | +0.0096% | +0.0104% | +0.0008% | −$14 |
| ZEC | +0.0096% | +0.0104% | +0.0008% | −$20 |
| XRP | +0.0096% | +0.0104% | +0.0008% | −$5 |
| XMR | +0.0096% | +0.0104% | +0.0008% | −$1 |
| BNB | +0.0096% | +0.0104% | +0.0008% | −$11 |
| ZRO | +0.0096% | +0.0104% | +0.0008% | −$61 |
| SUI | +0.0096% | −0.0040% | +0.0136% | −$17 |
| GRAM | +0.0504% | +0.0104% | +0.0400% | −$37 |
| AAVE | +0.0096% | +0.0104% | +0.0008% | −$29 |
| ENA | +0.0160% | +0.0104% | +0.0056% | +$15 |
| LTC | +0.0096% | +0.0104% | +0.0008% | −$34 |
| ADA | +0.0096% | +0.0104% | +0.0008% | +$6 |
| TAO | +0.0096% | +0.0104% | +0.0008% | −$21 |
| JUP | +0.0096% | +0.0104% | +0.0008% | −$39 |
Only on Lighter: 59
SPY · QQQ · USDCAD · USDCHF · STABLECOINX · STRC · USDKRW · US10Y · STONK · SKY · AUD · AI · NZD · XPD · GBP · CC · ANSEM · RIVER · SYRUP · PYTH · NMR · RAY · MNT · MET · ZK · CAP · OURA · ZHIPU · 0G · GMX · FOLKS · CXMT · STBL · TENCENT · FF · BERA · 2Z · CRO · IWM · APEX · SMIC · BOT · PROVE · HYUNDAI · SKR · XIAOMI · BIO · 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 · KSM · INJ · AKT · ADI · SAGA · QNT · ORCA · JP225 · TER · RENDER · AMAT · AMGN · H · AR · SAND · BTW · COHR · TMUS · CFG · PIEVERSE · W · NFLX · KITE · ZEN · BKNG · ASTS · GTC · XEL · SNPS · APP · NAORIS · WMT · PARTI · CGPT · AKE · ATOM · NEIRO · ALGO · Q · STXX · B · ORDI · HEMI · US · POLYX · LYN · ALAB · SWARMS · IREN · and 117 more
Questions
Is Lighter or Extended cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $0.92 on Lighter and $5.46 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: 10 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 TRX, long on Extended and short on Lighter, with $27 left after costs.
Which is bigger, Lighter or Extended?
24-hour volume: Lighter $1.58B, Extended $501.1M. Open interest as each reports it: $613.1M and $203.5M. 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.