Head to head
the arrow points to the better figure| Lighter | Extended | |
|---|---|---|
| Trading | ||
| $0.28 | ◀BTC trade, $10k | $5.12 |
| $262 | ◀BTC trade, $1M | $639 |
| $17.1M | ◀BTC book depth | $11.0M |
| 0.000%/0.000% | ◀Taker / maker | 0.025%/0.000% |
| 50x | Max leverage▶ | 100x |
| Size | ||
| $1.57B | ◀Volume 24h | $495.3M |
| $1.33B | ◀Volume, 7-day average | $427.8M |
| $608.7Mone side | Open interest | $202.9Mlongs + shorts |
| $656.0M | ◀TVL | $119.2M |
| Markets | ||
| 196 | Markets▶ | 307 |
| 95 | Stocks & RWA▶ | 130 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | −0.0056% |
| +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 SOL
| Size | Lighter | Extended |
|---|---|---|
| $1k | $0.080.8 bp | $0.585.8 bp |
| $10k | $0.900.9 bp | $5.835.8 bp |
| $100k | $24.102.4 bp | $58.265.8 bp |
| $1M | $1,01010.1 bp | $1,13611.4 bp |
| $5M | $18,51737.0 bp | — |
NEAR funding per day
pair pageSize
daily, last 30 daysVolume by asset class
last 30 daysOn both: 149
funding /8h · Net 7d at $10k| Asset | Lighter | Extended | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | −0.0056% | +0.0152% | −$4 |
| ETH | +0.0096% | +0.0032% | +0.0064% | −$8 |
| HYPE | +0.0096% | +0.0032% | +0.0064% | −$6 |
| SOL | +0.0096% | +0.0016% | +0.0080% | −$7 |
| PUMP | +0.0128% | +0.0104% | +0.0024% | −$30 |
| NEAR | +0.0216% | +0.0104% | +0.0112% | −$7 |
| LIT | +0.0096% | +0.0104% | +0.0008% | −$9 |
| ZEC | +0.0096% | +0.0104% | +0.0008% | −$22 |
| XRP | +0.0096% | +0.0104% | +0.0008% | −$4 |
| XMR | +0.0096% | +0.0104% | +0.0008% | −$2 |
| BNB | +0.0096% | +0.0096% | 0.0000% | −$11 |
| ZRO | +0.0096% | +0.0104% | +0.0008% | −$66 |
| SUI | +0.0096% | −0.0056% | +0.0152% | −$18 |
| GRAM | +0.0408% | +0.0104% | +0.0304% | −$29 |
| AAVE | +0.0096% | +0.0104% | +0.0008% | −$27 |
| ENA | +0.0096% | +0.0104% | +0.0008% | −$45 |
| LTC | +0.0096% | +0.0104% | +0.0008% | −$34 |
| ADA | +0.0096% | +0.0104% | +0.0008% | +$5 |
| JUP | +0.0096% | +0.0104% | +0.0008% | −$38 |
| TAO | +0.0096% | +0.0104% | +0.0008% | −$21 |
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 · 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 · INJ · AKT · KSM · SAGA · ADI · QNT · JP225 · ORCA · AR · TER · AMGN · RENDER · AMAT · BTW · SAND · H · COHR · CFG · TMUS · PIEVERSE · W · NFLX · KITE · ASTS · BKNG · GTC · ZEN · XEL · PARTI · SNPS · APP · WMT · CGPT · ATOM · NAORIS · AKE · ORDI · NEIRO · STXX · B · HEMI · Q · ALGO · US · COLLECT · ALAB · LYN · IREN · SWARMS · 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 $25 left after costs.
Which is bigger, Lighter or Extended?
24-hour volume: Lighter $1.57B, Extended $495.3M. Open interest as each reports it: $608.7M and $202.9M. 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.