Head to head
the arrow points to the better figure| Lighter | Nado | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $7.13 |
| $277 | ◀BTC trade, $1M | $939 |
| $14.8M | ◀BTC book depth | $7.5M |
| 0.000%/0.000% | ◀Taker / maker | 0.035%/0.010% |
| 50x | Max leverage≈ | 50x |
| Size | ||
| $2.68B | ◀Volume 24h | $399.3M |
| $2.15B | ◀Volume, 7-day average | $380.3M |
| $509.5Mone side | Open interest | $77.3Mlongs + shorts |
| $579.7M | ◀TVL | $53.8M |
| Markets | ||
| 201 | ◀Markets | 73 |
| 96 | ◀Stocks & RWA | 30 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0100% |
| +0.682% | BTC longs paid, 30d | +0.602% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | Active |
Cost to trade BTC
| Size | Lighter | Nado |
|---|---|---|
| $1k | $0.101.0 bp | $0.717.1 bp |
| $10k | $1.181.2 bp | $7.137.1 bp |
| $100k | $15.611.6 bp | $71.327.1 bp |
| $1M | $2772.8 bp | $9399.4 bp |
| $5M | $4,3438.7 bp | $13,84927.7 bp |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 68
funding /8h · Net 7d at $10k| Asset | Lighter | Nado | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0100% | +0.0004% | −$8 |
| ETH | +0.0096% | +0.0059% | +0.0037% | −$3 |
| HYPE | +0.0096% | +0.0100% | +0.0004% | −$14 |
| SOL | +0.0096% | −0.0124% | +0.0220% | −$2 |
| ZEC | +0.0128% | +0.0100% | +0.0028% | −$13 |
| LIT | +0.0088% | −0.0470% | +0.0558% | −$24 |
| NEAR | 0.0000% | +0.0011% | +0.0011% | −$17 |
| XMR | +0.1520% | +0.1085% | +0.0435% | −$78 |
| XRP | +0.0096% | +0.0100% | +0.0004% | −$3 |
| BNB | +0.0096% | +0.0100% | +0.0004% | −$9 |
| PUMP | +0.0064% | +0.0081% | +0.0017% | −$31 |
| XPL | +0.0040% | −0.0711% | +0.0751% | −$28 |
| AAVE | +0.0096% | +0.0031% | +0.0065% | −$58 |
| ZRO | −0.1200% | +0.0100% | +0.1300% | −$61 |
| SUI | 0.0000% | +0.0016% | +0.0016% | −$26 |
| BCH | 0.0000% | −0.0135% | +0.0135% | −$12 |
| MON | +0.0096% | −0.0520% | +0.0616% | −$19 |
| UNI | +0.0096% | −0.0110% | +0.0206% | −$21 |
| ENA | −0.0096% | +0.0100% | +0.0196% | −$18 |
| LINK | +0.0096% | −0.0199% | +0.0295% | −$19 |
Only on Lighter: 143
XAU · SKHYNIX · NAS100 · SOXL · EUR · NATGAS · BZ · SAMSUNG · PAXG · ADA · OPENAI · SP500 · USDKRW · UNITREE · STRC · AERO · DRAM · USDJPY · COIN · GRASS · BMNR · HOOD · LDO · ARB · LITE · PLTR · ETHFI · USDCHF · US10Y · XPD · BABA · CRV · POL · XPT · TRX · CC · STABLECOINX · VIRTUAL · MORPHO · PENDLE · DRV · HBAR · APT · COPPER · EWY · CAP · STONK · STRK · SPX · TRUMP · XLM · MRNA · CBRS · XTEN · OP · WIF · TIA · MET · TSM · SEI · and 83 more
Questions
Is Lighter or Nado cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $7.13 on Nado right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.035%. 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 Nado?
Lighter lists 201 active markets and Nado 73; 68 assets trade on both, 26 of them stocks, commodities or other real-world assets.
Does Lighter or Nado 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. Nado: No ID (card deposits through a third-party on-ramp may ask); the US and Canada are view-only, sanctioned countries blocked.
Can you arbitrage funding between Lighter and Nado?
Yes: 3 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 GOOGL, long on Lighter and short on Nado, with $16 left after costs.
Which is bigger, Lighter or Nado?
24-hour volume: Lighter $2.68B, Nado $399.3M. Open interest as each reports it: $509.5M and $77.3M. Nado reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions Nado's figure reads about twice as large. TVL: $579.7M and $53.8M.