Lighter vs Ondo Perps
Lighter traded 6.1× Ondo Perps's 24-hour volume ($2.68B vs $442.0M) and holds 6.1× its open interest.
Head to head
the arrow points to the better figure| Lighter | Ondo Perps | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $8.03 |
| $277 | BTC trade, $1M | — |
| $14.8M | ◀BTC book depth | $589K |
| 0.000%/0.000% | ◀Taker / maker | 0.025%/0.010% |
| 50x | ◀Max leverage | 40x |
| Size | ||
| $2.68B | ◀Volume 24h | $442.0M |
| $2.15B | ◀Volume, 7-day average | $283.3M |
| $509.5M | ◀Open interest | $83.3M |
| $579.7M | TVL | — |
| Markets | ||
| 201 | ◀Markets | 77 |
| 96 | ◀Stocks & RWA | 65 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0100% |
| +0.682% | BTC longs paid, 30d | +0.693% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | Active |
Cost to trade BTC
| Size | Lighter | Ondo Perps |
|---|---|---|
| $1k | $0.101.0 bp | $0.808.0 bp |
| $10k | $1.181.2 bp | $8.038.0 bp |
| $100k | $15.611.6 bp | $14014.0 bp |
| $1M | $2772.8 bp | — |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 69
funding /8h · Net 7d at $10k| Asset | Lighter | Ondo Perps | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0100% | +0.0004% | −$14 |
| ETH | +0.0096% | +0.0100% | +0.0004% | −$42 |
| ZEC | +0.0128% | +0.0100% | +0.0028% | −$70 |
| XRP | +0.0096% | +0.0100% | +0.0004% | — |
| HYPE | +0.0096% | +0.0100% | +0.0004% | −$14 |
| SOL | +0.0096% | +0.0100% | +0.0004% | −$38 |
| LIT | +0.0088% | +0.0100% | +0.0012% | — |
| ONDO | −0.0064% | +0.0100% | +0.0164% | −$57 |
| ENA | −0.0096% | +0.0100% | +0.0196% | — |
| PUMP | +0.0064% | +0.0100% | +0.0036% | −$117 |
| NEAR | 0.0000% | +0.0100% | +0.0100% | −$35 |
Only on Lighter: 142
ZRO · BNB · AAVE · XMR · WLD · ANTHROPIC · PAXG · ADA · LINK · XPL · VVV · GRAM · USDKRW · UNI · STRC · SUI · WLFI · LTC · AERO · AVAX · GRASS · LDO · ASTER · DOGE · USELESS · TAO · ARB · ETHFI · BCH · USDCHF · SKY · MON · US10Y · PONS · XPD · CRV · POL · JUP · XPT · EIGEN · TRX · CC · STABLECOINX · VIRTUAL · PEPE · MORPHO · CASHCAT · PENDLE · DRV · HBAR · APT · FARTCOIN · DELL · MEGA · CAP · STONK · STRK · SPX · TRUMP · XLM · and 82 more
Questions
Is Lighter or Ondo Perps cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $8.03 on Ondo Perps 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 Ondo Perps?
Lighter lists 201 active markets and Ondo Perps 77; 69 assets trade on both, 58 of them stocks, commodities or other real-world assets.
Does Lighter or Ondo Perps 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. Ondo Perps: No ID (only third-party fiat on-ramps check identity); not for the US, Canada, Panama, Russia, Ukraine or sanctioned countries.
Can you arbitrage funding between Lighter and Ondo Perps?
Not profitably right now: none of the 69 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Lighter or Ondo Perps?
24-hour volume: Lighter $2.68B, Ondo Perps $442.0M. Open interest as each reports it: $509.5M and $83.3M. TVL: $579.7M and none published.