Lighter vs Orderly
Lighter traded 31× Orderly's 24-hour volume ($2.68B vs $85.4M) and holds 11× its open interest.
Head to head
the arrow points to the better figure| Lighter | Orderly | |
|---|---|---|
| Trading | ||
| $1.18 | BTC trade, $10k | — |
| $277 | BTC trade, $1M | — |
| $14.8M | BTC book depth | — |
| 0.000%/0.000% | ◀Taker / maker | 0.030%/0.000% |
| 50x | Max leverage▶ | 100x |
| Size | ||
| $2.68B | ◀Volume 24h | $85.4M |
| $2.15B | ◀Volume, 7-day average | $89.9M |
| $510.2M | ◀Open interest | $46.8M |
| $579.7M | ◀TVL | $25.9M |
| Markets | ||
| 201 | ◀Markets | 159 |
| 96 | ◀Stocks & RWA | 57 |
| 1h | Funding paid every | 1h or 4h or 8h |
| +0.0096% | BTC funding /8h | +0.0100% |
| +0.682% | BTC longs paid, 30d | +0.554% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | $ORDER |
| Season 3 | Airdrop | — |
Cost to trade BTC
| Size | Lighter | Orderly |
|---|---|---|
| $1k | $0.101.0 bp | — |
| $10k | $1.181.2 bp | — |
| $100k | $15.611.6 bp | — |
| $1M | $2772.8 bp | — |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 123
funding /8h · Net 7d at $10k| Asset | Lighter | Orderly | Spread | Net 7d |
|---|---|---|---|---|
| ETH | +0.0096% | +0.0100% | +0.0004% | — |
| BTC | +0.0096% | +0.0100% | +0.0004% | — |
| SOL | +0.0096% | +0.0034% | +0.0062% | — |
| ZEC | +0.0128% | +0.0026% | +0.0102% | — |
| BNB | +0.0096% | +0.0100% | +0.0004% | — |
| HYPE | +0.0096% | +0.0100% | +0.0004% | — |
| TRX | −0.0640% | +0.0100% | +0.0740% | — |
| S | −0.0048% | −0.0324% | +0.0276% | — |
| XRP | +0.0096% | +0.0100% | +0.0004% | — |
| DOGE | +0.0096% | +0.0078% | +0.0018% | — |
| RAY | +0.0072% | −0.0179% | +0.0251% | — |
| PUMP | +0.0064% | +0.0007% | — | — |
| ENA | −0.0096% | +0.0093% | +0.0189% | — |
| SUI | 0.0000% | +0.0061% | +0.0061% | — |
| ZRO | −0.1200% | −0.0038% | +0.1162% | — |
| WLD | −0.0408% | −0.0246% | — | — |
| NEAR | 0.0000% | +0.0100% | +0.0100% | — |
| LIT | +0.0088% | −0.0177% | +0.0265% | — |
| HBAR | −0.0472% | +0.0090% | — | — |
| ASTER | +0.0096% | +0.0099% | — | — |
Only on Lighter: 88
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Questions
Which has more markets, Lighter or Orderly?
Lighter lists 201 active markets and Orderly 159; 123 assets trade on both, 50 of them stocks, commodities or other real-world assets.
Does Lighter or Orderly 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. Orderly: No ID (the terms allow checks where applicable); not for US persons or sanctioned countries, and each front end can add rules.
Can you arbitrage funding between Lighter and Orderly?
Not profitably right now: none of the 123 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Lighter or Orderly?
24-hour volume: Lighter $2.68B, Orderly $85.4M. Open interest as each reports it: $510.2M and $46.8M. TVL: $579.7M and $25.9M.