Head to head
the arrow points to the better figure| Lighter | Paradex | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $10.04 |
| $277 | BTC trade, $1M | — |
| $14.8M | ◀BTC book depth | $498K |
| 0.000%/0.000% | ◀Taker / maker | 0.020%/0.000% |
| 50x | Max leverage≈ | 50x |
| Size | ||
| $2.72B | ◀Volume 24h | $11.1M |
| $2.15B | ◀Volume, 7-day average | $8.7M |
| $517.3Mone side | Open interest | $23.9Mlongs + shorts |
| $579.7M | ◀TVL | $21.6M |
| Markets | ||
| 201 | ◀Markets | 62 |
| 96 | ◀Stocks & RWA | 23 |
| 1h | Funding paid every | 8h |
| +0.0096% | BTC funding /8h | +0.0097% |
| +0.682% | BTC longs paid, 30d | +0.706% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | $DIME |
| Season 3 | Airdrop | Active |
Cost to trade BTC
| Size | Lighter | Paradex |
|---|---|---|
| $1k | $0.101.0 bp | $1.0010.0 bp |
| $10k | $1.181.2 bp | $10.0410.0 bp |
| $100k | $15.611.6 bp | $48848.8 bp |
| $1M | $2772.8 bp | — |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 66
funding /8h · Net 7d at $10k| Asset | Lighter | Paradex | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0097% | +0.0001% | −$13 |
| ETH | +0.0096% | +0.0049% | +0.0047% | −$9 |
| SOL | +0.0096% | −0.0008% | +0.0104% | −$147 |
| STRK | +0.0096% | +0.0030% | +0.0066% | −$943 |
| ZEC | +0.0192% | +0.0094% | +0.0098% | −$227 |
| HYPE | +0.0096% | +0.0092% | +0.0004% | −$363 |
| XPL | +0.0096% | +0.0068% | +0.0028% | — |
| PAXG | +0.0096% | +0.0100% | +0.0004% | −$7 |
| BNB | +0.0096% | +0.0099% | +0.0003% | — |
| NEAR | +0.0096% | +0.0071% | — | — |
| UNI | +0.0096% | +0.0082% | — | — |
| LINK | +0.0096% | +0.0037% | — | — |
| LTC | +0.0096% | +0.0047% | — | — |
| PENDLE | +0.0096% | +0.0095% | — | — |
| ENA | +0.0048% | +0.0088% | — | — |
| ADA | +0.0096% | +0.0028% | — | — |
| PUMP | +0.0096% | +0.0093% | — | — |
| LIT | +0.0016% | −0.0006% | — | — |
| DOGE | +0.0096% | +0.0043% | — | — |
| AAVE | +0.0096% | +0.0019% | — | — |
Only on Lighter: 145
QQQ · AAPL · SKHYNIX · ZRO · SPY · WLD · SOXL · ANTHROPIC · AMD · EUR · AMZN · SAMSUNG · OPENAI · SKHY · USDKRW · UNITREE · STRC · USDJPY · COIN · GRASS · BMNR · HOOD · ASTER · USELESS · NBIS · LITE · ARB · PLTR · BCH · USDCHF · SKY · PONS · US10Y · XPD · CRV · BABA · POL · EIGEN · ORCL · STABLECOINX · VIRTUAL · CASHCAT · DRV · HBAR · APT · DELL · FARTCOIN · MEGA · CAP · STONK · SPX · XLM · CBRS · MRNA · XTEN · OP · TIA · WIF · BONK · MET · and 85 more
Only on Paradex: 0
Questions
Is Lighter or Paradex cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $10.04 on Paradex right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.02%. 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 Paradex?
Lighter lists 201 active markets and Paradex 62; 66 assets trade on both, 23 of them stocks, commodities or other real-world assets.
Does Lighter or Paradex 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. Paradex: No ID; not for US or Canadian persons or sanctioned regions, and a VPN around the block is forbidden.
Can you arbitrage funding between Lighter and Paradex?
Not profitably right now: none of the 66 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Lighter or Paradex?
24-hour volume: Lighter $2.72B, Paradex $11.1M. Open interest as each reports it: $517.3M and $23.9M. Paradex reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions Paradex's figure reads about twice as large. TVL: $579.7M and $21.6M.