Head to head
the arrow points to the better figure| Lighter | Paragon | |
|---|---|---|
| Trading | ||
| $1.18 | BTC trade, $10k | — |
| $277 | BTC trade, $1M | — |
| $14.8M | BTC book depth | — |
| 0.000%/0.000% | ◀Taker / maker | 0.009%/0.003% |
| 50x | ◀Max leverage | 20x |
| Size | ||
| $2.68B | ◀Volume 24h | $9.5M |
| $2.15B | ◀Volume, 7-day average | $5.0M |
| $509.5Mone side | Open interest | $15.1Mlongs + shorts |
| $579.7M | TVL | — |
| Markets | ||
| 201 | ◀Markets | 33 |
| 96 | ◀Stocks & RWA | 32 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | — |
| +0.682% | BTC longs paid, 30d | — |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | — |
DRV funding per day
pair pageVolume by asset class
last 90 daysOn both: 7
funding /8h · Net 7d at $10k| Asset | Lighter | Paragon | Spread | Net 7d |
|---|---|---|---|---|
| DRV | +0.0096% | −0.0607% | +0.0703% | −$471 |
Only on Lighter: 204
BTC · ETH · LIT · ZEC · SOL · HYPE · XAU · QQQ · AAPL · SKHYNIX · NEAR · GOOGL · ZRO · BNB · AAVE · SPY · MU · NVDA · XAG · NAS100 · XMR · CL · SNDK · XRP · WLD · CRCL · META · ANTHROPIC · PUMP · AMD · SOXL · EUR · ENA · NATGAS · TSLA · MSFT · BZ · AMZN · INTC · MSTR · SPCX · SAMSUNG · PAXG · ADA · LINK · OPENAI · XPL · SP500 · VVV · GRAM · SKHY · USDKRW · UNI · STRC · SUI · WLFI · LTC · AERO · AVAX · DRAM · and 144 more
Questions
Which has more markets, Lighter or Paragon?
Lighter lists 201 active markets and Paragon 33; 7 assets trade on both, 6 of them stocks, commodities or other real-world assets.
Does Lighter or Paragon 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. Paragon: No ID, traded through Hyperliquid front ends; not for US persons or a long list of restricted countries, VPNs forbidden.
Can you arbitrage funding between Lighter and Paragon?
Yes: 1 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 UNITREE, long on Paragon and short on Lighter, with $151 left after costs.
Which is bigger, Lighter or Paragon?
24-hour volume: Lighter $2.68B, Paragon $9.5M. Open interest as each reports it: $509.5M and $15.1M. Paragon reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions Paragon's figure reads about twice as large. TVL: $579.7M and none published.