Lighter vs Polymarket Perps
Lighter traded 19× Polymarket Perps's 24-hour volume ($2.68B vs $138.7M) and holds 4.7× its open interest.
Head to head
the arrow points to the better figure| Lighter | Polymarket Perps | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $9.96 |
| $277 | ◀BTC trade, $1M | $1,904 |
| $14.8M | ◀BTC book depth | $2.7M |
| 0.000%/0.000% | ◀Taker / maker | 0.040%/0.013% |
| 50x | Max leverage≈ | 50x |
| Size | ||
| $2.68B | ◀Volume 24h | $138.7M |
| $2.15B | ◀Volume, 7-day average | $76.6M |
| $510.2M | ◀Open interest | $108.4M |
| $579.7M | TVL | — |
| Markets | ||
| 201 | ◀Markets | 90 |
| 96 | ◀Stocks & RWA | 49 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0100% |
| +0.682% | BTC longs paid, 30d | +0.677% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | Not active |
Cost to trade BTC
| Size | Lighter | Polymarket Perps |
|---|---|---|
| $1k | $0.101.0 bp | $0.878.7 bp |
| $10k | $1.181.2 bp | $9.9610.0 bp |
| $100k | $15.611.6 bp | $13113.1 bp |
| $1M | $2772.8 bp | $1,90419.0 bp |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 87
funding /8h · Net 7d at $10k| Asset | Lighter | Polymarket Perps | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0100% | +0.0004% | −$12 |
| ETH | +0.0096% | +0.0100% | +0.0004% | −$2 |
| SOL | +0.0096% | +0.0073% | +0.0023% | −$9 |
| ZEC | +0.0128% | +0.0100% | +0.0028% | −$2 |
| XRP | +0.0096% | −0.0034% | +0.0130% | −$3 |
| HYPE | +0.0096% | +0.0100% | +0.0004% | −$17 |
| XPL | +0.0040% | +0.0001% | +0.0039% | −$23 |
| ENA | −0.0096% | +0.0100% | +0.0196% | −$28 |
| PEPE | +0.0096% | +0.0100% | +0.0004% | −$51 |
| PUMP | +0.0064% | +0.0100% | +0.0036% | −$49 |
| DOGE | +0.0096% | +0.0100% | +0.0004% | −$33 |
| AAVE | +0.0096% | +0.0100% | +0.0004% | −$17 |
| UNI | +0.0096% | +0.0100% | +0.0004% | −$13 |
| ADA | +0.0080% | −0.0377% | +0.0457% | −$36 |
| SUI | 0.0000% | −0.0318% | +0.0318% | −$13 |
| ZRO | −0.1200% | +0.0002% | +0.1202% | −$52 |
| FARTCOIN | +0.0088% | −0.0248% | +0.0336% | −$32 |
| LTC | +0.0096% | +0.0100% | +0.0004% | −$61 |
| LINK | +0.0096% | +0.0100% | +0.0004% | −$6 |
| ARB | −0.0312% | −0.0101% | +0.0211% | −$65 |
Only on Lighter: 124
QQQ · SPY · EUR · NATGAS · PAXG · OPENAI · GRAM · USDKRW · WLFI · AERO · USDJPY · GRASS · BMNR · ASTER · BCH · USDCHF · SKY · MON · US10Y · XPD · CRV · POL · XPT · EIGEN · TRX · CC · STABLECOINX · DRV · HBAR · APT · COPPER · MEGA · CAP · STONK · STRK · SPX · TRUMP · XLM · MRNA · XTEN · OP · WIF · TIA · BONK · MET · SEI · NOW · OURA · CHIP · DOT · SYRUP · PENGU · BB · LINEA · IBM · GMX · PYTH · MNT · FOLKS · S · and 64 more
Questions
Is Lighter or Polymarket Perps cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $9.96 on Polymarket Perps right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.04%. 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 Polymarket Perps?
Lighter lists 201 active markets and Polymarket Perps 90; 87 assets trade on both, 47 of them stocks, commodities or other real-world assets.
Does Lighter or Polymarket 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. Polymarket Perps: No ID for Perps since the beta ended in Sep 2026; orders cannot be placed from the US, Canada or sanctioned countries.
Can you arbitrage funding between Lighter and Polymarket Perps?
Yes: 5 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 STRC, long on Lighter and short on Polymarket Perps, with $67 left after costs.
Which is bigger, Lighter or Polymarket Perps?
24-hour volume: Lighter $2.68B, Polymarket Perps $138.7M. Open interest as each reports it: $510.2M and $108.4M. TVL: $579.7M and none published.