Head to head
the arrow points to the better figure| Lighter | QFEX | |
|---|---|---|
| Trading | ||
| $0.64 | BTC trade, $10k | — |
| $483 | BTC trade, $1M | — |
| $23.5M | BTC book depth | — |
| 0.000%/0.000% | ◀Taker / maker | 0.050%/0.020% |
| 50x | ◀Max leverage | 30x |
| Size | ||
| $2.64B | ◀Volume 24h | $540.2M |
| $2.15B | ◀Volume, 7-day average | $400.0M |
| $514.0Mone side | Open interest | $356.2Mlongs + shorts |
| $579.7M | TVL | — |
| Markets | ||
| 201 | Markets▶ | 236 |
| 96 | Stocks & RWA▶ | 225 |
| 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 | — |
Volume by asset class
last 90 daysOn both: 58
funding /8h · Net 7d at $10kOnly on Lighter: 153
BTC · ETH · LIT · SOL · ZEC · HYPE · QQQ · SKHYNIX · NEAR · ZRO · BNB · AAVE · SPY · XMR · XRP · WLD · PUMP · EUR · ENA · SAMSUNG · PAXG · ADA · LINK · XPL · VVV · GRAM · USDKRW · UNITREE · UNI · SUI · WLFI · LTC · AERO · AVAX · USDJPY · GRASS · LDO · ASTER · DOGE · USELESS · TAO · ARB · ETHFI · BCH · USDCHF · SKY · ONDO · MON · PONS · US10Y · XPD · CRV · POL · JUP · XPT · EIGEN · TRX · CC · STABLECOINX · PEPE · and 93 more
Only on QFEX: 167
TLT · SMH · NIKKEI · IBIT · RSP · BRKB · COST · VLO · XLF · ICE · LMT · TMO · ABVX · NEM · GS · IGV · UNH · DLR · ZS · TAIEX · BUG · EQIX · RTX · ZBRA · DUOL · RVMD · CYPH · ILMN · WMT · AKAM · NU · BA · LLY · MXL · FXF · HUBS · NOC · SNOW · NVO · LULU · JPM · VST · EBAY · JBL · CRM · BITU · CRWD · MCD · CAT · XMTR · COPX · NCLD · XLE · LSCC · EWZ · CVNA · TJX · ZROZ · UVXY · HUT · and 107 more
Questions
Which has more markets, Lighter or QFEX?
Lighter lists 201 active markets and QFEX 236; 58 assets trade on both, 58 of them stocks, commodities or other real-world assets.
Does Lighter or QFEX 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. QFEX: No KYC to trade; access is by invite code.
Can you arbitrage funding between Lighter and QFEX?
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 SOXL, long on QFEX and short on Lighter, with $11 left after costs.
Which is bigger, Lighter or QFEX?
24-hour volume: Lighter $2.64B, QFEX $540.2M. Open interest as each reports it: $514.0M and $356.2M. QFEX reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions QFEX's figure reads about twice as large. TVL: $579.7M and none published.