Head to head
the arrow points to the better figure| Lighter | Reya | |
|---|---|---|
| Trading | ||
| $1.18 | BTC trade, $10k | — |
| $277 | BTC trade, $1M | — |
| $14.8M | BTC book depth | — |
| 0.000%/0.000% | ◀Taker / maker | 0.030%/0.030% |
| 50x | ◀Max leverage | 40x |
| Size | ||
| $2.68B | ◀Volume 24h | $5.6M |
| $2.15B | ◀Volume, 7-day average | $4.7M |
| $509.5Mone side | Open interest | $1.8Mlongs + shorts |
| $579.7M | ◀TVL | $9.9M |
| Markets | ||
| 201 | ◀Markets | 31 |
| 96 | ◀Stocks & RWA | 19 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0206% |
| +0.682% | BTC longs paid, 30d | +0.734% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | $REYA |
| Season 3 | Airdrop | Active |
Cost to trade BTC
| Size | Lighter | Reya |
|---|---|---|
| $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: 34
funding /8h · Net 7d at $10k| Asset | Lighter | Reya | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0206% | +0.0110% | — |
| SOL | +0.0096% | −0.0238% | +0.0334% | — |
| ETH | +0.0096% | +0.0100% | +0.0004% | — |
| HYPE | +0.0096% | +0.0100% | +0.0004% | — |
| AAVE | +0.0096% | +0.0100% | — | — |
| LIT | +0.0088% | +0.0100% | — | — |
| LINK | +0.0096% | −0.0083% | — | — |
| XRP | +0.0096% | −0.0319% | — | — |
| NEAR | 0.0000% | +0.0100% | — | — |
| PUMP | +0.0064% | −0.0641% | +0.0705% | — |
| BNB | +0.0096% | +0.0100% | — | — |
| SUI | 0.0000% | −0.0378% | — | — |
| ENA | −0.0096% | +0.0100% | — | — |
| UNI | +0.0096% | +0.0100% | — | — |
| DOGE | +0.0096% | +0.0100% | — | — |
Only on Lighter: 177
ZEC · SKHYNIX · ZRO · NAS100 · XMR · SNDK · WLD · ANTHROPIC · SOXL · EUR · NATGAS · BZ · SAMSUNG · PAXG · ADA · OPENAI · XPL · SP500 · VVV · GRAM · SKHY · USDKRW · UNITREE · STRC · WLFI · LTC · AERO · AVAX · DRAM · USDJPY · COIN · GRASS · BMNR · LDO · ASTER · USELESS · TAO · ARB · LITE · NBIS · PLTR · ETHFI · BCH · USDCHF · SKY · ONDO · MON · US10Y · PONS · XPD · BABA · CRV · MRVL · POL · JUP · XPT · EIGEN · TRX · CC · STABLECOINX · and 117 more
Only on Reya: 0
Questions
Which has more markets, Lighter or Reya?
Lighter lists 201 active markets and Reya 31; 34 assets trade on both, 19 of them stocks, commodities or other real-world assets.
Does Lighter or Reya 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. Reya: No ID, wallet connect only; Reya publishes no terms or country list.
Can you arbitrage funding between Lighter and Reya?
Not profitably right now: none of the 34 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Lighter or Reya?
24-hour volume: Lighter $2.68B, Reya $5.6M. Open interest as each reports it: $509.5M and $1.8M. Reya reports open interest as the sum of its traders' longs and shorts; Lighter reports one side. For the same positions Reya's figure reads about twice as large. TVL: $579.7M and $9.9M.