Head to head
the arrow points to the better figure| Lighter | RISEx | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $8.36 |
| $277 | ◀BTC trade, $1M | $1,905 |
| $14.8M | ◀BTC book depth | $4.2M |
| 0.000%/0.000% | ◀Taker / maker | 0.030%/0.010% |
| 50x | Max leverage≈ | 50x |
| Size | ||
| $2.69B | ◀Volume 24h | $170.9M |
| $2.15B | ◀Volume, 7-day average | $182.7M |
| $512.3Mone side | Open interest | $75.9Mlongs + shorts |
| $579.7M | ◀TVL | $21.8M |
| Markets | ||
| 201 | ◀Markets | 50 |
| 96 | ◀Stocks & RWA | 26 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0796% |
| +0.682% | BTC longs paid, 30d | +0.824% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | — |
Cost to trade BTC
| Size | Lighter | RISEx |
|---|---|---|
| $1k | $0.101.0 bp | $0.848.4 bp |
| $10k | $1.181.2 bp | $8.368.4 bp |
| $100k | $15.611.6 bp | $83.568.4 bp |
| $1M | $2772.8 bp | $1,90519.0 bp |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 48
funding /8h · Net 7d at $10k| Asset | Lighter | RISEx | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0796% | +0.0700% | −$9 |
| ETH | +0.0096% | +0.1324% | +0.1228% | −$19 |
| HYPE | +0.0096% | +0.1611% | +0.1515% | +$15 |
| ZEC | +0.0216% | +0.2054% | +0.1926% | −$36 |
| SOL | +0.0096% | +0.0752% | +0.0656% | −$18 |
| XRP | +0.0096% | −0.0094% | +0.0190% | −$18 |
| BNB | +0.0096% | +0.0257% | +0.0161% | −$7 |
| XMR | +0.1512% | +0.1045% | +0.0475% | −$85 |
| LIT | +0.0088% | −0.0066% | +0.0154% | −$39 |
| NEAR | +0.0056% | +0.1097% | +0.1097% | −$2 |
| PUMP | +0.0096% | +0.0231% | +0.0167% | −$13 |
| ZRO | −0.1112% | +0.0112% | +0.1312% | −$11 |
| VVV | +0.0072% | −0.0096% | +0.0160% | −$42 |
| WLD | −0.0320% | −0.0322% | +0.0086% | −$13 |
| DOGE | +0.0096% | +0.0064% | +0.0032% | −$22 |
| AERO | +0.0096% | +0.0043% | +0.0053% | −$1 |
| ONDO | 0.0000% | −0.0123% | +0.0059% | −$30 |
| ENA | −0.0032% | +0.0079% | +0.0175% | +$5 |
| AAVE | +0.0096% | −0.0081% | +0.0177% | −$53 |
| TAO | +0.0008% | −0.0025% | +0.0001% | −$33 |
Only on Lighter: 163
AAPL · NAS100 · ANTHROPIC · AMD · EUR · NATGAS · MSFT · AMZN · SAMSUNG · PAXG · ADA · LINK · OPENAI · XPL · SP500 · GRAM · SKHY · USDKRW · UNITREE · UNI · STRC · SUI · WLFI · LTC · AVAX · USDJPY · COIN · GRASS · BMNR · LDO · ASTER · USELESS · NBIS · LITE · PLTR · ETHFI · BCH · USDCHF · SKY · PONS · US10Y · XPD · BABA · CRV · MRVL · POL · JUP · XPT · EIGEN · CC · TRX · STABLECOINX · PEPE · ORCL · VIRTUAL · MORPHO · CASHCAT · DRV · PENDLE · HBAR · and 103 more
Questions
Is Lighter or RISEx cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $8.36 on RISEx right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.03%. 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 RISEx?
Lighter lists 201 active markets and RISEx 50; 48 assets trade on both, 24 of them stocks, commodities or other real-world assets.
Does Lighter or RISEx 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. RISEx: No ID, but mainnet is invite-only; the terms keep a right to KYC and bar the US, UK, Canada, Vietnam and 20 more countries.
Can you arbitrage funding between Lighter and RISEx?
Yes: 4 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 KORU, long on Lighter and short on RISEx, with $20 left after costs.
Which is bigger, Lighter or RISEx?
24-hour volume: Lighter $2.69B, RISEx $170.9M. Open interest as each reports it: $512.3M and $75.9M. RISEx reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions RISEx's figure reads about twice as large. TVL: $579.7M and $21.8M.