Head to head
the arrow points to the better figure| Lighter | SoDEX | |
|---|---|---|
| Trading | ||
| $1.25 | ◀BTC trade, $10k | $8.13 |
| $413 | ◀BTC trade, $1M | $1,041 |
| $15.1M | ◀BTC book depth | $1.5M |
| 0.000%/0.000% | ◀Taker / maker | 0.040%/0.012% |
| 50x | ◀Max leverage | 40x |
| Size | ||
| $2.72B | ◀Volume 24h | $246.2M |
| $2.15B | ◀Volume, 7-day average | $259.5M |
| $517.8Mone side | Open interest | $291.0Mlongs + shorts |
| $579.7M | ◀TVL | $64.9M |
| Markets | ||
| 201 | ◀Markets | 98 |
| 96 | ◀Stocks & RWA | 44 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0100% |
| +0.682% | BTC longs paid, 30d | +0.579% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | — |
Cost to trade BTC
| Size | Lighter | SoDEX |
|---|---|---|
| $1k | $0.000.0 bp | $0.818.1 bp |
| $10k | $1.251.2 bp | $8.138.1 bp |
| $100k | $17.771.8 bp | $82.278.2 bp |
| $1M | $4134.1 bp | $1,04110.4 bp |
| $5M | $5,20310.4 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 88
funding /8h · Net 7d at $10k| Asset | Lighter | SoDEX | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0100% | +0.0004% | −$10 |
| ETH | +0.0096% | +0.0100% | +0.0004% | −$5 |
| ZEC | +0.0192% | +0.0100% | +0.0092% | −$3 |
| NEAR | +0.0096% | +0.0100% | +0.0004% | −$22 |
| SOL | +0.0096% | +0.0019% | +0.0077% | −$10 |
| DOGE | +0.0096% | +0.0100% | +0.0004% | −$18 |
| HYPE | +0.0096% | +0.0100% | +0.0004% | +$3 |
| SUI | +0.0064% | −0.0069% | +0.0133% | −$28 |
| TRUMP | +0.0096% | +0.0100% | +0.0004% | −$56 |
| ONDO | +0.0096% | +0.0100% | +0.0004% | −$36 |
| BNB | +0.0096% | +0.0100% | +0.0004% | — |
| LTC | +0.0096% | +0.0100% | +0.0004% | — |
| LIT | +0.0016% | +0.0019% | +0.0003% | −$51 |
| ARB | −0.0144% | −0.0037% | +0.0107% | −$26 |
| WLFI | +0.0096% | +0.0100% | — | — |
| PONS | +0.0096% | +0.0100% | +0.0004% | — |
| UNI | +0.0096% | +0.0100% | +0.0004% | $0 |
| BONK | +0.0096% | +0.0100% | — | — |
| AVAX | +0.0096% | +0.0100% | — | — |
| XRP | +0.0096% | +0.0100% | +0.0004% | −$4 |
Only on Lighter: 123
XAU · QQQ · ZRO · SPY · SOXL · ANTHROPIC · EUR · NATGAS · PAXG · OPENAI · VVV · GRAM · USDKRW · STRC · AERO · USDJPY · GRASS · BMNR · LDO · USELESS · TAO · ETHFI · USDCHF · SKY · US10Y · XPD · CRV · BABA · POL · JUP · XPT · EIGEN · CC · STABLECOINX · PENDLE · DRV · DELL · MEGA · CAP · STONK · STRK · SPX · CBRS · XTEN · TIA · MET · SEI · NOW · OURA · CHIP · DOT · SYRUP · BB · LINEA · IBM · GMX · MNT · FOLKS · S · PYTH · and 63 more
Questions
Is Lighter or SoDEX cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.25 on Lighter and $8.13 on SoDEX 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 SoDEX?
Lighter lists 201 active markets and SoDEX 98; 88 assets trade on both, 40 of them stocks, commodities or other real-world assets.
Does Lighter or SoDEX 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. SoDEX: No ID; not for the US, China, Singapore, the UK, Russia or FATF high-risk countries, VPNs forbidden.
Can you arbitrage funding between Lighter and SoDEX?
Yes: 6 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 SNDK, long on Lighter and short on SoDEX, with $39 left after costs.
Which is bigger, Lighter or SoDEX?
24-hour volume: Lighter $2.72B, SoDEX $246.2M. Open interest as each reports it: $517.8M and $291.0M. SoDEX reports open interest as longs plus shorts, both sides of every position; Lighter reports one side. For the same positions SoDEX's figure reads about twice as large. TVL: $579.7M and $64.9M.