Lighter vs TxFlow
Lighter traded 10× TxFlow's 24-hour volume ($1.26B vs $125.2M) and holds 12× its open interest.
Head to head
the arrow points to the better figure| Lighter | TxFlow | |
|---|---|---|
| Trading | ||
| $1.13 | ◀BTC trade, $10k | $9.01 |
| $250 | ◀BTC trade, $1M | $906 |
| $17.6M | BTC book depth▶ | $1.01B |
| 0.000%/0.000% | ◀Taker / maker | 0.045%/0.015% |
| 50x | Max leverage▶ | 75x |
| Size | ||
| $1.26B | ◀Volume 24h | $125.2M |
| $1.37B | ◀Volume, 7-day average | $126.1M |
| $606.9M | ◀Open interest | $52.0M |
| $655.5M | TVL | — |
| Markets | ||
| 196 | Markets▶ | 223 |
| 90 | Stocks & RWA≈ | 94 |
| 1h | Funding paid every | 1h |
| 0.0000% | BTC funding /8h | −0.0024% |
| +0.676% | BTC longs paid, 30d | — |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | Active |
Cost to trade ETH
| Size | Lighter | TxFlow |
|---|---|---|
| $1k | $0.050.5 bp | $0.909.0 bp |
| $10k | $0.730.7 bp | $9.049.0 bp |
| $100k | $16.551.7 bp | $90.369.0 bp |
| $1M | $2432.4 bp | $1,00610.1 bp |
| $5M | $4,2688.5 bp | $7,64815.3 bp |
HYPE funding per day
pair pageSize
daily, last yearVolume by asset class
last yearOn both: 127
funding /8h · Net 7d at $10k| Asset | Lighter | TxFlow | Spread | Net 7d |
|---|---|---|---|---|
| BTC | 0.0000% | −0.0024% | +0.0024% | — |
| ETH | −0.0064% | +0.0034% | +0.0098% | — |
| ZEC | +0.0096% | +0.0100% | +0.0004% | — |
| HYPE | +0.0096% | +0.0100% | +0.0004% | — |
| NEAR | +0.0192% | −0.0092% | +0.0284% | — |
| PUMP | +0.0456% | −0.0127% | +0.0583% | — |
| SOL | +0.0096% | −0.0011% | +0.0107% | — |
| LTC | +0.0096% | −0.0029% | +0.0125% | — |
| XRP | +0.0096% | +0.0089% | +0.0007% | — |
| LIT | +0.0064% | +0.0061% | +0.0003% | — |
| ONDO | +0.0096% | +0.0008% | +0.0088% | — |
| AVAX | +0.0096% | −0.0007% | +0.0103% | — |
| TAO | +0.0096% | −0.0023% | +0.0119% | — |
| ETHFI | +0.0096% | −0.0010% | +0.0106% | — |
| ENA | +0.1200% | −0.0016% | +0.1216% | — |
| STRK | +0.0096% | −0.0033% | +0.0129% | — |
| DOGE | +0.0096% | +0.0100% | +0.0004% | — |
| ASTER | +0.0096% | −0.0213% | +0.0309% | — |
| CC | +0.0096% | −0.0062% | +0.0158% | — |
| AAVE | +0.0096% | +0.0058% | +0.0038% | — |
Only on Lighter: 81
SP500 · NAS100 · SKHYNIXUSD · EUR · SAMSUNGUSD · PAXG · USDCAD · USDCHF · SKHY · STABLECOINX · STRC · USDKRW · US10Y · MEGA · AUD · ORCL · NZDUSD · AI · BB · BABA · GBP · ANSEM · BMNR · SPX · SYRUP · RIVER · PYTH · UNITREE · CHIP · ZK · STABLE · POPCAT · S · 0G · FOLKS · CXMT · STBL · NMR · AZTEC · BOT · TENCENT · FF · BERA · 2Z · CAP · AVNT · FLOKI · DATA · DELL · IWM · APEX · ASML · SMIC · EDGE · PROVE · HYUNDAIUSD · ZORA · ARC · XIAOMI · SKR · and 21 more
Only on TxFlow: 96
XAUT · FET · COMP · INJ · PLUME · BAT · MINA · IMX · SKHYNIX · ETC · ZAMA · UVXY · RENDER · LUNA2 · ATOM · KITE · TQQQ · CAKE · EWJ · COTI · IONQ · JASMY · BAND · MANTA · GAS · SNOW · IREN · MANA · ALICE · CELO · HOT · CELR · NIGHT · SQQQ · MOONSHOT · KLAC · NIL · 1INCH · KAS · CYBER · SMCI · CETUS · CT · TLT · FLOW · DKNG · URNM · API3 · RDDT · ARKM · SAMSUNG · AR · ADBE · CYPH · AXL · APP · CRDO · LRCX · GRT · NEO · and 36 more
Questions
Is Lighter or TxFlow cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.13 on Lighter and $9.01 on TxFlow right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.045%. 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 TxFlow?
Lighter lists 196 active markets and TxFlow 223; 127 assets trade on both, 49 of them stocks, commodities or other real-world assets.
Does Lighter or TxFlow 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. TxFlow: No ID: an email login or an EVM wallet, plus an access or referral code; not for the US, China, Singapore, Canada, the UK or sanctioned countries.
Can you arbitrage funding between Lighter and TxFlow?
Not profitably right now: none of the 127 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Lighter or TxFlow?
24-hour volume: Lighter $1.26B, TxFlow $125.2M. Open interest as each reports it: $606.9M and $52.0M. TVL: $655.5M and none published.