Lighter vs N1
Lighter traded 1053× N1's 24-hour volume ($2.72B vs $2.6M) and holds 604× its open interest.
Head to head
the arrow points to the better figure| Lighter | N1 | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $11.93 |
| $277 | BTC trade, $1M | — |
| $14.8M | ◀BTC book depth | $388K |
| 0.000%/0.000% | ◀Taker / maker | 0.035%/0.010% |
| 50x | Max leverage≈ | 50x |
| Size | ||
| $2.72B | ◀Volume 24h | $2.6M |
| $2.15B | ◀Volume, 7-day average | $2.5M |
| $517.3M | ◀Open interest | $856K |
| $579.7M | TVL | — |
| Markets | ||
| 201 | ◀Markets | 40 |
| 96 | ◀Stocks & RWA | 0 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0064% |
| +0.682% | BTC longs paid, 30d | +0.505% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | — |
Cost to trade BTC
| Size | Lighter | N1 |
|---|---|---|
| $1k | $0.101.0 bp | $1.0610.6 bp |
| $10k | $1.181.2 bp | $11.9311.9 bp |
| $100k | $15.611.6 bp | $24824.8 bp |
| $1M | $2772.8 bp | — |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 39
funding /8h · Net 7d at $10k| Asset | Lighter | N1 | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0096% | +0.0064% | +0.0032% | +$1 |
| ETH | +0.0096% | +0.0064% | +0.0032% | −$7 |
| HYPE | +0.0096% | +0.0216% | +0.0112% | +$6 |
| SOL | +0.0096% | +0.0096% | 0.0000% | −$26 |
| BNB | +0.0096% | +0.0040% | — | — |
| JUP | +0.0096% | +0.0008% | — | — |
| S | +0.0088% | +0.0744% | — | — |
| LIT | +0.0016% | −0.0688% | — | — |
| VVV | +0.0096% | +0.0368% | — | — |
| NEAR | +0.0096% | +0.0112% | — | — |
| AAVE | +0.0096% | −0.0040% | — | — |
| PAXG | +0.0096% | +0.0240% | — | — |
| ZEC | +0.0192% | +0.0208% | — | — |
| MORPHO | +0.0096% | −0.0160% | — | — |
| SUI | +0.0064% | −0.0200% | — | — |
| PUMP | +0.0096% | −0.0080% | — | — |
| XRP | +0.0096% | +0.0112% | — | — |
| ARB | −0.0144% | −0.0216% | — | — |
| ASTER | +0.0096% | +0.0088% | — | — |
| ENA | +0.0048% | −0.0136% | — | — |
Only on Lighter: 172
XAU · QQQ · AAPL · SKHYNIX · GOOGL · SPY · MU · NVDA · XAG · CL · NAS100 · SNDK · CRCL · SOXL · META · ANTHROPIC · AMD · EUR · NATGAS · TSLA · MSFT · BZ · INTC · AMZN · MSTR · SPCX · SAMSUNG · ADA · LINK · SP500 · OPENAI · GRAM · SKHY · USDKRW · UNITREE · STRC · LTC · AVAX · DRAM · USDJPY · COIN · GRASS · BMNR · HOOD · LDO · USELESS · NBIS · LITE · PLTR · ETHFI · BCH · USDCHF · SKY · PONS · US10Y · XPD · CRV · BABA · MRVL · POL · and 112 more
Only on N1: 1
Questions
Is Lighter or N1 cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $11.93 on N1 right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.035%. 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 N1?
Lighter lists 201 active markets and N1 40; 39 assets trade on both.
Does Lighter or N1 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. N1: No ID; closed to residents and citizens of the US, Canada, Russia and sanctioned countries.
Can you arbitrage funding between Lighter and N1?
Yes: 2 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 HYPE, long on Lighter and short on N1, with $6 left after costs.
Which is bigger, Lighter or N1?
24-hour volume: Lighter $2.72B, N1 $2.6M. Open interest as each reports it: $517.3M and $856K. TVL: $579.7M and none published.