What is Lighter?
#3Lighter is a decentralized exchange (DEX) built as a zero-knowledge (ZK) rollup on Ethereum, designed to deliver the performance of a centralized exchange with the security guarantees of on-chain settlement. Founded in 2022 by Vladimir Novakovski — a former Citadel engineer and founder of the AI-driven social network Lunchclub — Lighter operates as a Central Limit Order Book (CLOB) exchange with millisecond latency. The platform's custom ZK circuit handles high-performance order matching and liquidations directly on-chain, while an "Escape Hatch" mechanism guarantees users can always withdraw assets directly on Ethereum even in the event of sequencer failure. This non-custodial architecture ensures users retain full ownership of their funds at all times. Lighter offers perpetual futures, spot trading, and Real World Asset (RWA) markets including commodities (Gold), equities, and fixed income instruments. The exchange recently integrated with Telegram's Wallet, enabling perpetual futures trading for millions of users. Retail traders benefit from a zero-fee trading environment. Lighter has attracted backing from top-tier venture capital firms including a16z (Founders Fund), Lightspeed, Robinhood, Coinbase Ventures, Ribbit Capital, and Haun Ventures. By late 2025, the exchange reached a $1.5 billion valuation with TVL surpassing $816 million. The native Lighter Infrastructure Token (LIT) enables staking for premium features, governance, and ecosystem incentives.
Live Statistics
24h Volume
$1.36B
-10.39%7d Volume
$9.99B
-5.08%30d Volume
$40.55B
+41.04%Open Interest
$675.79M
Market Share
7.21%
Markets
155
Weekly Visits
172,863
Rank
#3
How does Lighter work?
Lighter combines AMM liquidity pools with an order book layer, giving traders the flexibility of passive liquidity provision alongside active order management. This hybrid approach aims to minimize slippage for large trades while maintaining deep liquidity for common pairs.
Key Features
Non-Custodial
You control your private keys. Funds never leave your wallet until a trade is executed on-chain.
Hybrid Architecture
Hybrid model combining AMM pools with order book functionality for maximum flexibility.
1 Network
Available on Multi-chain.
Transparent Fees
Maker: 0.000% · Taker: 2.000%. All fees are visible on-chain.
155 Markets
Lighter offers 155 trading markets across derivatives instruments.
Open Access
No KYC required. Connect any compatible wallet and start trading immediately from any jurisdiction.
Open Interest — 30-Day History
Avg OI (30d)
$701.51M
Peak OI (30d)
$734.77M
Low OI (30d)
$673.55M
Daily open interest over the last 30 days · Lighter
Frequently Asked Questions
What is Lighter?
Lighter is a decentralized exchange (DEX) built as a zero-knowledge (ZK) rollup on Ethereum, designed to deliver the performance of a centralized exchange with the security guarantees of on-chain settlement. Founded in 2022 by Vladimir Novakovski — a former Citadel engineer and founder of the AI-driven social network Lunchclub — Lighter operates as a Central Limit Order Book (CLOB) exchange with millisecond latency. The platform's custom ZK circuit handles high-performance order matching and liquidations directly on-chain, while an "Escape Hatch" mechanism guarantees users can always withdraw assets directly on Ethereum even in the event of sequencer failure. This non-custodial architecture ensures users retain full ownership of their funds at all times. Lighter offers perpetual futures, spot trading, and Real World Asset (RWA) markets including commodities (Gold), equities, and fixed income instruments. The exchange recently integrated with Telegram's Wallet, enabling perpetual futures trading for millions of users. Retail traders benefit from a zero-fee trading environment. Lighter has attracted backing from top-tier venture capital firms including a16z (Founders Fund), Lightspeed, Robinhood, Coinbase Ventures, Ribbit Capital, and Haun Ventures. By late 2025, the exchange reached a $1.5 billion valuation with TVL surpassing $816 million. The native Lighter Infrastructure Token (LIT) enables staking for premium features, governance, and ecosystem incentives.
How does Lighter work?
Lighter combines elements of AMM liquidity pools and order book trading to offer flexible execution for both retail and institutional traders.
What are the trading fees on Lighter?
Lighter charges a maker fee of 0.000% and a taker fee of 2.000%. Fee structures may vary by trading pair, volume tier, or token holdings.
Is Lighter safe to use?
Lighter is a non-custodial decentralized exchange, meaning users retain control of their private keys and funds at all times. Smart contract risk is inherent in all DeFi protocols — always review audits and use appropriate position sizes.
Which blockchains does Lighter support?
Lighter operates on Multi-chain. Multi-chain support allows users to trade assets native to each supported chain without bridging.
When was Lighter launched?
Lighter was launched in 2022. Since then it has grown to offer 155 trading markets with $1.36B in 24-hour trading volume.
