Lighter operates a decentralized derivatives platform built as a zk-rollup on Ethereum, enabling users to trade perpetual futures with cryptographic, on-chain proofs of order matching and settlement. The exchange reports a 30-day perpetual trading volume of $279.5 billion, a 24-hour volume of $10.7 billion, open interest of roughly $1.7 billion, and total value locked of $1.15 billion. Founded by Vladimir Novakovski, Lighter differentiates itself by offering zero fees for retail traders while focusing on low-latency infrastructure for institutional participants. The company intends to expand its product suite by launching new derivatives on multiple blockchains, deepen liquidity pools, and roll out monetization tools for institutional counterparties. Fresh capital will also support a full public launch ahead of an upcoming token generation event. Competing exchanges include Hyperliquid and Aster, highlighting the increasingly competitive market for on-chain derivatives. Lighter’s rapid volume growth underscores its early traction and ambition to become a leading venue for decentralized derivatives trading.

Total raised

$68M

Funding rounds

1

Latest round

Equity

Latest activity

Nov 2025