Hyperliquid vs Lighter
Lighter charges zero trading fees on standard accounts and proves its matching with zero-knowledge proofs on Ethereum. Hyperliquid charges fees, but has about 10 times Lighter's open interest and a wider market menu (DefiLlama, 20 Oct 2026).
Side-by-side comparison
| Hyperliquid | Lighter | |
|---|---|---|
| Type / chain | Perp DEX on its own layer-1 chain (HyperCore, with HyperEVM alongside) | Perp and spot DEX on a ZK rollup that settles to Ethereum |
| Custody | Self-custody. Funds sit in your wallet's account on the Hyperliquid L1; USDC usually arrives through the validator-secured Arbitrum bridge | Self-custody, with an escape hatch to Ethereum |
| Identity checks (KYC) | None. Connect an EVM wallet or log in with email | None (terms say only IP addresses are logged) |
| Availability / restrictions | Interface blocks the US (including US citizens abroad), Ontario, Cuba, Iran, North Korea, Syria, Crimea/Donetsk/Luhansk and other sanctioned regions (Terms of Use, 15 Jun 2026) | Terms exclude the US, Canada, UK, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela, Syria and sanctioned regions (Terms, 29 Dec 2025) |
| Fees (base tier, maker / taker) | Perps: 0.015% maker / 0.045% taker at the base tier (14-day volume under $5M). Lower with volume, HYPE staking (5%–40% off) and a referral code (4% off on your first $25M) | Standard accounts: 0% maker / 0% taker (300 ms taker delay). Premium: 0.004% maker / 0.028% taker, with up to 30% off for staking LIT (Lighter docs) |
| Max leverage | 3x to 40x depending on the asset (40x on the largest markets) | Up to 50x (The Defiant, Apr 2026) |
| Markets | 100+ crypto perps, spot pairs, and builder-deployed HIP-3 perps (including stocks and commodities) | Crypto perps, spot, FX, commodities, indices and 24/5 equity perps |
| Execution model | Fully on-chain central limit order book | Order book with zero-knowledge proofs of matching and liquidations |
| Token | HYPE (staking, fee discounts, gas on HyperEVM) | LIT (launched 30 Dec 2025; fee discounts, buyback-and-burn) |
| Recent volume / open interest | $208.6B 30-day perp volume and $7.5B open interest (DefiLlama, 20 Oct 2026). Total OI including HIP-3 reached $14.3B in early September 2026 (The Block, 8 Sep 2026) | $64.5B 30-day reported perp volume and $748M open interest (DefiLlama, 20 Oct 2026) |
Figures checked 20 October 2026. Fees, leverage caps and country rules change often, so confirm on each venue's own fee page and terms before you trade.
Lighter: strengths and weaknesses
Strengths
- Zero fees for standard retail accounts
- Matching and liquidations are verifiable through ZK proofs posted to Ethereum
- Distribution through Robinhood Wallet (since 1 Jul 2026) and Telegram's Wallet
- Repurchased LIT has been burned since June 2026
Weaknesses
- Standard accounts get a 300 ms taker delay, which disadvantages them against faster traders
- Open interest is a fraction of Hyperliquid's ($748M vs $7.5B)
- Longer restricted list than Hyperliquid's, including the UK
- Team and investor LIT tokens start unlocking after a cliff on 27 Dec 2026 (Tokenomist)
Notable events in 2025–2026
- 30 December 2025: LIT launched, with 25% of supply airdropped to 2025 points-season users (The Block).
- April 2026: Telegram's Wallet added perps trading routed through Lighter (The Defiant).
- 1 July 2026: Lighter perps went live in Robinhood Wallet for non-US users. By September, Robinhood order flow was about 17% of Lighter's daily volume (The Defiant, 3 Sep 2026).
- July 2026: 15.6M LIT was burned under the new buyback-and-burn policy.
Which should you choose?
Choose Lighter if you trade small to medium size with market orders, live in a country it serves, and a 300 ms delay doesn't matter to you. Zero fees are hard to beat for that profile. Choose Hyperliquid if you trade larger size, need deep books in less common markets, want HIP-3 markets or vaults, or are in the UK, where Lighter is not available.
On Hyperliquid, a $10,000 round trip at base taker rates costs about $9 before discounts. Check whether wider spreads on a zero-fee venue cost you more than that. Our fee calculator helps you compare.
Ready to trade? Check that Hyperliquid is allowed where you live, then sign up with code POLYGOLD for 4% off trading fees.
Open HyperliquidPerpetual futures with leverage can wipe out your margin quickly. Every venue in this comparison carries its own risks: smart-contract and bridge bugs on DEXs, counterparty and account-freeze risk on centralized exchanges, and liquidation risk everywhere. Only trade where it is legal for you, and read our risk-management guide first.
Frequently asked questions
Is Lighter really free?
For standard accounts, yes: the docs list 0% maker and 0% taker. In return, taker orders and cancels get a 300 ms delay. Premium accounts pay 0.004% maker and 0.028% taker for lower latency.
Which has more liquidity, Lighter or Hyperliquid?
Hyperliquid. On 20 Oct 2026 DefiLlama showed $7.5B of open interest on Hyperliquid versus $748M on Lighter.
Can UK traders use Lighter?
Not according to its terms, which list the UK as restricted. Don't use a VPN to get around this.