| FEATURE | AEVO | LIGHTER |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.08% | 0% |
| Maker Fee | 0.05% | 0% |
| Max Leverage | 20x | 50x |
| Perp Pairs | 102 | 211 |
| Spot Trading | No | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 4.2 |
Aevo vs Lighter: key differences
Opening and closing a $10,000 position with market orders costs $0 on Lighter and $16.00 on Aevo at base-tier taker fees, a difference of $16.00 per round trip.
For limit orders, Aevo charges makers 0.05%, while Lighter charges makers nothing.
Lighter allows up to 50x leverage against 20x on Aevo. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
Lighter lists 211 perpetual markets, Aevo lists 102.
Lighter also has spot trading; Aevo is perpetuals only.
Lighter is the more liquid venue, with $511M in 24-hour volume against $2M on Aevo (about 256 times more). Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Margin is posted in USDC, USDT, aeUSD, ETH +2 more on Aevo and in USDC, ETH, XAUT on Lighter.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Aevo | Lighter | |
|---|---|---|
| Taker round trip on $10,000 | $16.00 | $0 |
| Maker round trip on $10,000 | $10.00 | $0 |
| Best-tier taker fee | 0.064% | 0.0196% |
| BTC max leverage | 20x | 50x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $2M | $511M |
| TVL | $15M | $768M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, USDT, aeUSD, ETH +2 more | USDC, ETH, XAUT |
| Deposit networks | Ethereum, Arbitrum, Base +1 more | Ethereum, Arbitrum One, Base +3 more |
| Minimum order | $10 | $10 |
| Order types | 7 | 9 |
| Options | Yes | No |
| Mobile app | Yes | Yes |
| Testnet or demo | Yes | No |
| Vaults or copy trading | No | No |
| Insurance fund | Yes | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 18 | 11 |
| Founded | 2022 | 2022 |
Choose Aevo if
- You trade options as well as perpetuals.
- You want a sign-up discount: 10% off fees through a referral link.
Choose Lighter if
- You mostly use market orders: 0% taker fee against 0.08% on Aevo.
- You place limit orders: 0% maker fee against 0.05% on Aevo.
- You want higher leverage: up to 50x against 20x.
- You trade smaller or newer markets: 211 perpetual pairs against 102.
- You trade size and need liquidity: $511M in 24-hour volume against $2M.
- You want spot and perpetuals in one account.
Aevo
PROS
- + Options order book on BTC, ETH, SOL and HYPE next to 102 perpetual markets, all under one margin account with optional portfolio margin
- + 47 real-world asset perpetuals (US stocks, ETFs, gold, silver, oil, FX and pre-IPO names such as OpenAI) in addition to 55 crypto pairs
- + No KYC: trading starts after connecting an EVM wallet, and the exchange is non-custodial with settlement on the Aevo rollup
CONS
- − Maximum 20x leverage, and only on BTC, ETH, SOL, HYPE and ZEC; the other 97 perpetual markets are capped at 10x or 3x, far below GMX (100x) or Avantis (500x)
- − Base perpetual fees of 0.08% taker and 0.05% maker are higher than on Hyperliquid (0.045% taker), and makers pay a fee instead of getting a rebate
- − Low liquidity: about 2 million dollars of 24h perpetual volume and about 15 million dollars of TVL, which means thin order books on smaller pairs
Lighter
PROS
- + Zero maker and taker fees for standard accounts on perpetual and spot markets; premium accounts pay 0.004% maker and 0.028% taker, falling to 0.0028% and 0.0196% with 500,000 LIT staked (30% discount)
- + Every order match, liquidation, and settlement is proven with ZK circuits on Lighter's own Ethereum rollup, and nine audit reports for the contracts and circuits are published in the docs
- + 211 active perpetual markets and 10 spot pairs (October 2026), with up to 50x leverage on BTC, ETH, EURUSD, GBPUSD, USDJPY, SPY, and US500
CONS
- − Restricted in the US, Canada, the UK, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela, and Syria under the Terms of Service dated December 29, 2025, a list that includes the UK and Canada
- − Standard accounts trade free but with 300ms taker and cancel latency; the 140ms taker latency requires a premium account that pays 0.028% taker
- − Margin collateral beyond USDC is limited to ETH and XAUT at a 70% loan-to-value ratio, with per-user caps of 2,000 ETH and 500 XAUT
Frequently Asked Questions
Is Aevo or Lighter better?
Both exchanges are rated 4.2. Lighter offers lower fees (0% vs 0.08%). Choose Aevo for its features, and Lighter for lower fees.
What are the fees on Aevo vs Lighter?
Aevo charges 0.08% taker / 0.05% maker. Lighter charges 0% taker / 0% maker for perpetuals.
Which has higher leverage, Aevo or Lighter?
Aevo offers up to 20x, and Lighter offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Aevo and Lighter require KYC?
Aevo does not require KYC. Lighter does not require KYC. Both restrict some jurisdictions (Aevo lists 18; Lighter lists 11), so check the terms of service for your country before depositing.
Is Aevo or Lighter safer?
Aevo has been audited and runs an insurance fund, and custody is non-custodial. Lighter has been audited and runs an insurance fund, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, Aevo or Lighter?
Aevo recorded $2M in 24-hour volume and Lighter recorded $511M, as of 2026-10-04. Aevo lists 102 perpetual markets and Lighter lists 211.