| FEATURE | EVEDEX | LIGHTER |
|---|---|---|
| Type | HYBRID | DEX |
| Taker Fee | 0.045% | 0% |
| Maker Fee | 0.015% | 0% |
| Max Leverage | 200x | 50x |
| Perp Pairs | 52 | 211 |
| Spot Trading | No | Yes |
| KYC Required | No | No |
| Rating | 3.9 | 4.2 |
EVEDEX vs Lighter: key differences
Opening and closing a $10,000 position with market orders costs $0 on Lighter and $9.00 on EVEDEX at base-tier taker fees, a difference of $9.00 per round trip.
For limit orders, EVEDEX charges makers 0.015%, while Lighter charges makers nothing.
EVEDEX allows up to 200x leverage against 50x on Lighter. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
Lighter lists 211 perpetual markets, EVEDEX lists 52.
Lighter also has spot trading; EVEDEX is perpetuals only.
EVEDEX is the more liquid venue, with $709M in 24-hour volume against $511M on Lighter. Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Margin is posted in USDT on EVEDEX 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
| EVEDEX | Lighter | |
|---|---|---|
| Taker round trip on $10,000 | $9.00 | $0 |
| Maker round trip on $10,000 | $3.00 | $0 |
| Best-tier taker fee | 0.0225% | 0.0196% |
| BTC max leverage | 200x | 50x |
| Margin modes | cross | cross, isolated |
| 24h volume | $709M | $511M |
| TVL | $4M | $768M |
| Custody | non-custodial | non-custodial |
| Collateral | USDT | USDC, ETH, XAUT |
| Deposit networks | Arbitrum, Base, Eventum (Arbitrum Orbit L3) +2 more | Ethereum, Arbitrum One, Base +3 more |
| Minimum order | $5 | $10 |
| Order types | 5 | 9 |
| Options | No | No |
| Mobile app | Yes | Yes |
| Testnet or demo | Yes | No |
| Vaults or copy trading | Yes | No |
| Insurance fund | Yes | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 6 | 11 |
| Founded | 2024 | 2022 |
Choose EVEDEX if
- You want higher leverage: up to 200x against 50x.
- You trade size and need liquidity: $709M in 24-hour volume against $511M.
Choose Lighter if
- You mostly use market orders: 0% taker fee against 0.045% on EVEDEX.
- You place limit orders: 0% maker fee against 0.015% on EVEDEX.
- You trade smaller or newer markets: 211 perpetual pairs against 52.
- You want spot and perpetuals in one account.
- You want to post margin in more than one asset.
EVEDEX
PROS
- + No blockchain gas fees for trading: orders are matched off-chain and settled on the Eventum L3, and the minimum order value is 5 USDT
- + Up to 200x leverage on BTC, ETH and SOL perpetuals, with base fees of 0.045% taker and 0.015% maker on all 52 markets
- + Non-custodial: funds sit in user-controlled smart accounts and settle on-chain, and no KYC is required to trade
CONS
- − Perpetual futures only (52 pairs): spot is listed as coming soon and there are no options markets
- − Only USDT is accepted as collateral and only cross margin is available; isolated margin is still described as planned in the docs
- − TVL is about 3.7 million dollars on DeFiLlama, far below the largest perpetual DEXs, so large positions can face slippage
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 EVEDEX or Lighter better?
Lighter has a higher rating (4.2 vs 3.9). Lighter offers lower fees (0% vs 0.045%). Choose EVEDEX for higher leverage, and Lighter for lower fees.
What are the fees on EVEDEX vs Lighter?
EVEDEX charges 0.045% taker / 0.015% maker. Lighter charges 0% taker / 0% maker for perpetuals.
Which has higher leverage, EVEDEX or Lighter?
EVEDEX offers up to 200x, and Lighter offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do EVEDEX and Lighter require KYC?
EVEDEX does not require KYC. Lighter does not require KYC. Both restrict some jurisdictions (EVEDEX lists 6; Lighter lists 11), so check the terms of service for your country before depositing.
Is EVEDEX or Lighter safer?
EVEDEX 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, EVEDEX or Lighter?
EVEDEX recorded $709M in 24-hour volume and Lighter recorded $511M, as of 2026-10-04. EVEDEX lists 52 perpetual markets and Lighter lists 211.