| FEATURE | LIGHTER | ARCUS |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0% | 0.0225% |
| Maker Fee | 0% | 0% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 211 | 60 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 3.6 |
Lighter vs Arcus: key differences
Opening and closing a $10,000 position with market orders costs $0 on Lighter and $4.50 on Arcus at base-tier taker fees, a difference of $4.50 per round trip.
Lighter lists 211 perpetual markets, Arcus lists 60.
Lighter is the more liquid venue, with $511M in 24-hour volume against $238M on Arcus (about 2.1 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, ETH, XAUT on Lighter and in USDG on Arcus.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Lighter | Arcus | |
|---|---|---|
| Taker round trip on $10,000 | $0 | $4.50 |
| Maker round trip on $10,000 | $0 | $0 |
| Best-tier taker fee | 0.0196% | 0.0095% |
| BTC max leverage | 50x | 40x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $511M | $238M |
| TVL | $768M | $38M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, ETH, XAUT | USDG |
| Deposit networks | Ethereum, Arbitrum One, Base +3 more | Robinhood Chain, Ethereum, Arbitrum +3 more |
| Minimum order | $10 | $5 |
| Order types | 9 | 8 |
| Options | No | No |
| Mobile app | Yes | No |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | Yes | No |
| Audited | Yes | Yes |
| Restricted jurisdictions | 11 | 6 |
| Founded | 2022 | 2026 |
Choose Lighter if
- You mostly use market orders: 0% taker fee against 0.0225% on Arcus.
- You trade smaller or newer markets: 211 perpetual pairs against 60.
- You trade size and need liquidity: $511M in 24-hour volume against $238M.
- You trade from a phone: Lighter has a mobile app.
- You want to post margin in more than one asset.
Choose Arcus if
- Its feature set fits your workflow better; on the measured data points it does not beat Lighter.
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
Arcus
PROS
- + 0% maker and 0.0225% taker fee on perpetuals at the base tier, falling to 0.0095% taker with a 0.003% maker rebate at 3 billion dollars of 30-day volume
- + 30 single-stock perpetuals plus SPY, QQQ, gold, silver, copper, and oil markets trade 24/7 next to 24 crypto perpetuals, all from one USDG balance
- + Spot trading of tokenized stocks costs 0% in fees, and Stock Tokens stay in the user's own wallet
CONS
- − Perpetuals are in beta: new users need a waitlist cohort or a single-use invite code, and the iOS and Android apps were still in pre-order on October 4, 2026
- − Not available in the United States, Canada, or the United Kingdom under the Terms of Use dated May 28, 2026
- − USDG is the only collateral asset, and 54 of the 60 online markets are capped at 20x leverage or less, with most single stocks at 5x or 10x
Frequently Asked Questions
Is Lighter or Arcus better?
Lighter has a higher rating (4.2 vs 3.6). Lighter offers lower fees (0% vs 0.0225%). Choose Lighter for lower fees, and Arcus for its features.
What are the fees on Lighter vs Arcus?
Lighter charges 0% taker / 0% maker. Arcus charges 0.0225% taker / 0% maker for perpetuals.
Which has higher leverage, Lighter or Arcus?
Lighter offers up to 50x, and Arcus offers up to 50x (40x on BTC). Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Lighter and Arcus require KYC?
Lighter does not require KYC. Arcus does not require KYC. Both restrict some jurisdictions (Lighter lists 11; Arcus lists 6), so check the terms of service for your country before depositing.
Is Lighter or Arcus safer?
Lighter has been audited and runs an insurance fund, and custody is non-custodial. Arcus has been audited and has no insurance fund on record here, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, Lighter or Arcus?
Lighter recorded $511M in 24-hour volume and Arcus recorded $238M, as of 2026-10-04. Lighter lists 211 perpetual markets and Arcus lists 60.