| FEATURE | LIGHTER | DYDX |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0% | 0.05% |
| Maker Fee | 0% | 0.01% |
| Max Leverage | 50x | 20x |
| Perp Pairs | 100 | 120 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 4.3 |
Lighter
PROS
- + Zero trading fees for standard accounts — all retail makers and takers trade free; premium accounts pay only 0.004% maker / 0.028% taker with up to 30% discount via LIT staking (maker fees as low as 0.0028%, taker as low as 0.0196% at max tier)
- + ZK-proof verified trading: every order match, liquidation, and settlement is cryptographically proven via custom ZK circuits — no other perp DEX offers this level of on-chain verifiability
- + Massive trading volume: $232B in 30-day volume before TGE and ~$1.1B daily perp volume as of mid-2026, making it one of the deepest liquidity pools for perp trading
CONS
- − Restricted in US, Canada, UK, China, Russia, Ukraine, North Korea, Cuba, Iran, Venezuela, and Syria — a broader exclusion list than most perp DEXs including the UK
- − TVL of ~$1-2B is significantly lower than Hyperliquid's $4B+ as of early 2026 — lower liquidity depth may mean worse fills for large orders
- − Multi-asset margin is still early — only USDC and ETH are accepted as collateral, with broader asset support rolling out gradually; less flexible than GMX for users holding other tokens
dYdX
PROS
- + Competitive perpetuals taker fee of 0.05% at base tier with maker rebates rewarding liquidity providers, plus zero-fee periods on BTC and SOL markets and a Surge program offering 50% fee rebates
- + Fully decentralized governance — all protocol parameters including fees, market listings, and rewards are controlled by DYDX token holders through onchain voting
- + No KYC required — non-custodial trading via wallet connection with full onchain transparency on the dYdX Cosmos appchain
CONS
- − Maximum leverage capped at 20x — significantly lower than competitors like Hyperliquid (50x) or GMX (100x) on major pairs
- − Perpetuals remain restricted in the US, UK, and Canada — US traders can only access the new Solana spot product, not derivatives
- − USDC-only collateral with no multi-collateral support — traders cannot use BTC, ETH, or other assets as perpetual margin
Frequently Asked Questions
Is Lighter or dYdX better?
dYdX has a higher rating (4.3 vs 4.2). Lighter offers lower fees (0% vs 0.05%). Choose Lighter for lower fees, and dYdX for its features.
What are the fees on Lighter vs dYdX?
Lighter charges 0% taker / 0% maker. dYdX charges 0.05% taker / 0.01% maker for perpetuals.