| FEATURE | LIGHTER | DYDX |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0% | 0.05% |
| Maker Fee | 0% | 0.01% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 211 | 73 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 4.0 |
Lighter vs dYdX: key differences
Opening and closing a $10,000 position with market orders costs $0 on Lighter and $10.00 on dYdX at base-tier taker fees, a difference of $10.00 per round trip.
For limit orders, Lighter charges makers nothing, while dYdX charges makers 0.01%.
Lighter lists 211 perpetual markets, dYdX lists 73.
Lighter is the more liquid venue, with $511M in 24-hour volume against $3M on dYdX (about 170 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 USDC on dYdX.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Lighter | dYdX | |
|---|---|---|
| Taker round trip on $10,000 | $0 | $10.00 |
| Maker round trip on $10,000 | $0 | $2.00 |
| Best-tier taker fee | 0.0196% | 0.025% |
| BTC max leverage | 50x | 50x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $511M | $3M |
| TVL | $768M | $108M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, ETH, XAUT | USDC |
| Deposit networks | Ethereum, Arbitrum One, Base +3 more | Ethereum, Arbitrum, Optimism +6 more |
| Minimum order | $10 | $1 |
| Order types | 9 | 6 |
| Options | No | No |
| Mobile app | Yes | Yes |
| Testnet or demo | No | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | Yes | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 11 | 16 |
| Founded | 2022 | 2017 |
Choose Lighter if
- You mostly use market orders: 0% taker fee against 0.05% on dYdX.
- You place limit orders: 0% maker fee against 0.01% on dYdX.
- You trade smaller or newer markets: 211 perpetual pairs against 73.
- You trade size and need liquidity: $511M in 24-hour volume against $3M.
- You want to post margin in more than one asset.
Choose dYdX 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
dYdX
PROS
- + Base tier perpetuals fees of 0.05% taker and 0.01% maker, falling to 0.025% taker and a -0.011% maker rebate at 200 million USD of 30-day volume
- + Staking discount on trading fees: 3,000 staked DYDX cuts base tier fees by 25%, and 20,000 staked DYDX cuts them by 50%
- + Onchain governance by DYDX token holders controls fees, market listings and rewards, with 75% of protocol fees directed to DYDX buybacks
CONS
- − Low liquidity in 2026: 24-hour perpetuals volume was about 3 million USD on October 4, 2026, and the active market count fell from 114 to 73 in three months as governance wound down low-activity markets
- − 50x leverage is available only on BTC and ETH; SOL is capped at 20x and the other 70 markets at 5x or 10x
- − Perpetuals are restricted in the US, UK and Canada, so US traders can only use the Solana spot product
Frequently Asked Questions
Is Lighter or dYdX better?
Lighter has a higher rating (4.2 vs 4). 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.
Which has higher leverage, Lighter or dYdX?
Lighter offers up to 50x, and dYdX offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Lighter and dYdX require KYC?
Lighter does not require KYC. dYdX does not require KYC. Both restrict some jurisdictions (Lighter lists 11; dYdX lists 16), so check the terms of service for your country before depositing.
Is Lighter or dYdX safer?
Lighter has been audited and runs an insurance fund, and custody is non-custodial. dYdX 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, Lighter or dYdX?
Lighter recorded $511M in 24-hour volume and dYdX recorded $3M, as of 2026-10-04. Lighter lists 211 perpetual markets and dYdX lists 73.