| FEATURE | LIGHTER | GRVT |
|---|---|---|
| Type | DEX | HYBRID |
| Taker Fee | 0% | 0.045% |
| Maker Fee | 0% | -0.0001% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 211 | 184 |
| Spot Trading | Yes | Yes |
| KYC Required | No | No |
| Rating | 4.2 | 4.5 |
Lighter vs GRVT: key differences
Opening and closing a $10,000 position with market orders costs $0 on Lighter and $9.00 on GRVT at base-tier taker fees, a difference of $9.00 per round trip.
For limit orders, Lighter charges makers nothing, while GRVT pays makers a 0.0001% rebate.
Lighter lists 211 perpetual markets, GRVT lists 184.
Lighter is the more liquid venue, with $511M in 24-hour volume against $481M on GRVT. 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 USDT, USDC on GRVT.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Lighter | GRVT | |
|---|---|---|
| Taker round trip on $10,000 | $0 | $9.00 |
| Maker round trip on $10,000 | $0 | $0.02 rebate |
| Best-tier taker fee | 0.0196% | 0.024% |
| BTC max leverage | 50x | 50x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $511M | $481M |
| TVL | $768M | $34M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC, ETH, XAUT | USDT, USDC |
| Deposit networks | Ethereum, Arbitrum One, Base +3 more | Ethereum, Arbitrum, Base +4 more |
| Minimum order | $10 | $5 |
| Order types | 9 | 10 |
| 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 | 17 |
| Founded | 2022 | 2022 |
Choose Lighter if
- You mostly use market orders: 0% taker fee against 0.045% on GRVT.
- You trade smaller or newer markets: 211 perpetual pairs against 184.
- You trade size and need liquidity: $511M in 24-hour volume against $481M.
- You want to post margin in more than one asset.
Choose GRVT if
- You place limit orders: makers earn a 0.0001% rebate.
- You want a sign-up discount: 20% off fees through a referral link.
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
GRVT
PROS
- + Negative maker fees on perpetuals across all nine tiers, from -0.0001% at Level 1 to -0.003% at Level 9, so makers receive a rebate on every filled limit order
- + Self-custodial with optional KYC: users can sign up with only an email and trade without identity verification while keeping control of their funds
- + 184 perpetual markets, including 98 equity and index markets and 8 commodity markets such as gold (XAU) and crude oil, with up to 50x leverage on BTC and ETH
CONS
- − Only USDT and USDC are accepted as collateral; unified multi-collateral margin is targeted for Q4 2026 in the GRVT litepaper
- − Spot trading is limited to two pairs (GRVT/USDT and USDC/USDT), and options and dated futures are not available
- − Leverage is capped at 10x on 172 of the 184 perpetual markets; 50x applies only to BTC and ETH positions under 600,000 USD notional
Frequently Asked Questions
Is Lighter or GRVT better?
GRVT has a higher rating (4.5 vs 4.2). Lighter offers lower fees (0% vs 0.045%). Choose Lighter for lower fees, and GRVT for its features.
What are the fees on Lighter vs GRVT?
Lighter charges 0% taker / 0% maker. GRVT charges 0.045% taker / -0.0001% maker for perpetuals.
Which has higher leverage, Lighter or GRVT?
Lighter offers up to 50x, and GRVT offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Lighter and GRVT require KYC?
Lighter does not require KYC. GRVT does not require KYC. Both restrict some jurisdictions (Lighter lists 11; GRVT lists 17), so check the terms of service for your country before depositing.
Is Lighter or GRVT safer?
Lighter has been audited and runs an insurance fund, and custody is non-custodial. GRVT 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 GRVT?
Lighter recorded $511M in 24-hour volume and GRVT recorded $481M, as of 2026-10-04. Lighter lists 211 perpetual markets and GRVT lists 184.