| FEATURE | LIGHTER | GRVT |
|---|---|---|
| Type | DEX | HYBRID |
| Taker Fee | 0% | 0.045% |
| Maker Fee | 0% | -0.0001% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 197 | 168 |
| Spot Trading | Yes | No |
| KYC Required | No | No |
| Rating | 4.2 | 4.5 |
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 ~$883M daily perp volume as of July 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 ~$523M (DeFiLlama, July 2026) is well below Hyperliquid's multi-billion-dollar TVL — thinner liquidity depth may mean worse fills for very 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
GRVT
PROS
- + Negative maker fees across all nine tiers, from -0.0001% at Level 1 to -0.003% at Level 9 — makers earn rebates instead of paying to provide liquidity
- + Self-custodial with optional KYC — users can sign up with only an email and trade without identity verification while keeping full control of funds
- + Around 168 perpetual markets spanning crypto and real-world assets, including gold (XAU), oil (WTI), and equities like Tesla, with up to 50x leverage on BTC
CONS
- − Only USDT and USDC accepted as collateral — no BTC, ETH, or multi-collateral margin support
- − Spot and options markets are not yet live — the platform is perpetuals-only, and even gold and stock exposure is traded via perps
- − KYC is still required to claim the upcoming $GRVT airdrop tokens at TGE and to lift the 50,000 USDT/day bridge withdrawal limit
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.