| FEATURE | LIGHTER | PARADEX |
|---|---|---|
| Type | DEX | HYBRID |
| Taker Fee | 0% | 0% |
| Maker Fee | 0% | 0% |
| Max Leverage | 50x | 50x |
| Perp Pairs | 100 | 600 |
| Spot Trading | Yes | Yes |
| 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 ~$3.75-4.58B daily volume as of January 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
- − Only USDC and ETH accepted as collateral — no multi-collateral support like GMX; limited flexibility for users with other assets
Paradex
PROS
- + Zero trading fees for retail users — both maker and taker — on 100+ perpetual futures markets, with pro taker fees at just 0.02%
- + Privacy-preserving trading via zk-encryption hides positions, entries, exits, and PnL from public view, preventing MEV and liquidation sniping
- + 600+ markets spanning perpetual futures, perpetual options, and spot — roughly triple the next competitor's roster
CONS
- − USDC-only collateral — no multi-collateral support, limiting flexibility for traders holding other assets
- − Restricted for US persons, Canadian persons, and sanctioned jurisdictions — VPN usage explicitly prohibited in Terms of Service
- − Minimum order size of $500 on BTC, ETH, and SOL perpetuals ($200 on other markets), higher than many competitors
Frequently Asked Questions
Is Lighter or Paradex better?
Paradex has a higher rating (4.5 vs 4.2). Choose Lighter for its features, and Paradex for its features.
What are the fees on Lighter vs Paradex?
Lighter charges 0% taker / 0% maker. Paradex charges 0% taker / 0% maker for perpetuals.