| FEATURE | VERANTA | LIGHTER |
|---|---|---|
| Type | DEX | DEX |
| Taker Fee | 0.045% | 0% |
| Maker Fee | 0.001% | 0% |
| Max Leverage | 500x | 50x |
| Perp Pairs | 148 | 211 |
| Spot Trading | No | Yes |
| KYC Required | No | No |
| Rating | 3.5 | 4.2 |
Veranta vs Lighter: key differences
Opening and closing a $10,000 position with market orders costs $0 on Lighter and $9.00 on Veranta at base-tier taker fees, a difference of $9.00 per round trip.
For limit orders, Veranta charges makers 0.001%, while Lighter charges makers nothing.
Veranta allows up to 500x leverage against 50x on Lighter. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
Lighter lists 211 perpetual markets, Veranta lists 148.
Lighter also has spot trading; Veranta is perpetuals only.
Lighter is the more liquid venue, with $511M in 24-hour volume against $50M on Veranta (about 10 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 on Veranta and in USDC, ETH, XAUT on Lighter.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| Veranta | Lighter | |
|---|---|---|
| Taker round trip on $10,000 | $9.00 | $0 |
| Maker round trip on $10,000 | $0.20 | $0 |
| Best-tier taker fee | 0.0315% | 0.0196% |
| BTC max leverage | 500x | 50x |
| Margin modes | isolated | cross, isolated |
| 24h volume | $50M | $511M |
| TVL | $11M | $768M |
| Custody | non-custodial | non-custodial |
| Collateral | USDC | USDC, ETH, XAUT |
| Deposit networks | Base, Ethereum | Ethereum, Arbitrum One, Base +3 more |
| Minimum order | $100 | $10 |
| Order types | 8 | 9 |
| Options | No | No |
| Mobile app | No | Yes |
| Testnet or demo | No | No |
| Vaults or copy trading | No | No |
| Insurance fund | No | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 6 | 11 |
| Founded | 2023 | 2022 |
Choose Veranta if
- You want higher leverage: up to 500x against 50x.
- You want a sign-up discount: 5% off fees through a referral link.
Choose Lighter if
- You mostly use market orders: 0% taker fee against 0.045% on Veranta.
- You place limit orders: 0% maker fee against 0.001% on Veranta.
- You trade smaller or newer markets: 211 perpetual pairs against 148.
- You trade size and need liquidity: $511M in 24-hour volume against $50M.
- You want spot and perpetuals in one account.
- You trade from a phone: Lighter has a mobile app.
Veranta
PROS
- + Zero maker and taker fees on forex, commodities, indices and equities while those markets are in growth mode (spread and funding still apply)
- + Crypto fees of 0.045% taker and 0.001% maker per side, where maker means a trade that reduces open-interest skew
- + Upside Perps on BTC, ETH, SOL, XRP and HYPE: no opening, closing or borrow fees, and traders keep 75% to 95% of profit on winning trades
CONS
- − Deployed on Base only, and USDC is the only accepted collateral
- − Fixed-fee leverage on crypto majors is capped at 50x and altcoins at 40x; higher crypto leverage requires Upside Perps, which take 5% to 25% of profit
- − Profit on a single position is capped at 2500% of collateral on most markets, and positions are liquidated at an 85% loss
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
Frequently Asked Questions
Is Veranta or Lighter better?
Lighter has a higher rating (4.2 vs 3.5). Lighter offers lower fees (0% vs 0.045%). Choose Veranta for higher leverage, and Lighter for lower fees.
What are the fees on Veranta vs Lighter?
Veranta charges 0.045% taker / 0.001% maker. Lighter charges 0% taker / 0% maker for perpetuals.
Which has higher leverage, Veranta or Lighter?
Veranta offers up to 500x, and Lighter offers up to 50x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do Veranta and Lighter require KYC?
Veranta does not require KYC. Lighter does not require KYC. Both restrict some jurisdictions (Veranta lists 6; Lighter lists 11), so check the terms of service for your country before depositing.
Is Veranta or Lighter safer?
Veranta has been audited and has no insurance fund on record here, and custody is non-custodial. Lighter 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, Veranta or Lighter?
Veranta recorded $50M in 24-hour volume and Lighter recorded $511M, as of 2026-10-04. Veranta lists 148 perpetual markets and Lighter lists 211.