What LN Markets does

LN Markets is a Bitcoin derivatives trading venue that combines centralized exchange liquidity with instant settlement on the Lightning Network. The platform offers LNM Futures (cash-settled Bitcoin perpetual futures with leverage and funding-rate mechanics) and LNM Options (Bitcoin options with defined expiry), accessed via a self-serve web app at app.lnmarkets.com, native iOS and Android applications, and a REST/WebSocket API with TypeScript and Python SDKs. Account funding occurs through Lightning Network deposits, which the company markets as enabling sub-second settlement and minimal custody versus on-chain Bitcoin or centralized rehypothecation.

The company is incorporated as LNM LLC in St. Vincent and the Grenadines (registered number 2286 LLC 2022) and operates operationally from Paris, France. It is privately held and venture-backed by Ego Death Capital, Lemniscap, Timechain (Concentric.vc), and Fulgur Ventures, with a $3 million round closed in February 2025 led by Concentric/Timechain. Service is restricted in the United States, St. Vincent and the Grenadines, Belarus, Cuba, Iran, Myanmar, North Korea, Russia, Syria, Sudan, Venezuela, Russian-controlled regions of Ukraine, and (potentially) France.

LN Markets monetizes through trading fees on executed positions and through periodic funding-rate payments between long and short counterparties in perpetual futures, with the precise fee schedule referenced (but not publicly disclosed) in the product documentation. The customer base is segmented into retail Bitcoin traders seeking instant settlement and minimal custody, and algorithmic traders/developers who integrate via the API. Go-to-market is product-led and community-driven, anchored by the weekly "Latest Strikes" newsletter, an active Telegram trollbox, an X/Twitter presence, and open-source GitHub repositories. The platform has shipped a steady cadence of feature updates through mid-2026, including a v3.0 frontend redesign in April 2026 and a Stream API in May 2026.

Name

LN Markets

Legal name

LNM LLC

Website

https://lnmarkets.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

LN Markets is a privately held Bitcoin derivatives trading platform built on the Lightning Network, offering cash-settled perpetual futures and options to global retail traders and algorithmic developers via web, mobile, and API.

Ownership category

akta.pro rank

Product category

Bitcoin Derivatives Trading

NAICS

Commodity Contracts Intermediation (523160), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)

akta.pro secondary industries

Perpetual Futures (Perps) Venues & Protocols (FSADAGAA), Options (Vanilla) — Venues, Market Makers & Protocols (FSADAGAC), Derivatives Trading Venues (perps, futures, options) (FSAPADAE)

Keywords

• Bitcoin derivatives trading
• Perpetual futures contracts
• Lightning network trading
• Crypto derivatives exchange
• Algorithmic trading api

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Trading Fees: Fees charged by LN Markets for executing trades on the platform. Fee structure specified in Product Documentation at docs.lnmarkets.com.
2. Funding Rate: Periodic payments exchanged between long and short positions in LNM Futures contracts, calculated as specified in Product Documentation.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

LN Markets operates a Bitcoin derivatives trading exchange platform that combines centralized exchange liquidity with instant settlement via the Lightning Network. The platform offers LNM Futures (perpetual futures contracts with leverage, cash-settled in Bitcoin) and LNM Options (Bitcoin options with defined expiry periods). Users fund accounts instantly through Lightning deposits and trade with minimal custody, executing via a zero-slippage engine that aggregates liquidity from top exchanges.

Product overview

LN Markets operates as a single unified Bitcoin derivatives trading platform offering LNM Futures (perpetual futures contracts with leverage) and LNM Options (Bitcoin options with defined expiry periods). The platform combines centralized exchange liquidity with instant Lightning Network settlement and minimal custody. Access is available via a web interface at lnmarkets.com, mobile applications, and a REST/WebSocket API with TypeScript and Python SDKs. Users can fund accounts instantly via Lightning deposits, trade with leverage, set take-profit/stop-loss orders, and track performance metrics including volume, P&L, win rate, and ROI.

Differentiator

Problem solved

Functional benefit

Products and services

• LNM Futures Bitcoin perpetual futures contracts that allow users to speculate on Bitcoin price movements with leverage. Cash-settled in Bitcoin with periodic funding rate payments exchanged between long and short positions. Designed for individual traders seeking leveraged Bitcoin exposure.
• LNM Options Bitcoin options contracts with defined expiry periods, allowing users to purchase calls, puts, or combined strategies for Bitcoin price speculation. Designed for individual traders seeking options-based exposure to Bitcoin.
• LN Markets Trading Platform Bitcoin derivatives trading platform combining centralized exchange liquidity with instant Lightning Network settlement and Bitcoin-grade security. Features include instant Lightning deposits, leveraged trading, take-profit/stop-loss orders, performance tracking dashboard, and zero-slippage execution. Accessible via web and mobile.
• LN Markets API Programmatic interface providing REST API and WebSocket API access for automated trading, market data retrieval, and account management. Includes TypeScript and Python SDKs. Designed for individual algorithmic traders and developers building personal trading applications.

Quantifiable outcome

• Instant settlement - sats available for trading before market moves

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Deribit: Deribit is the largest Bitcoin options and perpetual futures venue globally. Directly comparable to LN Markets in product set (BTC options + perps) and target customer base of professional crypto derivatives traders, though much larger and more institutional.
• BitMEX: BitMEX pioneered Bitcoin perpetual swaps and remains a BTC-focused derivatives venue. Highly comparable to LN Markets' perpetual futures offering and BTC-native positioning, with a more established but smaller post-2022 user base.
• Bybit: Bybit is a top-three global crypto derivatives exchange with deep BTC perpetual liquidity. Directly competes with LN Markets on the same perpetual futures product and zero-slippage-style execution claims, but at vastly greater scale.
• OKX: OKX operates one of the largest crypto derivatives books globally, including BTC perps and options. Competes with LN Markets on the same products and algorithmic-trader API audience, but as a multi-asset generalist.
• Bitfinex: Bitfinex is a long-standing Bitcoin-heavy exchange with derivatives and margin products, and an early LN Markets investor. Highly comparable on BTC-focused derivatives and professional trader base.
• Kraken Futures (now NinjaTrader): Kraken offers Bitcoin futures and derivatives to a global, compliance-focused user base. Comparable to LN Markets on BTC derivatives products but with a stronger regulatory footprint and broader fiat on-ramps.

Broad incumbents

• Binance Futures: Binance is the dominant crypto exchange globally with the deepest BTC derivatives liquidity. Overlaps with LN Markets on BTC perps/options as part of a much broader product portfolio; not focused on Lightning settlement or Bitcoin-specialist positioning.

Emerging players

• Delta Exchange: Delta Exchange is a mid-sized crypto derivatives venue offering Bitcoin perps and options. Comparable product set to LN Markets but without the Lightning Network settlement angle and with broader alt-coin coverage.
• Hyperliquid: Hyperliquid is a fast-growing on-chain perpetual futures DEX with deep BTC liquidity and an API-first design. Comparable to LN Markets on BTC perps and developer-friendly API, but using an L1/orderbook model rather than Lightning.
• dYdX: dYdX is a decentralized perpetual futures exchange with strong BTC perp volume. Comparable on derivatives product and algorithmic-trader tooling, but decentralized rather than Lightning-settled and with broader asset coverage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/LNMarkets
• GitHubgithub.com/ln-markets
• LinkedInlinkedin.com/company/ln-markets

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds3 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LN Markets