Lighter
Lighter (Elliot Technologies, Inc.) is a decentralized perpetual futures exchange built on a custom ZK rollup on Ethereum Layer 2, offering zero-fee retail trading and competitive API fees to HFT, institutional, and integrator clients across crypto, US equity, and pre-IPO perpetuals.
- Company typePrivate
- Founded2022
- HeadquartersMiami, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Lighter does
Lighter, legally Elliot Technologies, Inc. and headquartered in Miami, Florida, operates a decentralized perpetual futures and spot exchange built on a custom zero-knowledge rollup on Ethereum Layer 2. The protocol's architecture consists of an off-chain matching engine, risk engine, executor, and batch prover, with final settlement and proof verification occurring on Ethereum. Lighter reports processing 10,000+ orders per second at millisecond latency and up to 500 million orders per day at a cost under $50,000, while generating ZK proofs of every match and liquidation that are publicly verifiable on Ethereum. Public mainnet launched October 1, 2025 after eight months of private testing, reaching $1 billion in TVL within four days.
The platform serves four primary customer segments: retail crypto traders (offered zero-fee trading via the web app at app.lighter.xyz, iOS, and Android), high-frequency and algorithmic API traders (charged competitive maker/taker fees via REST/WebSocket APIs and Python/Go SDKs), professional market makers and liquidity providers (enrolled in the Liquidity Partner and Public Pools/LLP programs), and third-party integrators (wallets, brokers, and apps building on Lighter via the Partner Attribution Program, including Wallet in Telegram and NOW Wallet). Revenue mechanics include trading fees from HFT/API users, partner attribution fees from integrators (up to 10 bps on perps, 1% on spot), operator fees on Public Pools, LIT token buybacks tied to platform revenue, and a $920 million revenue-sharing agreement with Circle covering USDC reserves. The product surface extends beyond crypto perpetuals into 24/5 US equity perpetuals and pre-IPO perps (OpenAI, SpaceX, Anthropic, Quantinuum) via Chainlink Data Streams, with multi-chain USDC deposits via Circle CCTP.
Lighter has raised approximately $89 million across two disclosed rounds — $21 million in early 2024 (Craft Ventures and Haun Ventures co-led) and $68 million in November 2025 at a $1.5 billion valuation co-led by Founders Fund and Ribbit Capital with participation from Haun Ventures, Robinhood, a16z, Coinbase, Dragonfly, Coatue, and others. The company launched its native LIT token on December 30, 2025 at a $2.7 billion fully diluted valuation with 25.9% circulating float and a $675 million airdrop, and was profiled by 21shares as one of three leading perpetual DEXs alongside Hyperliquid and Aster in Q4 2025, briefly leading the segment in weekly volume. Service is geo-restricted under the Terms of Service from the US, Canada, UK, China, Russia, Iran, and several other jurisdictions despite the protocol's decentralized nature.
Lighter firmographics
Firmographics- Name
- Lighter
- Legal name
- Elliot Technologies, Inc.
- Website
- https://lighter.xyz
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Lighter (Elliot Technologies, Inc.) is a decentralized perpetual futures exchange built on a custom ZK rollup on Ethereum Layer 2, offering zero-fee retail trading and competitive API fees to HFT, institutional, and integrator clients across crypto, US equity, and pre-IPO perpetuals.
- Ownership category
- akta.pro rank
Lighter industry classification
Industry- Product category
- Decentralized Cryptocurrency Exchange
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Decentralized Derivatives (perps, options, futures, synthetics) (FSAPAEAC)
- akta.pro secondary industries
- Derivatives Trading Venues (perps, futures, options) (FSAPADAE), Perpetual Futures (Perps) Venues & Protocols (FSADAGAA), Liquidations, Insurance Funds & Backstop Liquidity Mechanisms (FSADAGAL)
Keywords
Where Lighter is headquartered
LocationHeadquarters
- HQ city
- Miami
- HQ country
- United States
- HQ region
- North America
Markets served
Lighter business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Trading Fees (Maker/Taker): Zero-fee trading for retail users; competitive fees for high-frequency API users, market makers, and institutional traders. Fees are charged on a per-market maker/taker basis as described in the API orderBooks metadata.
- USDC Reserve Interest Revenue-Sharing (Circle): $920 million revenue-sharing agreement with Circle under which interest income generated from Circle's USDC reserves deposited on Lighter's platform is shared between the two parties, providing Lighter access to a steady yield revenue stream to fund user incentives and platform features.
- Public Pool / LLP Operator Fees: Public pools (including the Lighter Liquidity Provider / LLP insurance fund) support an operator fee on assets and yield generation that flows to the platform, with USDC-based share accounting.
- Token Buybacks (LIT): Lighter introduced its native LIT token and launched token buybacks following the $68M funding round, with buyback flow tied to platform revenue as a value-transfer mechanism to token holders.
- Integrator / Partner Attribution Fees: Third-party integrators building on Lighter via the Partner Attribution Program may configure fees on both spot and perpetual markets (up to 10 bps on perps and up to 1% on spot), with user approval required; these fees flow through the platform's fee accounting.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Retail: Zero-fee trading |
| Usage-based | Pay-as-you-go | HFT / API: Competitive maker/taker fees per market |
| Transaction based/ take rate | Pay-as-you-go | Partner / Integrator fees (Partner Attribution Program) |
| Other | Pay-as-you-go | Public Pool / LLP operator fees |
Go-to-market motion5 records
Distribution channels6 records
Marketing channels8 records
Lighter product offering
Product offeringCore offering
Lighter operates a decentralized perpetual futures and spot cryptocurrency exchange built on a custom zero-knowledge rollup on Ethereum Layer 2. The platform offers zero-fee retail trading through a web interface and iOS/Android apps, competitive maker/taker fees for API/HFT users, and lets third-party integrators embed its matching engine via a Partner Attribution Program. It supports spot trading, perpetual futures, pre-IPO perpetuals (OpenAI, SpaceX, Anthropic, Quantinuum), and 24/5 US equity perpetuals priced via Chainlink Data Streams, with USDC deposits across Arbitrum, Base, and Avalanche via Circle CCTP.
Product overview
Lighter operates as a platform-plus-modules architecture: the core is the Lighter Protocol, a custom zero-knowledge rollup (zkLighter) deployed on Ethereum Layer 2 that powers the Lighter Exchange (lighter.exchange) and the Lighter Mobile App as user-facing entry points. On top of this core, Lighter offers a set of modules: the Lighter API and SDK (with Python and Go clients) for programmatic access, Public Pools (Lighter Liquidity Pool) for passive liquidity provision, perpRFQ for large-size Request-for-Quote trades, the Lighter Points Program and Liquidity Partner Program for incentives, and the LIT (Lighter Infrastructure Token) as the ecosystem and governance token.
Differentiator
Problem solved
Functional benefit
Brands
- LIT (Lighter Infrastructure Token): Native utility and infrastructure token of the Lighter protocol, supporting access, incentives, and alignment across the Lighter ecosystem. Launched on December 30, 2025.
- Lighter Liquidity Provider (LLP)
Products and services
- Lighter Exchange Flagship decentralized exchange interface (lighter.exchange and app.lighter.xyz) offering perpetual and spot crypto trading with a matching engine running on a custom ZK rollup. Targets retail users with zero-fee trading and high-frequency traders via a public API.
- Lighter Mobile App Native iOS and Android application providing on-the-go access to Lighter's perpetual and spot markets, portfolio management, and trading. Distributed via the Apple App Store and Google Play under the Lighter Mobile App branding.
- Lighter API and SDK Public REST and WebSocket APIs with official Python (lighter-sdk) and Go (lighter-go) SDKs, enabling programmatic trading, account management, and market data access. Supports sub-accounts, up to 256 API keys per account, and AWS Tokyo ap-northeast-1a co-location guidance for low-latency trading.
- LIT (Lighter Infrastructure Token) Native utility and governance token of the Lighter ecosystem, used for ecosystem incentives, fee credits, airdrops, and value capture via token buybacks tied to platform revenue.
- Public Pools (Lighter Liquidity Pool / LLP) Pooled liquidity program that lets users deposit assets into up to 6 public pools per L1 address to provide liquidity to Lighter's perpetual order books and earn a share of protocol revenue. The Lighter Liquidity Provider (LLP) pool functions as the protocol's insurance/auto-deleveraging fund with sharpe-ratio and APY tracking.
Quantifiable outcome
- 10,000+ orders/second with millisecond latency on a custom ZK rollup
- +7 more outcomes
Companies that use Lighter
Customer profileNamed customers3 records
Segments6 records
Ideal customer profiles4 records
Lighter technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature10 records
Lighter partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered minor, major and flagship.
- NOW WalletminorNOW Wallet, a non-custodial multi-chain crypto wallet, integrated direct access to perpetual futures trading platforms including Lighter, allowing users to trade while maintaining self-custody.
- FunmajorFun is a global payments infrastructure company that provides deposit and withdrawal rails for crypto platforms including Lighter, processing over $18 billion in yearly payment volume. Lighter uses Fun as payment infrastructure for fiat/crypto on- and off-ramps.
- Wallet in Telegram (Telegram Crypto Wallet)majorLaunched perpetual futures trading with Lighter inside Telegram in April 2026, enabling users to trade with up to 50× leverage on more than 50 assets directly from the chat app.
- CircleflagshipAnnounced a $920 million revenue-sharing agreement in February 2026. Interest income generated from Circle's USDC reserves deposited on Lighter's platform is shared between the two parties, giving Lighter access to a steady revenue stream to fund user incentives and platform features. Aligns with Circle's broader revenue-sharing model previously used with Coinbase and Bybit.
- ChainlinkmajorEarly adopter of Chainlink's 24/5 U.S. Equities Streams product launched January 20, 2026, using it to power perpetual trading and derivatives markets for U.S. equities and ETFs on Lighter, with live data feeds across 40+ blockchains.
- NethermindmajorConducted security audits of Lighter's smart contracts — specifically the Lighter Core audit (September 22, 2025) and the Lighter EVM Deposit Bridge audit (September 22, 2025), both published in the security audits page.
- Block (audit firm)majorConducted multiple security audits of Lighter's smart contracts and circuits, including a Block audit on April 8, 2025 and a Block and Delta audit on August 9, 2025.
- Desert (audit firm)minorConducted the Desert exit audit on November 5, 2025 of Lighter's smart contracts, as listed on the security audits page.
Scale indicators13 records
Recent moves8 records
Expansion highlights6 records
Lighter competitors and assessment
Company assessmentDirect peers
- Hyperliquid: Leading decentralized perpetual futures exchange operating its own L1 blockchain. Direct competitor in the same product category (perp DEX), with comparable HFT-friendly matching engine, competing for the same institutional and retail crypto-derivative volume.
- Aster: Decentralized perpetual futures exchange that surged to ~70% perp DEX market share in late 2025. Directly competes with Lighter on perpetual trading volume, fee structure, and incentive-driven market maker programs.
- dYdX: Decentralized perpetual futures exchange originally built on StarkEx/StarkWare. Direct perp DEX competitor targeting professional and institutional traders with on-chain order books and API access.
- GMX: Decentralized perpetual futures exchange using a liquidity-pool model rather than order book. Competes with Lighter for crypto-native perp trading volume and offers a comparable DeFi-native derivatives product.
- Aevo: Decentralized derivatives exchange focused on perpetual futures and options, with a rollup-based architecture and pre-IPO/RWA product offerings that overlap with Lighter's RWA perp roadmap.
- Drift Protocol: Decentralized perpetual futures exchange on Solana. Comparable perp DEX offering with on-chain order book and competitive fee structure aimed at retail and pro traders.
Broad incumbents
- BitMEX: Established centralized derivatives exchange and a co-adopter with Lighter of Chainlink 24/5 US Equities Streams. Comparable derivatives product focus but operates as a centralized venue with traditional market structure.
- Bybit: Large centralized crypto derivatives exchange that has its own USDC revenue-sharing arrangement with Circle. Competes with Lighter for perpetual futures volume from a centralized model with much larger scale.
- Binance: World's largest centralized crypto exchange and a dominant venue for perpetual futures trading. Competes for the same retail and institutional perp volume with centralized infrastructure and a much broader product portfolio.
Emerging players
- Orderly Network: Decentralized liquidity layer and order book infrastructure used by multiple perp DEXs. Adjacent competitor/partnership with Lighter (also a Chainlink 24/5 US Equities co-adopter) targeting the same white-label derivatives infrastructure space.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Lighter social profiles
Digital presenceLighter compliance and trust
Trust signalCompliance8 records
Lighter financial estimates
Financial estimateRevenue estimate
Valuation estimate
Lighter leadership team
Management profileNumber of profiles
Profiles2 records
Lighter funding detail
Funding detailFunding overview
Funding rounds2 records
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Lighter M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Lighter
What does Lighter do?
Lighter operates a decentralized perpetual futures and spot cryptocurrency exchange built on a custom zero-knowledge rollup on Ethereum Layer 2. The platform offers zero-fee retail trading through a web interface and iOS/Android apps, competitive maker/taker fees for API/HFT users, and lets third-party integrators embed its matching engine via a Partner Attribution Program. It supports spot trading, perpetual futures, pre-IPO perpetuals (OpenAI, SpaceX, Anthropic, Quantinuum), and 24/5 US equity perpetuals priced via Chainlink Data Streams, with USDC deposits across Arbitrum, Base, and Avalanche via Circle CCTP.
Is Lighter a public or private company?
Lighter is a private company. It is classified as venture growth investor backed and is currently operating.
When was Lighter founded?
Lighter was founded in 2022. It employs 11 to 50 people.
Where is Lighter based?
Lighter is headquartered in Miami, United States, in the North America region.
How does Lighter make money?
Five revenue lines are on record. Trading Fees (Maker/Taker) is the primary driver. The others are USDC Reserve Interest Revenue-Sharing (Circle), public Pool / LLP Operator Fees, token Buybacks (LIT) and integrator / Partner Attribution Fees.
Who are Lighter's main competitors?
Direct peers on record are Hyperliquid, Aster, dYdX, GMX, Aevo and Drift Protocol. Broad incumbents are BitMEX, Bybit and Binance. Orderly Network is listed as an emerging player.
Does Lighter have an API?
Yes. Lighter offers a public REST API and WebSocket API for developers to programmatically access the Lighter perpetual and spot trading platform (zk rollup on Ethereum Layer 2). REST endpoint available at https://mainnet.zklighter.elliot.ai/api/v1. Official SDKs are available for Python (lighter-sdk, installable via pip) and Go (lighter-go, installable via go get). The API supports order management, account management, and market data. An llms.txt index is provided at the documentation site for AI agent integrations. Public availability with documented rate limits and versioning on the API documentation portal. Developer documentation is at apidocs.lighter.xyz.
What industry is Lighter in?
Lighter's product category is Decentralized Cryptocurrency Exchange. Its primary akta.pro industry code is FSAPAEAC, Decentralized Derivatives (perps, options, futures, synthetics), with a secondary code of FSAPADAE, Derivatives Trading Venues (perps, futures, options). Its NAICS code is 5231 and its SIC code is 6200.