Lighter

The platform's core product is a decentralized exchange (DEX) for perpetual futures, which allows traders to speculate on the future price of assets without an expiry date. Lighter distinguishes itself by using zero-knowledge (ZK) rollups, a cryptographic method that bundles transactions off-chain and provides a succinct proof of their validity on the Ethereum mainnet. This architecture enables verifiable order matching and liquidations, ensuring all operations are transparent and auditable while achieving low latency and high throughput suitable for high-frequency trading. The system consists of a private sequencer for ordering transactions, a prover for generating ZK proofs, and smart contracts on Ethereum for settlement and security.

Lighter's business model targets both retail and institutional traders. It offers zero-fee trading for retail users and generates revenue by charging premium API fees to high-frequency and institutional traders. The exchange supports deposits from multiple networks, including Arbitrum, Base, and Avalanche. In November 2025, Lighter raised $68 million in a funding round co-led by Founders Fund and Ribbit Capital, with participation from Haun Ventures and Robinhood, reaching a valuation of $1.5 billion. This brought its total funding to nearly $90 million. The company plans to expand its services to include spot trading.