Lighter

Editorial assessment

Lighter is a crypto exchange as a slim Perp-DEX for pure on-chain trading. Wallet-only, no KYC, no fiat broker features: There is no SEPA deposit and no card deposit. Getting started requires that the balance and wallet are already in place and that the user understands approvals and network fees. The app and recurring investment plan are not part of the profile. The product idea is low documented trading costs with high personal responsibility.

The premium basis states very low maker and taker rates at 0 LIT according to Docs - documented starting values, no statement about every order under every market situation. Liquidity and slippage can shift effective costs. API supports structured Perps orders; Sub-accounts are missing. Perpetuals remain highly risky and can lead to a total loss, even if the base fee seems low. Funding and market movements belong in the same risk calculation as the fee line.

Keys are not centrally held by a custodian; Responsibility for backup, approvals and transactions lies with the user. Smart contract and oracle risks are part of the product form. MiCA status is unclear. A tax report DE is missing - documentation for the tax return is your own work. If you are looking for a regulated Euro on-ramp, compare brokers or spot CEX, not this DEX. The slim fee base does not change the need to check liquidity and contract risks before the first trade. PayPal and SEPA Instant are not provided.

Serves as a second Perp-DEX comparison Aster. The features include fee base, no SEPA deposit, no tax report, no app and leverage risk - without a ranking and without a general statement of suitability.