Lighter Trading Pairs List (2026): Every Market with Max Leverage and 24h Volume

Lighter lists 213 active perpetual markets and 10 spot pairs (October 20, 2026, 03:53 UTC): 113 crypto perps, 94 real-world-asset perps on US and Asian stocks, indices, gold, oil, forex and pre-IPO companies, and 6 other markets. Maximum leverage runs from 50x on BTC, ETH and the S&P 500 down to 3x on new listings, every market has a $10 minimum order, and the default Standard account pays 0% maker and 0% taker on all of them. The full list, sorted by 24-hour volume, is below.

1. Lighter markets by category

Lighter started as a crypto perps exchange and now runs most of its listings on real-world assets. The table groups the active perps by the risk bucket Lighter assigns each market in its API (the LLP “strategy” that backs liquidations for that market). Counts, volume and open interest update with every site build.

Source: Lighter public API orderBookDetails, October 20, 2026, 03:53 UTC. Open interest = open interest in contracts × mark price. Scroll sideways on mobile.

Two things stand out. First, crypto is still where almost all the trading happens: on September 25, 2026 it was 112 markets but about 88% of the volume. Second, Lighter lists far more stock and ETF markets than most on-chain venues, from NVDA and TSLA to SanDisk, Nebius, Samsung and SK Hynix, but most of them trade only a few hundred thousand dollars a day. The US100 and US500 index perps are the exception; US100 alone traded $58M that day.

2. Full list of Lighter perpetual markets

Every active perp, grouped by category and sorted by 24-hour volume. “Max leverage” is what the exchange enforces (1 ÷ the minimum initial margin fraction in the API), not the older table in the docs.

Crypto perps (113)

US stocks, ETFs and indices (55)

Commodities (9)

Asian stocks and ETFs (17)

Forex (9)

Pre-IPO companies (4)

Other (US 10-year bond and special listings) (6)

Source: Lighter public API, October 20, 2026, 03:53 UTC. All perps are margined in USDC. Symbols are Lighter’s own: SAMSUNGUSD and SKHYNIXUSD are the Korean shares quoted in USD, 1000-prefixed tokens (1000SHIB, 1000FLOKI) are 1,000 tokens per contract, and US500 / US100 are index markets alongside the SPY and QQQ ETF markets.

3. Spot pairs

Lighter’s spot venue is small. Every pair is quoted in USDC and is fee-free on Standard accounts.

Source: Lighter public API (spot_order_book_details), October 20, 2026, 03:53 UTC.

LIT/USDC is Lighter’s own token and accounts for nearly all spot volume ($7.9M of about $8.2M on September 25, 2026). ETH and XAUT (tokenised gold) matter for another reason: with a Unified Trading Account they can be posted as collateral for perps at a 70% loan-to-value. The minimum order is $10 on every spot pair except LIT/USDC. The Lighter features guide covers multi-asset margin.

4. Max leverage tiers

Lighter sets one leverage cap per market and, unlike Hyperliquid or Aster, does not cut leverage as your position grows. The maintenance margin is 60% of the initial margin on every market, so the price move that takes a fresh max-leverage position to maintenance is 40% of 1/leverage: about 0.8% at 50x, 2% at 20x, 4% at 10x and 13.3% at 3x (before fees and funding).

Source: Lighter public API min_initial_margin_fraction and maintenance_margin_fraction, October 20, 2026, 03:53 UTC.

Two corrections to older guides, including our own earlier version: gold (XAU) is now 25x, not 15x, and EUR/USD, GBP/USD and USD/JPY are 50x, not 25x. The docs’ contract-specification table lags the API, and the API is what the exchange enforces. For how Lighter’s pre-liquidation, partial liquidation and LLP takeover work, see Lighter leverage limits explained.

5. Stocks, gold, oil and FX: how RWA markets work

Lighter calls its non-crypto perps RWA (real-world asset) markets. The docs set out the rules:

• 24/7 trading. RWA markets are tradeable around the clock, including weekends and US holidays. Leverage does not change outside the underlying market’s trading hours, so a 10x gold long stays a 10x gold long on Saturday. The docs warn that “price volatility may increase at market open”.
• Pricing when the market is closed. The index and mark prices come from oracles (Pyth, Chainlink, RedStone and others, listed per market in the docs) while the underlying trades. When it does not, Lighter uses an internal price built from an exponential moving average of the order book’s impact prices (30 minutes for the index, 2 minutes for the mark). On 31 markets, including SPY, US500, QQQ, US100, XAU, XAG, NVDA, TSLA and WTI, the cap that kept the internal price within 1/leverage of the last oracle price was removed on July 10, 2026; prices are still checked against other venues.
• Futures-based commodities roll. WTI, NATGAS, BRENTOIL and XCU follow futures contracts. Between the 5th and 10th business day of each month, 20% of the price shifts from the front month to the next month each day, so there is no jump at expiry.
• Open-interest caps. The docs publish an open-interest cap for each RWA market, in millions: 100 on XAU, SPY and US500, 50 on NVDA and TSLA, 10 on AAPL and META, and 20 on OPENAI and ANTHROPIC.
• Margin and funding. RWA markets support both cross and isolated margin and are liquidated like any other market. Their funding premium counts half as much as on crypto markets (multiplier 1/2), and the API shows a smaller fixed interest component on stock and commodity markets (0.0032% per 8 hours versus 0.01% on crypto). The Lighter funding rate guide explains what that means for holding costs.

If you want to trade US stocks on-chain, compare this with trade.xyz on Hyperliquid and Ondo Perps.

6. Pre-IPO and pre-launch markets

Pre-IPO markets let you take a leveraged view on private companies. On October 20, 2026 the list was: ANTHROPIC (5x), OPENAI (5x), OURA (5x), VARIATIONAL (5x). The docs define OPENAI and ANTHROPIC as the value of one share “based on an assumed total share count of 1 billion shares”. The rules differ from normal markets:

• Prices come only from Lighter’s internal mechanism and have no price caps.
• Pre-IPO markets are isolated margin only.
• The funding premium multiplier is 1/100, so funding stays close to its fixed rate even when the market trades far from any reference.
• After the IPO the market converts to a normal market once a stable price feed exists; after a large stock split it may be settled early.

Pre-launch markets are tokens listed before their token generation event. They are also isolated-only, charge no liquidation fee, and an account that falls below its close-out margin is auto-deleveraged directly instead of being taken over by the LLP. The API does not label pre-launch markets separately, so treat any newly listed token at 3x with care. Our insurance fund and ADL guide explains why.

Delisted and inactive markets

The API also keeps 25 perps that are no longer trading (September 25, 2026), among them WHEAT, DIA, MAGS, BOTZ, SOXX, URA, SPACEX, AI16Z, MYX, PIPPIN, LAUNCHCOIN and 1000TOSHI, plus the older SAMSUNG, SKHYNIX and HYUNDAI symbols (the active markets are now SAMSUNGUSD, SKHYNIXUSD and HYUNDAIUSD). One spot pair, AZTEC/USDC, is inactive. If a market you traded has disappeared from the selector, this is why; the list above shows only markets you can open positions in today.

New listings usually start with low leverage. The five newest perps on September 25, 2026 (by creation date in the API) were OURA (pre-IPO, September 23, 5x), STONK (September 15, 5x), RAY (September 11, 5x), and AI and PONS (September 2, 3x).

7. Volume and liquidity by market

A long list does not mean deep books everywhere. Lighter's volume sits in a handful of markets, and on a 0%-fee Standard account the spread and the depth of the book are the whole trading cost, so this is the part of the list that decides where you can trade size.

Top markets by 24-hour volume (October 20, 2026, 03:53 UTC)

Rebuilt from the Lighter API (orderBookDetails) with the rest of this page. Open interest = open_interest × mark_price.

Top markets by open interest

Open interest ranks the markets differently from volume. In the snapshot we checked by hand at 16:13 UTC on September 25, 2026, BTC led with $166M of OI against $794M of volume (4.8× turnover), ETH had $114M against $278M, and LIT, Lighter's own token, was third by OI ($55M) while only seventh by volume ($35M). Gold (XAU, $20M OI) and NEAR ($22M) held more open positions than SOL ($15M). A market with high OI and modest volume is one where positions are held; a market with high volume and low OI is one that is traded in and out quickly. Across all 210 perps that afternoon Lighter showed $1.63B of volume against $616M of OI; the ten busiest markets were 87% of the volume, 15 perps traded more than $10M, and 149 traded less than $1M.

Spread and depth on BTC, ETH and SOL

We read Lighter's public order book (orderBookOrders, 250 orders per side) at 16:13 UTC on September 25, 2026 and simulated market orders against it. "Cost vs mid" is the average fill price relative to the mid-price, including half the spread:

1 bp = 0.01%. One snapshot; books change by the second. Earlier the same day (09:07–09:13 UTC) the same method gave a $1M BTC buy of +0.9–1.4 bp on Lighter against +0.8–1.0 bp on Hyperliquid and +0.4–0.5 bp on Aster, with Lighter holding $7.2–8.2M within ±0.05% of mid on BTC.

How to read this: on BTC and ETH, Lighter's books absorb retail and mid-size orders for well under 1 bp, which is far less than the 4.5 bp a taker pays in fees on Hyperliquid's base tier. On SOL, already one of the five busiest markets, a $1M order costs about 9 bp, so the zero fee no longer makes Lighter cheap at that size. Below the top markets the books thin out quickly.

Reported vs normalized volume (DefiLlama)

Volume on perp DEXs is measured in different ways, and Lighter is a case where the numbers differ. DefiLlama's perps dashboard, read on September 25, 2026, shows a normalized 24h volume of $1.804B for Lighter against a reported 24h volume of $2.344B (reported 7-day $15.26B, 30-day $53.43B) and $843.7M of open interest, tracked across two chains. Lighter's own API gave $1.64B of 24-hour volume that afternoon. For comparison, DefiLlama showed Hyperliquid at $10.924B normalized and reported alike ($8.385B OI) and Aster at $1.724B normalized vs $1.732B reported ($1.421B OI). The windows and coverage differ between sources, so use them as ranges: roughly $1.6–2.3B a day for Lighter in late September 2026.

The ratio of volume to open interest is a second check. Lighter's API showed about 2.7× (volume $1.64B / OI $0.62B) versus about 0.6× on Hyperliquid ($7.75B / $13.2B at 15:14 UTC). A high ratio is not proof of anything bad: zero fees attract fast turnover, and scalpers close positions within minutes. It is a reason to judge liquidity by the order book and open interest rather than the headline volume. Lighter's own rules exclude self-trading from points and disqualify wash trading from its referral program.

Practical sizing by liquidity tier

• BTC and ETH (hundreds of millions a day, nine-figure OI): market orders into six figures cost under 1 bp. Above that, rest limit orders or slice with TWAP (one slice every 30 seconds).
• The next tier (roughly $10–80M a day: ZEC, US100, SOL, HYPE, LIT, XAU, NEAR, XRP): fine for retail size; check the depth before anything above five figures and prefer limit orders.
• Everything below about $1M a day (most of the list): use limit orders only and keep size small. Many of these markets are capped at 10x or less, which reflects how Lighter itself rates their liquidity. For size on eligible markets, perpRFQ asks market makers for a quote (1 bps on Standard).
• Around news (CPI, FOMC, big liquidations): every book thins and spreads widen; enter with limit orders and give stops room. See the order types guide for stop-limit orders.

Minimum order value is $10 on every perp; the minimum size is 0.00007 BTC, 0.0020 ETH or 0.055 SOL. For how Lighter's depth compares on the majors, see Hyperliquid vs Lighter and Lighter vs Aster.

8. Lighter vs Hyperliquid vs Aster market count

Sources: each venue’s public API and docs, September 25, 2026. Hyperliquid’s full list is in our Hyperliquid trading pairs list; the live venue ranking is in the perp DEX ranking.

Lighter wins on cost and on the breadth of 24/7 stock and index markets in one account. Hyperliquid has several times the volume and the deepest books on majors, which matters more than fees once you trade size. Aster has the most symbols and the highest leverage. For the full picture, see the best DEX guide, or start with what a DEX is if you are new.

9. How to find and trade a market

1. Open app.lighter.xyz through our link so code 718610TD is attached, and sign in with a wallet or email. The sign-up guide walks through it.
2. Deposit USDC or another supported asset; deposits are converted to USDC for perps. See the deposit and withdrawal guide for routes and minimums.
3. Click the market name at the top left of the trading page (or use the “Open markets” shortcut, ⌘K). The market selector has tabs for Featured, All, Favorites, Perps, Spot and RWA; type a symbol to search.
4. Set leverage below the cap, choose cross or isolated margin, and place a Market, Limit or Advanced order. The order types guide covers stops, TWAP and scale orders.

10. How this list is built (API fields)

For developers and for anyone checking our numbers: the table comes from one public, unauthenticated request to https://mainnet.zklighter.elliot.ai/api/v1/orderBookDetails, made each time the site builds (every 6 hours). We keep markets with status = active and use these fields:

• min_initial_margin_fraction: in hundredths of a percent; max leverage = 10,000 ÷ this value (200 → 50x, 500 → 20x, 3333 → 3x).
• maintenance_margin_fraction and closeout_margin_fraction: 60% and 40% of the initial margin on every market.
• daily_quote_token_volume: rolling 24-hour volume in USDC. open_interest × mark_price: open interest in dollars.
• strategy_index: the LLP strategy bucket, which we use for the categories; funding_premium_multiplier of 1 (1/100 on the docs’ scale) marks pre-IPO markets.
• min_quote_amount: the $10 minimum order value. taker_fee / maker_fee: 0 on Standard.

Spot books are in spot_order_book_details in the same response. The Lighter API guide covers rate limits (60 requests per minute on Standard accounts) and the WebSocket feeds.

11. FAQ

Trading size on BTC or ETH and want the deepest on-chain book? Open Hyperliquid with code HOLYGRAIL for 4% off fees on your first $25M of volume (how the code works, Hyperliquid fees).

Disclosure: 718610TD and HOLYGRAIL are our referral codes; we earn a share of fees paid by referred accounts (on Lighter, Premium fees and Standard advanced-order fees). The market table is read from Lighter’s public API at build time (October 20, 2026, 03:53 UTC); the dated figures in the text were checked in the API and docs on September 25, 2026. Listings, leverage and volumes change often.