Lightervs
dYdX
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
| Lighter | dYdX | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0 bps✓ | 5 bps |
| Maker fee | 0 bps✓ | 1 bps |
| Open Interest | $390.6M✓ | $41.1M |
| 24h Volume | $1.36B✓ | $52.1M |
| Avg Funding APR | -11.34% | -0.14% |
| Markets | 50 | 50 |
| Airdrop / token | Listed | Listed |
Lighter and dYdX are both perpetual-futures venues tracked on ORBIT. On fees, Lighter is cheaper (0 vs 5 bps taker). On liquidity, Lighter is deeper with $390.6M open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Lighter and dYdX diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Is Lighter or dYdX cheaper?
- Lighter charges 0 bps taker / 0 bps maker; dYdX charges 5 bps taker / 1 bps maker. Lighter has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Lighter or dYdX?
- Lighter has $390.6M open interest across 50 markets; dYdX has $41.1M across 50. Lighter is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Lighter and dYdX?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.