# Lighter alternatives in 2026

Updated: 24 September 2026. Rate pages read 18 September 2026. Books timed 21 September 2026. The Cost Per Trade pricing desk

## Lighter alternatives, scored on what a trade costs

Ordered by the overall score. Lighter itself is not in the table; it is the venue being compared against.

| Line | Venue | Maker | Taker | Fees on $10,000 | Book adds | All-in on $10,000 | Score of 50 | Perp markets |
|---|---|---|---|---|---|---|---|---|
| 1 | Extended | 0% | 0.025% | $5.00 | $0.12 | $5.12 | 38.4 | 325 |
| 2 | Aster | 0% | 0.040% | $8.00 | $0.16 | $8.16 | 36.3 | 578 |
| 3 | edgeX | 0.040% | 0.045% | $9.00 | $0.04 | $9.04 | 36.2 | 172 |
| 4 | Hyperliquid | 0.015% | 0.045% | $9.00 | $0.12 | $9.12 | 33.1 | 324 |
| 5 | EVEDEX | 0.015% | 0.045% | $9.00 | $4.12 | $13.12 | 32.5 | 52 |
| 6 | Paradex | 0% | 0% | $0.00 | $191.52 | $191.52 | 31.9 | 63 |

Weights: Published rate 40 · Execution cost 30 · Where the money sits 12 · Security record 8 · What the rate buys 6 · Who may pay it 4, on a scale of zero to 50, fixed 22 September 2026 before any venue was priced. Method in full: https://thundermessage.com/how-we-price

Rates are the entry tier, read 18 September 2026. The fee column is twice the taker rate on a $10,000 position; the book column is what the order-book readings show that order paying past the mid price, in and out; all-in is the two added. Every venue here restricts access by jurisdiction; the list is in each one's own terms.

## The verdict

Lighter charges nothing on its default account, so the Lighter alternatives worth comparing are judged on
what they cost once the order book is counted. On 24 September 2026 Extended leads the 6 here at
38.4 of 50, with a $5.00 round trip and no tier
to climb.

## Notes on this sheet

1. Only one venue here also charges nothing: Paradex, whose book took $191.52 out of the same $10,000 trade.
2. The cheapest paid schedule is Extended at 0% maker / 0.025% taker, $5.00 a round trip.
3. Two of the 6 match each other exactly at 0.015% maker / 0.045% taker.
4. edgeX costs $9.00 in fees and had the deepest book on this sheet, at $29.2 million.
5. Fees are the small half of the arithmetic: the margin behind a leveraged position can be spent in full, and a cheaper venue does not change that.

## The surcharge behind the rate

Each BTC perpetual book on this page was read 00:00 to 23:54 UTC on 21 September 2026, at ten-minute stops; the figures are medians of every successful reading.

| Venue | Median spread | Resting within 10 bps | Walk on $10,000 | Walk on $100,000 | Readings |
|---|---|---|---|---|---|
| Extended | 0.12 bps | $7.8 million | 0.06 bps | 0.06 bps | 53 |
| Aster | 0.01 bps | $14.9 million | 0.08 bps | 0.34 bps | 135 |
| edgeX | 0.04 bps | $29.2 million | 0.02 bps | 0.02 bps | 134 |
| Hyperliquid | 0.12 bps | $7.3 million | 0.06 bps | 0.06 bps | 135 |
| Paradex | 7.45 bps | $870.00 | 95.76 bps | 157.79 bps | 133 |
| EVEDEX | 4.12 bps | $18.3 million | 2.06 bps | 2.06 bps | 133 |

## Line 1. [Extended](https://extended.exchange/) — $5.12 all-in on $10,000, for a flat rate and no latency penalty

0% maker / 0.025% taker for every account, with no tier and no delay on the order
([Extended fee documentation](https://docs.extended.exchange/extended-resources/trading/trading-fees-and-rebates), checked 18 September 2026). A $10,000 round trip is
$5.00, and the book added 0.06 bps, well under the
0.43 bps Lighter's free account charged in price impact.

- Buys: The lowest paid rate here, applied to every account and order type; No latency penalty and no volume ladder to climb.
- Not covered: 278 of its 325 markets are request-for-quote, with no public book; $7.8 million within 10 basis points, under half of Lighter's.
- Not for: traders who will not pay anything at all.

## Line 2. [Aster](https://www.asterdex.com) — $8.16 all-in on $10,000, for the widest market list at a zero maker rate

Makers pay nothing at every tier since 2 February 2026, takers 0.040%
([Aster fee documentation](https://docs.asterdex.com/trading/perpetuals/fees-and-specs/fees), checked 18 September 2026). Its 578 perpetual
markets and 0.01 bps median spread are the widest and the tightest on this page.

- Buys: 578 perpetual markets against 214 on Lighter; Makers pay nothing, as they do on Lighter.
- Not covered: Takers pay 0.040%, where Lighter's default account pays nothing; Two of its own pages quote different schedules.
- Not for: takers moving from a zero-fee book.

## Line 3. [edgeX](https://pro.edgex.exchange) — $9.04 all-in on $10,000, for more depth than the venue being replaced

$29.2 million resting within 10 basis points, more than Lighter held, at
0.040% maker / 0.045% taker ([edgeX tier table](https://pro.edgex.exchange/en-US/vip), checked 18 September 2026). A $100,000 order walked
0.02 bps, the smallest figure recorded at that size.

- Buys: The deepest book on this sheet, at $29.2 million within 10 basis points; Documented withdrawals that work without the operator.
- Not covered: 0.040% to makers, where Lighter charges nothing; 172 perpetual markets against 214 on Lighter.
- Not for: makers.

## Line 4. [Hyperliquid](https://hyperliquid.xyz) — $9.12 all-in on $10,000, for markets and settlement rather than a cheap rate

324 perpetual markets, every order and liquidation recorded on its own chain,
at a base rate of 0.015% maker / 0.045% taker falling with volume
([Hyperliquid fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), checked 18 September 2026). Its book held
$7.3 million within 10 basis points.

- Buys: Per-trade settlement on its own chain, which Lighter proves in batches; Bug bounty of up to 1 million USDC.
- Not covered: 0.045% base taker rate with no zero-fee account; Vault losses in March and November 2025.
- Not for: anyone leaving Lighter to save on fees.

## Line 5. EVEDEX — $13.12 all-in on $10,000, for a cashback model and markets beyond crypto

0.015% maker / 0.045% taker fixed, with cashback returning up to 35% of a trader's own fees
(EVEDEX documentation, noted 18 September 2026). Where Lighter sells latency, this sells a rebate after the fact, and
adds shares, currencies, commodities and pre-IPO contracts on one balance.

- Buys: Cashback of up to 35% on fees already paid; $18.3 million within 10 basis points, more than Lighter held.
- Not covered: 0.045% to takers, where the venue it replaces charges nothing; 52 perpetual markets against 214; No bug bounty listed on its CertiK Skynet page, checked 18 September 2026.
- Not for: traders whose only criterion is the published rate.

## Line 6. [Paradex](https://www.paradex.trade) — $191.52 all-in on $10,000, for the only other venue here that charges nothing

Retail web orders pay nothing on either side since 15 June 2026
([Paradex fee documentation](https://api.prod.paradex.trade/v1/system/volume-tiers), checked 18 September 2026), the same headline as Lighter. The book
is not the same: $870.00 within 10 basis points against Lighter's
$16.2 million.

- Buys: No maker or taker fee on web orders; A Sherlock bounty of up to 500,000 USDC.
- Not covered: 95.76 bps of walk on a $10,000 order, so the free trade cost $191.52; Retail orders capped at three a second.
- Not for: any order that has to move size.

## What you give up when you leave a zero-fee book

Lighter's Standard account pays nothing and accepts 300 milliseconds of added latency on taker orders
([Lighter fee documentation](https://docs.lighter.xyz/trading/trading-fees), checked 18 September 2026), and its BTC book held
$16.2 million within 10 basis points in the readings. Any venue replacing it has to beat one
of those two things, because it will not beat both.

Paradex matches the rate and not the book: $870.00 within 10 basis points, so a $10,000
market order walked 95.76 bps. Extended charges 0.025% and fills
at 0.06 bps. edgeX charges 0.045% and held
$29.2 million, more than Lighter. The trade-off is a real one and it moves with order size.

## Quoted from the rate pages

> "Staked LIT Maker/Taker Fee Discount Maker Fee Taker Fee Taker Latency 0 0.0040% 0.0280% 140 ms" — Lighter documentation, Trading fees, 18 September 2026. https://docs.lighter.xyz/trading/trading-fees
> "Currently, Extended features a flat fee structure for both perpetuals and spot markets: Taker: 0.025% Maker: 0.000%" — Extended documentation, Trading fees and rebates, 18 September 2026. https://docs.extended.exchange/extended-resources/trading/trading-fees-and-rebates
> "Retail Takers and Makers have 0% fees on all products" — Paradex documentation, Trading fees, 18 September 2026. https://docs.paradex.trade/trading/trading-fees
## FAQ

### What are the alternatives to Lighter?

Extended, Aster, edgeX, Hyperliquid, Paradex and EVEDEX all run an order book for perpetual
futures, and all 6 are priced on this page. On our 24 September 2026 scores Extended leads at
38.4 of 50, with Aster second at 36.3 and
edgeX third at 36.2.

### Is there another exchange with zero fees?

Paradex, on retail orders placed through its web interface, a rate in force since 15 June 2026. The
published number matches but the execution does not: its book held $870.00 within 10
basis points against $16.2 million on the venue it would be replacing.

### Why is Lighter free?

Because the free account is the slow one. Its own documentation puts taker orders on Standard
accounts at 300 milliseconds and maker orders at 200, while the paid Premium account fills takers in
140 milliseconds and charges 0.004% and 0.028% for the privilege.

### Which perp DEX has the deepest liquidity?

Of the venues read on 21 September 2026, edgeX held the most within 10 basis points of the BTC mid
price at $29.2 million, and EVEDEX came second at $18.3 million. Lighter itself held
$16.2 million, which was third on the same reading.

### Is Lighter safe to use?

We score security from documents, not opinion: nine external audits between 2025 and 2026, a
documented forced exit on Ethereum, and no public bug bounty by its own disclosure policy. That is
seven points of ten on our security criterion, the same as EVEDEX and Hyperliquid.

### Do I need KYC on these exchanges?

None of the 6 asks for identity documents to trade, in the documentation we read on 18 September
2026. Several reserve the right to verify or to screen: Extended's terms mention a transaction risk
assessment, and Aster's terms allow limited verification procedures.

### what do people move to when they outgrow lighter?

Usually depth or market count. edgeX held $29.2 million within 10 basis points and Aster lists
578 perpetual markets, both more than the venue they are leaving, and both charge
for the privilege: 0.040% to makers on one and 0.040% to takers on the other.

### Are zero-fee exchanges sustainable?

They earn elsewhere. Lighter sells a faster paid account at 0.004% and 0.028%, Paradex charges
programmatic orders 0.003% and 0.045%, and both keep retail order flow that market makers pay to
interact with. Neither has said how long the free tier lasts, which is why this sheet carries the day it
was read.

### Does Lighter have a token?

Its fee table lists a staked LIT balance as the thing that unlocks maker and taker discounts on the
paid account, which is why the discount ladder is published in terms of staking rather than volume.
We score the published rate, not any token.

### Which exchange is cheapest for high frequency trading?

Not a zero-fee account with a 300-millisecond delay. Among the 6 here, Extended's flat
0% maker / 0.025% taker carries no latency penalty, and Aster's zero maker rate suits a strategy that
posts rather than crosses. Cheap also depends on the book, because a strategy that crosses pays the walk
as well as the rate.

## How this sheet was priced

Quoted off each venue's own pages, 18 September 2026: rates, market counts, sign-in rules, audits.
Read off the public book here: every BTC perpetual, 00:00 to 23:54 UTC on 21 September 2026, at ten-minute stops. The weights came
first, 22 September 2026, before any of the 6 venues was priced
([how we rate](/how-we-price)). No order was sent.

The price here leaves out volume tiers, staking, rebates and cashback. Funding is billed on its own
clock. One contract was timed: BTC. What a chain is told, and what the past 24 months hold, come from
the venue's telling, not from anything tested here.

One published formula, fixed before anything was priced. Every figure carries the day it was taken. Corrections: desk@thundermessage.com.

The Cost Per Trade pricing desk, 24 September 2026

This price desk is paid to publish, and a venue on the sheet may be the party that paid; the order of every column is the published formula.