Side-by-side comparison of two perpetual futures exchanges — updated in real time.
Lighter and Gains Network sit at opposite ends of the perp DEX spectrum: Lighter eliminates trading fees on its orderbook, while Gains Network offers the widest asset coverage with forex and stocks at up to 1000x leverage.
Lighter's fee-free on-chain orderbook lists 153 crypto markets with 20x leverage on Ethereum L2. Gains Network charges 0.05% flat for maker and taker across 290 markets spanning crypto (150x), forex (1000x), stocks, commodities, and indices — deployed on Arbitrum, Polygon, and Base. The cost difference is significant for active traders: Lighter charges nothing, while Gains Network's 0.05% fee on a $100,000 position costs $50. However, Gains Network opens entirely different markets: you can trade EUR/USD, Apple stock, or gold alongside BTC perps. Gains Network's leverage advantage is massive — 1000x on forex versus Lighter's 20x cap. Gains Network has operated since October 2021 with over $130B cumulative volume and a fair-launch GNS token with deflationary buyback mechanics. Lighter is newer with its LIT token launching in December 2025. Gains Network accepts both USDC and DAI.
Choose Lighter if you trade only crypto perps and want to eliminate all fee drag. Choose Gains Network for access to forex, stocks, and commodities, multi-chain deployment, and up to 1000x leverage on forex pairs.
