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Lighter vs Kinetiq Markets

Side-by-side comparison of two perpetual futures exchanges — updated in real time.

Metric

Kinetiq Markets

Chain

Ethereum L2

Hyperliquid L1

Type

Orderbook

Oracle

24h Volume

$1.76B

—

Open Interest

$690M

—

Maker Fee

0.00%

0.030%

Taker Fee

0.00%

0.090%

Max Leverage

20×

50×

Markets

153

23

Collateral

USDC

USDH

Funding Interval

1h

1h

Airdrop Status

$LIT

$KNTQ

Lighter — Pros & Cons

Pros

Zero gas fees
Fully on-chain orderbook
Fast settlement

Cons

Fewer markets than competitors
Newer ecosystem
Limited collateral options

Kinetiq Markets — Pros & Cons

Pros

Unique TradFi asset focus (equities, indices, commodities)
Built on Hyperliquid L1 — fast execution
kHYPE liquid staking integration

Cons

USDH-only collateral
Fewer markets than crypto-focused DEXes (~23)
Dependent on Hyperliquid ecosystem

Trade on Lighter →Trade on Kinetiq Markets →

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