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Lighter
Low-latency perpetual trading with verifiable matching and liquidations.
Opens on hoodl2.com.
Project video
0:39Read the transcript · Narrated with captions
Trading a market through a contract is different from holding the underlying asset. The structure matters. Lighter is a perpetuals exchange that uses custom zero-knowledge circuits to verify order matching and liquidations. It is designed for low-cost, low-latency trading on Ethereum Layer 2. A derivative tracks a market through a contract. Positions, collateral, and settlement rules are separate moving parts; the design of the venue determines how they connect. Explore Lighter on Hood L two. Find the project links, its full description, and the sources behind the listing.
HoodL2 produced this overview independently. It is not an endorsement. Check the listing sources for current details.
HoodL2 project profile7 sourcesReviewed 7 Sept 2026
Overview
Lighter is a perpetuals exchange on Ethereum Layer 2. It uses custom zero-knowledge circuits to verify order matching and liquidations, with an emphasis on reducing trading costs and latency.
Uses
- Perpetual trading through supported interfaces.
- Studying proof-based order matching and liquidation checks.
Risks and limitations
- Execution takes place on Lighter’s own rollup; its activity is not Robinhood Chain activity.
- Fees and eligibility depend on account type and current product terms.
- Funding and valuation figures in this record come from dated press reports.
Metrics
Reported valuation
$1.5B
Snapshot 2026-07-13
Key facts
- What it is
- Lighter is a perpetuals exchange on Ethereum Layer 2. It uses custom zero-knowledge circuits to verify order matching and liquidations, with an emphasis on reducing trading costs and latency.· 88%§
- Role on the chain
- The official perpetuals trading partner for Robinhood Chain; eligible users trade perps through Robinhood Wallet with USDG as collateral and quote asset.· 85%§
- Founder
- Vladimir Novakovski, a former Citadel engineer.· 85%§
- Funding
- Raised $68m in November 2025 at a ~$1.5bn valuation, led by Founders Fund and Ribbit Capital, with Haun Ventures, Dragonfly, Craft Ventures, and Robinhood participating.· 85%§
- Metric scope
- Lighter executes on its own rollup. Robinhood Chain metrics should not be treated as a measure of all Lighter trading.· 82%§
Key features
Order-book trading
Signed orders are matched through Lighter’s order-book system.
Verifiable execution
The protocol uses zero-knowledge circuits to verify matching and liquidations.
Wallet access
Robinhood Wallet is a distribution interface for eligible users; it does not move the exchange’s execution onto Robinhood Chain.
People and accounts
Publishes updates for Lighter’s own rollup and exchange.
Independent coverage of exchange activity and trading events.
History
2025-11-11
Lighter raises $68m at ~$1.5bn
Founders Fund and Ribbit led a $68m round valuing Lighter at roughly $1.5bn, with Haun, Dragonfly, Craft, and Robinhood participating.
2025-12
LIT token and mobile app
Lighter launched its LIT token in late December 2025 and rolled out an iOS/Android app with perps, spot, and RWAs support.
2026-07-01
Perps partner for Robinhood Chain
Lighter became the official perpetuals venue for Robinhood Chain at mainnet, accessed via Robinhood Wallet with USDG collateral.
Frequently asked questions
- Does Lighter run on Robinhood Chain?
- Lighter executes trades on its own application-specific rollup anchored to Ethereum. Access through Robinhood Wallet is distinct from execution on Robinhood Chain.
- Why is Lighter zero-fee?
- Lighter has advertised zero-fee retail trading. Confirm the current account tier and fee schedule; the offer does not establish that every trading service is free.
- Who backs Lighter?
- It raised $68m in November 2025 at a ~$1.5bn valuation, led by Founders Fund and Ribbit Capital, with Haun Ventures, Dragonfly, Craft Ventures, and Robinhood participating.
Related projects
Arcus
mainnetDecentralized trading venue for tokenized stocks and real-world-asset markets.
Robinhood
activeOperator of Robinhood Chain; RHJ issues its Stock Tokens.
Robinhood Chain
CoreEthereum Layer 2 for tokenized assets and financial applications.
USDG (Global Dollar)
CoreUSD-backed stablecoin issued by Paxos for the Global Dollar Network.
USDG (Global Dollar)
CoreUSD-backed stablecoin issued by Paxos for the Global Dollar Network.
Arcus
mainnetDecentralized trading venue for tokenized stocks and real-world-asset markets.
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