Lighter vs Variational: Full Comparison 2026
Detailed comparison of Lighter and Variational perpetual DEXs including trading fees, 24h volume, open interest, supported chains, and airdrop opportunities. Find out which perp exchange is better for your trading needs.
Quick Verdict
Lighter comes out ahead in this comparison with 2 advantages vs 0 for Variational. It has higher trading volume, more open interest,.
Higher Volume
Lighter
Lower Fees
Tied
More OI
Lighter
Active Airdrop
Neither
Side-by-Side Comparison
Real-time metrics from DefiLlama. Green indicates the better value.
| Metric | Lighter | Variational |
|---|---|---|
| 24h Volume | $5.81B | $1.96B |
| Open Interest | $1.50B | $962M |
| Maker Fee | 0% | 0% |
| Taker Fee | 0% | 0% |
| Blockchain | zkLighter | Arbitrum |
| Airdrop Status | Completed | PointsLive |
| Order Type | CLOB | RFQ |
Lighter Pros & Cons
Variational Pros & Cons
Trading Cost Comparison
Estimated taker fees for different trade sizes (excluding slippage and funding)
| Trade Size | Lighter | Variational | Savings |
|---|---|---|---|
| $1,000 | $0.00 | $0.00 | Same |
| $10,000 | $0.00 | $0.00 | Same |
| $50,000 | $0.00 | $0.00 | Same |
| $100,000 | $0.00 | $0.00 | Same |
Lighter vs Variational: Detailed Analysis
Volume & Liquidity
Lighter leads in 24-hour trading volume with $5.81B, compared to $1.96B for Variational. Higher volume typically means better liquidity, tighter bid-ask spreads, and less slippage on trades. For active traders executing multiple trades daily, this difference can significantly impact overall costs.
Fee Structure
Lighter charges 0% maker / 0% taker fees, while Variational charges 0% maker / 0% taker fees. Both platforms have competitive fee structures. Note: Variational uses an RFQ (Request for Quote) model where execution costs may be embedded in the spread rather than explicit fees.
Open Interest
Lighter has $1.50B in open interest, versus $962M for Variational. Open interest represents the total value of outstanding derivative contracts that haven't been settled. Higher OI generally indicates more active trading and can provide insights into market sentiment.
Airdrop Opportunities
Neither platform currently has an active airdrop. Lighter: Completed. Variational: PointsLive. Check our airdrops page for the latest updates.
Lighter vs Variational FAQ
Conclusion: Which Should You Choose?
Based on the data, Lighter appears to be the stronger choice overall with advantages in trading volume, open interest. However, the best choice depends on your specific needs:
- • For lowest fees: Choose either - they have equal fees
- • For best liquidity: Choose Lighter
- • For airdrop farming: Neither has an active airdrop
- • For large orders: Choose Lighter for deeper liquidity
Related Perp Comparisons
Learn more about Lighter or Variational
Compare all perp fees · View perp airdrops · Track open interest