Lighter generates revenue through trading fees charged to takers on its on-chain order book. The protocol retains all fees as revenue.

Lighter is an app-specific zk-rollup (L2) purpose-built for order book trading. It operates its own chain with a custom execution environment, settling to Ethereum. The protocol supports perpetual futures and spot markets with sub-second finality and zero MEV.

Lighter team and investors own and govern the protocol. Lighter's investors include a16z, Lightspeed, Coatue, etc.

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Derivative exchanges

Lighter

# Notional trading volume Methodology

## Overview

Notional trading volume measures the total value of derivative contracts executed on a decentralized derivatives exchange. Since users pay trading fees on each trade, this metric tends to correlate with the project's ability to generate fees and revenue.

## Data sources

- On-chain smart contract events capturing trade executions
- Off-chain API endpoints reporting daily trading statistics
- Token price feeds for USD conversion
- Asset metadata for decimal normalization

## Common calculation approaches

### On-chain trade event tracking
For decentralized derivatives and prediction markets, trade executions are read directly from on-chain logs. For instance, `OrdersMatched` events are obtained from Polymarket `Exchange` contracts, while `IncreasePosition` and `DecreasePosition` events are sourced from GMX V1 and GMX V2 contracts. To prevent double-counting, taker-only trade fills are isolated from Hyperliquid, with all values normalized by decimal precision and converted to USD.

### Off-chain API data ingestion
For platforms utilizing off-chain order books or specialized execution environments, trading volume is retrieved from public API endpoints. Daily trading volume and trade counts are ingested from platforms such as edgeX and Ondo Finance. These off-chain data points are mapped to specific perpetual markets, validated for deduplication, and normalized to USD using end-of-day price feeds.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total USD value of derivative contracts executed on the protocol.

LighterLIT

Notional trading volume

Notional trading volume

Competitive landscape

Chain breakdown