{
  "schemaVersion": 1,
  "id": "lighter",
  "version": "1.0.0",
  "name": "Lighter",
  "reviewedAt": "2026-10-14",
  "reviewIntervalDays": 14,
  "reviewer": "Decentralised News editorial research",
  "evidenceType": "provider_documentation",
  "liveTested": false,
  "summary": "Zero maker/taker fees apply to Standard accounts, while Plus and Premium use different terms. Margin mode is a separate choice, and non-USDC collateral introduces haircuts and liquidation exposure.",
  "scope": "Provider-documentation review focused on perpetual trading. Not an exhaustive product inventory, live execution test, security audit or individual eligibility assessment.",
  "decisionTitle": "Separate fee tier from margin mode.",
  "decisionContext": "Account fee tier, unified balances and multi-asset margin answer different questions. Check each independently before relying on a zero-fee or collateral headline.",
  "sources": [
    {
      "id": "fees",
      "name": "Lighter trading fees",
      "url": "https://docs.lighter.xyz/trading/trading-fees",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "accounts",
      "name": "Lighter unified trading accounts",
      "url": "https://docs.lighter.xyz/trading/unified-trading-accounts",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "margin",
      "name": "Lighter multi-asset margin",
      "url": "https://docs.lighter.xyz/trading/multi-asset-margin",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "funding",
      "name": "Lighter funding",
      "url": "https://docs.lighter.xyz/trading/funding",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "liquidation",
      "name": "Lighter liquidations and LLP",
      "url": "https://docs.lighter.xyz/trading/liquidations-and-llp-insurance-fund",
      "reviewedAt": "2026-10-14"
    }
  ],
  "networks": [
    {
      "id": "lighter",
      "name": "Lighter perpetual trading (review scope)",
      "collaterals": [],
      "collateralNote": "USDC balance treatment depends on mode; non-USDC margin has eligibility, haircut and cap conditions."
    }
  ],
  "claims": [
    {
      "id": "fees",
      "question": "Which accounts receive zero trading fees?",
      "label": "Provider-reported",
      "finding": "The fee guide lists zero maker/taker fees for Standard accounts. Plus and Premium accounts incur fees, and Premium discounts depend on staking.",
      "consequence": "Confirm the active fee tier. Do not extend Standard pricing to every account or confuse commission with total cost.",
      "sourceIds": [
        "fees"
      ]
    },
    {
      "id": "latency",
      "question": "Does a documented speed bump measure fill quality?",
      "label": "Provider-reported",
      "finding": "Standard taker and cancel/modify actions have a documented 300 ms delay. Premium and Plus use different timing and rate-limit arrangements.",
      "consequence": "These are provider configuration claims, not DN latency measurements or guaranteed execution times.",
      "sourceIds": [
        "fees"
      ]
    },
    {
      "id": "accounts",
      "question": "Are spot balances automatically perp collateral?",
      "label": "Provider-reported",
      "finding": "Simple accounts keep spot and perpetual balances separate. Unified Trading Accounts combine USDC balances; multi-asset margin requires unified mode.",
      "consequence": "Verify the enabled mode before treating a spot balance as usable margin.",
      "sourceIds": [
        "accounts",
        "margin"
      ]
    },
    {
      "id": "collateral",
      "question": "What does non-USDC margin change?",
      "label": "Provider-reported",
      "finding": "The multi-asset page lists ETH and XAUT collateral parameters, discounts their margin value and applies user/global caps. It directs readers to assetDetails for current enabled assets.",
      "consequence": "Collateral can lose value and be liquidated alongside perps. Static documentation is not a live inventory of available collateral capacity.",
      "sourceIds": [
        "margin"
      ]
    },
    {
      "id": "scope",
      "question": "Do the documents clearly establish leveraged spot availability?",
      "label": "Documentation conflict",
      "finding": "The multi-asset page includes broad spot examples but explicitly says non-USDC-funded USDC spot trading is excluded at launch.",
      "consequence": "This brief does not resolve that inconsistency or claim leveraged spot availability. Confirm the current product before relying on those examples.",
      "sourceIds": [
        "margin"
      ]
    },
    {
      "id": "holding",
      "question": "Does zero commission eliminate holding and liquidation costs?",
      "label": "Provider-reported",
      "finding": "Funding transfers occur hourly. The liquidation guide describes staged liquidation, an insurance-fund backstop and potential auto-deleveraging.",
      "consequence": "Include funding and liquidation exposure in the decision; a zero commission headline does not remove them.",
      "sourceIds": [
        "funding",
        "liquidation"
      ]
    },
    {
      "id": "access",
      "question": "Has DN tested eligibility or account permissions?",
      "label": "Unknown",
      "finding": "Individual eligibility, signing authority, withdrawals and end-to-end execution were not tested.",
      "consequence": "Use the current terms and inspect permissions independently. This brief supplies no trading CTA.",
      "sourceIds": []
    }
  ],
  "illustration": null,
  "unknowns": [
    "Current executable quotes and all-in holding costs",
    "Independent fill, stop-loss and withdrawal reliability",
    "Live signing permissions and revocation behaviour",
    "Individual eligibility and current regional restrictions"
  ],
  "history": [
    {
      "date": "2026-10-14",
      "type": "DN publication",
      "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version."
    }
  ],
  "reviewTriggers": [
    "Changed official product, fee or margin documentation",
    "A substantiated correction",
    "The 14-day editorial review deadline"
  ],
  "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility."
}