{ "schemaVersion": 1, "id": "lighter", "version": "1.1.0", "name": "Lighter", "reviewedAt": "2026-10-22", "reviewIntervalDays": 14, "reviewer": "Decentralised News editorial research", "evidenceType": "provider_documentation", "liveTested": false, "summary": "Standard accounts currently have zero maker/taker fees across perpetual and spot markets, while Plus and Premium/Advanced use paid tiers. Multi-asset margin remains UTA-only and now documents separate collateral parameters for core Lighter and Robinhood Chain Lighter, while the page still contains conflicting spot-availability language.", "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": "2026-10-22" }, { "id": "accounts", "name": "Lighter unified trading accounts", "url": "https://docs.lighter.xyz/trading/unified-trading-accounts", "reviewedAt": "2026-10-22" }, { "id": "margin", "name": "Lighter multi-asset margin", "url": "https://docs.lighter.xyz/trading/multi-asset-margin", "reviewedAt": "2026-10-22" }, { "id": "funding", "name": "Lighter funding", "url": "https://docs.lighter.xyz/trading/funding", "reviewedAt": "2026-10-22" }, { "id": "liquidation", "name": "Lighter liquidations and LLP", "url": "https://docs.lighter.xyz/trading/liquidations-and-llp-insurance-fund", "reviewedAt": "2026-10-22" } ], "networks": [ { "id": "lighter", "name": "Lighter", "collaterals": [ "USDC", "ETH", "XAUT" ], "collateralNote": "USDC is base collateral. ETH and XAUT are documented multi-asset-margin collateral with risk parameters and caps; current live enablement should be checked via assetDetails." }, { "id": "robinhood-chain-lighter", "name": "Robinhood Chain Lighter", "collaterals": [ "USDG", "AAPL", "AMZN", "GOOGL", "META", "MSFT", "NVDA", "QQQ", "SNDK", "SPCX", "SPY", "USO" ], "collateralNote": "USDG is documented as base collateral. The listed tokenized equity/ETF/commodity references have separate LTV, liquidation and supply-cap parameters in the current provider table; this brief does not assess the legal or asset-rights structure of those instruments." } ], "claims": [ { "id": "fees", "question": "Which accounts receive zero trading fees?", "label": "Provider-reported", "finding": "The current fee guide states zero maker/taker fees for Standard accounts across perpetual futures and spot markets. Plus charges a paid tier, and Premium/Advanced uses maker/taker fees with staking-based discounts.", "consequence": "Confirm the active account type and current tier. Zero Standard-account commission does not imply zero funding, spread, liquidation or other costs.", "sourceIds": [ "fees" ] }, { "id": "latency", "question": "Does a documented speed bump measure fill quality?", "label": "Provider-reported", "finding": "Standard taker and cancel/modify actions retain a documented 300 ms delay. Premium/Advanced lists 140 ms taker latency with no extra latency for cancels and post-only placements; Plus documents its own timing and rate-limit profile.", "consequence": "These are provider configuration values, not DN end-to-end latency or fill-quality measurements.", "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 and are required for multi-asset margin; the provider currently says UTA can be enabled only on web.", "consequence": "Verify both account mode and activation path before treating spot balances as usable perpetual margin.", "sourceIds": [ "accounts", "margin" ] }, { "id": "collateral", "question": "What does non-USDC margin change?", "label": "Provider-reported", "finding": "The current multi-asset page lists ETH and XAUT for core Lighter and a separate Robinhood Chain Lighter table covering tokenized equity/ETF/commodity references with their own LTVs, liquidation thresholds, fees and supply caps. The page directs readers to assetDetails for current live enablement.", "consequence": "Do not treat the static table as a guaranteed live inventory. Separate core Lighter from Robinhood Chain Lighter, and independently assess instrument rights and availability.", "sourceIds": [ "margin" ] }, { "id": "scope", "question": "Do the documents clearly establish leveraged spot availability?", "label": "Documentation conflict", "finding": "The same multi-asset page says supported collateral can be used for perpetuals and spot, includes leveraged-spot examples, but also states that USDC spot trading with non-USDC collateral is not included at launch and that release support is perpetual-only.", "consequence": "The provider documentation remains internally inconsistent on spot scope. This brief does not resolve the conflict or claim leveraged-spot availability.", "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": "2026-10-22", "type": "DN evidence review", "detail": "Re-opened the five cited Lighter documentation pages. Standard-account zero-fee wording now explicitly covers spot and perpetual markets, account-tier details remain differentiated, and the multi-asset page now includes a separate Robinhood Chain Lighter collateral table. The page's spot-scope conflict remains unresolved. No live execution, withdrawal, signing or eligibility test was performed." }, { "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." }