$LIT

On-chain perpetuals have a combined $19.17B in open interest, while centralized exchanges have $185.26B—on-chain accounts for 9.4%. Where this percentage goes will determine how much this sector is worth.

Lighter has open interest backed by 13,647 BTC, about $1.08B, ranking 33rd among all derivatives exchanges globally.

It ranks 3rd by market cap in perpetuals, and the leader $HYPE is 15.9x its size.

There’s already an on-chain exchange in the top 5 open-interest rankings, with the highest ranked at 2nd; Binance (Futures) is still first. Three years ago, there were no on-chain exchanges on this list.

It listed 208 perpetual trading pairs.

Circulating market cap is $1.18B, fully diluted is $4.71B. The $3.53B difference is not nonexistent; it’s supply that hasn’t been listed yet, and it will eventually need to find buyers.

#链上合约 #PerpDEX