Lighter's LIT rose 10%, and Hyperliquid holds more LIT bets than Lighter itself
LIT climbed to $3.47 while Lighter's fees held near $260,000 a day on DefiLlama. Rival Hyperliquid carries $61.4 million of open LIT bets, against $39.1 million on Lighter's own market.
Key points
- LIT, the token of perpetual futures exchange Lighter, traded at $3.47 at 12:37 a.m. ET on November 11, 2026, up 9.8% in 24 hours.
- DefiLlama shows Lighter's fees at $293,005 in the latest day, up 14% from $256,367 the day before, and $1.82 million over 7 days, with $801.8 million locked on the exchange.
- Lighter handled about $2.69 billion of trading in 24 hours across 195 markets, with $498 million in open bets, CoinGecko data show.
- Hyperliquid's LIT market holds $61.4 million of open bets, more than Lighter's own $39.1 million. Its funding was briefly negative at 12:38 a.m. ET and back to positive by 1 a.m. ET.
What moved
Lighter is an onchain exchange for perpetual futures, contracts that let traders bet on prices with borrowed money and no expiry date. Its token LIT traded at $3.47 at 12:37 a.m. ET on November 11, 2026, up 9.8% in 24 hours on CoinGecko. It ranged from $3.13 to $3.52 and was up 8.1% in seven days, while bitcoin fell about 1.2% and ether 2.5% in the same 24 hours. New to perps? Read how Hyperliquid, Lighter's biggest rival, works.
LIT's market value was about $869 million (No. 78). The token is still 56% below its $7.86 record from December 30, 2025.
Fees hold steady
DefiLlama's fee data, read at 1:00 a.m. ET, show Lighter earned $293,005 in its latest daily figure, up 14% from $256,367 the day before. Over seven days fees came to $1.82 million, about $260,000 a day, and over 30 days $6.49 million. DefiLlama counts two chains: one it lists as zkLighter, and Robinhood Chain.
DefiLlama also shows $801.8 million in total value locked, the money traders keep on the exchange.
Lighter fees
US$ thousand
Source: DefiLlama fees API, read November 11, 2026, 1:00 a.m. ET
Where the trading happens
On CoinGecko's derivatives list at 12:38 a.m. ET, Lighter's 195 markets traded about $2.69 billion in 24 hours and held $498 million in open interest, the value of bets still open. Bitcoin led with $1.18 billion of volume, then ether with $694 million, HYPE with $104 million and Zcash with $88.5 million.
CoinGecko lists Lighter's Robinhood Chain markets separately. There, an SPY contract alone traded about $127 million in 24 hours.
More LIT bets on Hyperliquid
LIT also trades as a perpetual on rival exchange Hyperliquid. There, open bets on LIT-USD were $61.4 million, against $39.1 million on Lighter's own LIT market.
Binance's LIT contract held $47.7 million. Funding, the small fee that keeps a perpetual near the spot price, was minus 0.00094% per hour on Hyperliquid at 12:38 a.m. ET, so traders betting on a fall briefly paid those betting on a rise. By 1:00 a.m. ET it was back at plus 0.00125%, Hyperliquid's usual rate. On Lighter's own market, funding was positive, at 0.0012%.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the fee data matter more than the price move. A token rising while its exchange keeps earning about $260,000 a day stands on firmer ground than one rising on volume alone.
- More LIT bets sit on Hyperliquid and Binance than on Lighter itself. Lighter's own token trades mostly on rivals, so their traders set much of its price.
- Funding on Hyperliquid flipped within the hour, which shows traders were split, not lined up on one side. One hourly reading says little.
What's next
- Lighter daily fees against $293,005
- LIT holding above $3.13, its 24-hour low
- Hyperliquid LIT open interest against $61.4 million
- Lighter TVL against $801.8 million
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- DefiLlama API, Lighter fees (read November 11, 2026, 1:00 a.m. ET)
- DefiLlama API, Lighter total value locked (read November 11, 2026, 12:42 a.m. ET)
- CoinGecko API, derivatives markets, Lighter, Hyperliquid and Binance (read November 11, 2026, 12:38 and 1:00 a.m. ET)
- CoinGecko API, LIT price, range and record (read November 11, 2026, 12:37 a.m. ET)
- CoinGecko, Lighter (LIT) (November 11, 2026, 12:37 a.m. ET)
