Perp DEX volume share, live 24h notional ranked
TradingGRVT
Trails$410.09M
- p99
- $460.24M
- rank
- #11
- samples
- 2,880
Lighter
Leads$1.46B
- p99
- $1.62B
- rank
- #3
- samples
- 2,880
24h perp volume
GRVTn/aLightern/a
GRVT vs Lighter
Split decision: GRVT leads on Perp DEX capital efficiency (6 vs 0.275) and Perp DEX volume to open interest (0.853x vs 2.41x); Lighter leads on Perp DEX volume share, live 24h notional ranked ($1.46B vs $410.09M) and Most tradable markets on a perp DEX, live count per venue (211 vs 194). Data as of 2026-10-06 UTC.
GRVT
zkSync hybrid CEX/DEX perp venue with privacy-preserving order matching.
Lighter
Onchain perp DEX with a fully onchain orderbook on a zkSync rollup. ZK proofs verify matching, no off-chain sequencer for trade execution.
Side by side measurements
Most tradable markets on a perp DEX, live count per venue
TradingGRVT
Trails194
- p99
- 194
- rank
- #6
- samples
- 2,880
Lighter
Leads211
- p99
- 211
- rank
- #5
- samples
- 2,880
Active markets
GRVTn/aLightern/a
Perp DEX capital efficiency: active markets per $M TVL, live
TradingGRVT
Leads6
- p99
- 6
- rank
- #4
- samples
- 2,880
Lighter
Trails0.275
- p99
- 0.275
- rank
- #11
- samples
- 2,880
Markets per $M TVL
GRVTn/aLightern/a
TVL from DefiLlama /protocol/{slug} currentChainTvls, excluding staking and pool2 categories. Market count from each venue's native API (same source as the perp-active-markets bench). The ratio reflects architectural choices, not absolute liquidity: a high ratio means the venue can list many markets cheaply, not that each market has deep liquidity. Compare with perp-volume-share for the liquidity angle.
Perp DEX volume to open interest: 24h turnover per dollar of OI, live
TradingGRVT
Leads0.853x
- p99
- 0.957x
- rank
- #9
- samples
- 2,880
Lighter
Trails2.41x
- p99
- 2.67x
- rank
- #15
- samples
- 2,880
Volume / OI (24h)
GRVTn/aLightern/a
The ratio is a screen, not a verdict. Both terms are the venue's own figures (24h volume and open interest as each API reports them, in USD), so a venue that counts both legs of a fill moves its ratio without changing anything real. A very low ratio (Ostium, 0.2x) means positions held for days on thin daily volume; a very high one (Kalshi, above 40x) means a day of trading dwarfs what stays open. The bands in the methodology say what each range usually means.
Frequently asked questions
GRVT vs Lighter: which one is better?
GRVT and Lighter are compared on 4 shared OpenChainBench benchmarks. GRVT leads on Perp DEX capital efficiency. Lighter leads on Perp DEX volume share, live 24h notional ranked. See the live table on this page for every metric.
Which has the higher markets per $m tvl, GRVT or Lighter?
On the Perp DEX capital efficiency benchmark, GRVT leads at 6 versus Lighter at 0.275. Live measurement is updated continuously by the OpenChainBench harness.
Which has the higher 24h perp volume, GRVT or Lighter?
On the Perp DEX volume share, live 24h notional ranked benchmark, Lighter leads at $1.46B versus GRVT at $410.09M. Live measurement is updated continuously by the OpenChainBench harness.
How is the GRVT vs Lighter comparison measured?
Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.
Related comparisons
How this pair was selected
Auto-generated pairs require: both providers in the same benchmark for seven consecutive days, at least 1000 samples per provider, observable third-party search demand, and a public /products/[slug] page on OCB. Editorially curated pairs (like this one) may publish early when search demand is high and data is accruing; panels with fewer than 100 samples are shown as provisional. The full pair ledger is versioned in the public repo.