Perp DEX volume share, live 24h notional ranked
TradingKalshi
Trails$1.62B
- p99
- $1.62B
- rank
- #5
- samples
- 198
Lighter
Leads$1.93B
- p99
- $2.22B
- rank
- #4
- samples
- 2,880
24h perp volume
Kalshin/aLightern/a
Kalshi vs Lighter
Lighter leads on all 3 live benchmarks. Lighter wins on Perp DEX volume share, live 24h notional ranked ($1.93B vs $1.62B), Most tradable markets on a perp DEX, live count per venue (213 vs 20), Perp DEX asset breadth (38 vs 2).
Kalshi
CFTC-regulated US prediction market exchange. REST trade API (trade-api/v2) with documented per-tier rate limits; the market data WebSocket requires authentication.
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
Perp DEX funding stability, 24h stddev of ETH funding ranked
TradingKalshi
Trails0.015 %
- p99
- 0%
- rank
- —
- samples
- 198
Lighter
No data in window
24h ETH funding stddev
Kalshin/aLightern/a
Ranked only with 24 hours of funding history (288 samples) and a stddev above zero: a young listing, or a venue whose rate has not moved since listing (Ondo Perps at launch, Polymarket in July), reads artificially stable and shows as Provisional, never as the leader. Stability is not directionality: a persistently positive but tight band ranks above a rate that flips every settlement.
Most tradable markets on a perp DEX, live count per venue
TradingKalshi
Trails20
- p99
- 20
- rank
- #20
- samples
- 198
Lighter
Leads213
- p99
- 214
- rank
- #6
- samples
- 2,880
Active markets
Kalshin/aLightern/a
Perp DEX asset breadth: non-crypto markets live, forex + stocks + indices + commodities
TradingKalshi
Trails2
- p99
- 2
- rank
- #15
- samples
- 198
Lighter
Leads38
- p99
- 38
- rank
- #11
- samples
- 2,880
Non-crypto markets
Kalshin/aLightern/a
Market count reflects the Mobula perp pairs catalog at query time. Only mainnet markets are counted (testnets excluded). Asset class tags (forex, stocks, indices, commodities) are assigned by Mobula's editorial taxonomy and updated when new pairs are listed. Venues not in the Mobula catalog (Hyperliquid, GMX, dYdX, Ostium, Vertex, Paradex, Aster) are monitored separately: their catalogs are crypto-only or verified crypto-only by native API.
Frequently asked questions
Kalshi vs Lighter: which one is better?
Kalshi and Lighter are compared on 4 shared OpenChainBench benchmarks. 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 24h perp volume, Kalshi or Lighter?
On the Perp DEX volume share, live 24h notional ranked benchmark, Lighter leads at $1.93B versus Kalshi at $1.62B. Live measurement is updated continuously by the OpenChainBench harness.
How is the Kalshi 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.