# Lighter Perp DEX: Volume, Open Interest, LLP and Deposits > Lighter perp DEX volume and open interest by market, USDC deposits on Ethereum, proofs posted per batch, LLP vault returns and LIT buybacks from revenue. Markdown copy of https://voltfincrypto.com/apps/lighter-perp-dex-volume-llp **Question:** How much trades on Lighter, how much USDC backs it on Ethereum and what has LLP returned? - Kind: Dashboard in Voltfin Vantage - Topic: [DeFi](https://voltfincrypto.com/topics/defi) - Chains: Ethereum - Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is. Lighter is a perpetuals exchange built as an application-specific zk rollup on Ethereum. A sequencer matches orders on a central limit order book, and zero-knowledge proofs posted to Ethereum show that matching, liquidations and balance changes followed the exchange's rules, while users' USDC is held by Lighter's contract on Ethereum. Standard accounts trade without fees; premium accounts pay fees for lower latency. This dashboard reads both sides. On Ethereum it reads the contract's USDC balance and flows, along with the batches and proofs Lighter posts. From the rollup it records volume, open interest and funding by market, and the LLP vault, Lighter's protocol liquidity pool that makes markets and takes over liquidated positions, each figure tied to the batch that proved it. The LIT token launched in December 2025, and the LIT bought back with protocol revenue is counted from the buyback address. ## Blueprint ### Markets Volume, open interest and the collateral behind them. - **Volume, latest day** (USD): Notional traded across Lighter's markets on the latest complete day. - **Open interest** (USD): Open interest across Lighter's markets at the latest read, one side. - **USDC on Ethereum** (USD): USDC held by Lighter's contract on Ethereum at the latest day's last block. - **Proof lag** (minutes): Time between the latest committed batch and the latest batch proven on Ethereum. - **Volume by market** (USD): Daily volume over the period, stacked by the largest markets. - **Markets**: Each market's volume, open interest, funding and the batch its latest figures were proven in. ### LLP and deposits LLP's equity and return, and deposits and withdrawals on Ethereum. - **LLP equity** (USD): The LLP vault's equity at the latest read. - **LLP return, 30 days** (%): The change in LLP's share price over the last thirty days, a realized figure. - **Deposits and withdrawals** (USD): USDC deposited into and withdrawn from Lighter's Ethereum contract each day. - **LLP share price** (USD): LLP's share price at each day's end, so its return is separate from money moving in and out. Filters: Period (Last 7, 30 or 90 days). ## How it will be measured - Collateral is the USDC balance of Lighter's contract on Ethereum at each day's last block, with deposits and withdrawals read from its events. - Each batch Lighter commits to Ethereum is matched to its proof verification transaction, so the dashboard shows how far proven state trails the exchange. - Volume, open interest and funding per market, and LLP's equity and share price, come from Lighter's public API and are recorded with the batch they belong to. - LLP's return is the change in its share price between two dates, a realized figure; LIT buybacks are the purchases of the buyback address Lighter publishes. ## Data it needs - `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day. - `l2_activity_daily` (to build): Per layer 2 per day: transactions, active addresses, fees users paid on the L2, and what the L2 paid Ethereum to settle and post data. - `defi_tvl_daily` (to build): Assets deposited in DeFi protocols per protocol, chain and asset at day end, valued with oracle prices, never double counting receipt tokens. - `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table. - `protocol_revenue_daily` (to build): Fees users paid to each protocol and the part kept by the protocol or its token holders, per protocol and day, including buybacks. - Source: Lighter's Ethereum contract: USDC balance, deposit and withdrawal events - Source: Batch commit and proof verification transactions on Ethereum - Source: Lighter's public API for markets, open interest, funding and LLP, recorded with batch numbers - Source: LIT buyback address purchases ## Questions ### What is Lighter? A perpetuals exchange that runs as its own zk rollup on Ethereum. Orders are matched by a sequencer, and validity proofs posted to Ethereum confirm that every trade, liquidation and balance change followed the exchange's rules. ### Is Lighter really zero fee? For standard accounts, yes: they pay no trading fees, in exchange for slower order handling. Premium accounts pay maker and taker fees for lower latency, and those fees are part of the protocol revenue this dashboard reads. ### What is LLP on Lighter? The Lighter Liquidity Pool, a protocol vault that depositors fund. It quotes prices on Lighter's markets and takes over positions from liquidated accounts, and depositors share its profit and loss through its share price. ### How do zk proofs make Lighter verifiable? Each batch of exchange activity comes with a proof that a verifier contract on Ethereum checks. If the proof is valid, the new state follows from the old one under the exchange's rules, so the sequencer cannot credit itself funds or skip a liquidation without the proof failing. ### What is the LIT token? Lighter's token, launched in December 2025 with part of the supply airdropped to users. Protocol revenue is used to buy LIT, and the dashboard counts those purchases from the buyback address. ## Glossary - **Validity proof**: A zero-knowledge proof that a batch of state changes followed the rules, checked by a contract on Ethereum. - **Sequencer**: The operator that orders and matches trades before they are batched and proven. - **LLP**: Lighter's protocol liquidity pool, which makes markets and takes over liquidated positions for its depositors. - **Batch**: A group of exchange transactions committed to Ethereum together and covered by one proof. ## Related apps - [Perp DEX Volume and Market Share by Venue](https://voltfincrypto.com/apps/perp-dex-volume-market-share) - [Aster DEX Volume, Open Interest and ASTER Buybacks](https://voltfincrypto.com/apps/aster-dex-volume-open-interest) - [Hyperliquid HLP Vault Returns and Equity](https://voltfincrypto.com/apps/hyperliquid-hlp-vault) - [Ethereum Layer 2 List Ranked by Activity, Fees and Value](https://voltfincrypto.com/apps/ethereum-layer-2-list) - [L2 Profitability: Fees Earned vs Costs Paid to Ethereum](https://voltfincrypto.com/apps/l2-profitability) - [DeFi TVL by Chain: Total Value Locked Rankings](https://voltfincrypto.com/apps/defi-tvl-by-chain) Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F