Lighter vs Synthetix Perps Lighter leads by 13 points.
Lighter scores 13 points above Synthetix Perps on the published criteria (15.6 vs 7.1 points), which this ranking scores from the record as a whole, not criterion by criterion. Lighter ranks #7 and Synthetix Perps #10 of 12 published perp DEXs. Every term of the gap is on the ledger below; the inputs are on the audit receipt.
LILighter54
vs
Synthetix Perps41
Scores are out of 100; published scores fall within 41–99 · ranks #7 and #10 of 12
Lighter scores 13 points above Synthetix Perps on the published criteria (15.6 vs 7.1 points), which this ranking scores from the record as a whole, not criterion by criterion.
LILighter #7 of 1254
Synthetix Perps #10 of 1241
Scores are out of 100; published scores fall within 41–99; a bar is empty at 41 and full at 99.
Why, term by termLighter leads on 0 of 2 published criteria; Synthetix Perps on 0. The terms sum to the gap.
TermLighterSynthetix PerpsWeightPoints
Published criteriaScore dimension15.67.130+22.1for Lighter
Net of the terms+22.1
Reproduced gap+22.1
Published gapAfter score rounding and bounds — see the note below5441+13.0
Weight is in points of the 86-point weighted total. Points are score points of the gap between the two.
This ranking scores its published criteria from the record as a whole, not criterion by criterion, so they count here as one term and no single criterion is credited.
A floor bound on one row means the criterion arithmetic does not reproduce the displayed gap exactly.
LighterScore 54zk-verified onchain orderbook — self-custodial, force-withdrawableStrength: zk-verified orderbook with proofs committed to EthereumWatch-out: Newer venue (2025) — shorter track record, and the live verifier was replaced on 3 and 10 September 2026 with no sources published, so the published audits cannot be shown to cover the running codeSynthetix PerpsScore 41Ethereum-mainnet perps with an offchain order book — launched 2026Strength: Perpetual futures settled on Ethereum mainnetWatch-out: Withdrawals are operator-relayed: only a single relayer account can request a withdrawal onchain, and watchers validate it with a quorum of 1
Quick facts
At a glance
1 of 5 rows read the same for both.
FactLighterSynthetix Perps
Trading feeSnapshotModel: zk-verified orderbook (offchain sequencer, proofs committed to Ethereum). Since 2025. Self-custodial with L1 force-withdrawal. Admin-controlled (a protocol multisig, the governor, holds the administrative functions). Audited (nine published audits; the September-2026 verifier changes have no published sources). Up to 50x. Fees (Lighter docs "Trading Fees", read 3 November 2026): Standard Accounts "Fees: 0 maker / 0 taker on regular perpetual and spot orders; 1 bp on TWAP/advanced orders and RFQ"; Plus and Premium/Advanced accounts pay maker and taker fees. Live TVL shown for context, not scored.Model: offchain orderbook (offchain matching, batch settlement on Ethereum mainnet). Since 2026. Contract-custodied (operator-relayed withdrawals), admin-controlled (4-of-7 Safe, no timelock). Limited audit evidence (no audit of the live deposit contract found). Up to 25x. Fees (Synthetix docs, read 3 November 2026): default taker fee "0.05%", lower with 14-day volume. Live TVL shown for context, not scored.
Asset coverageEditorial——
Region fitSnapshoteurope, globalus, europe, global
Lighter leads on no published criterion; its edge is published criteria (15.6 vs 7.1 points). Pick it if that term is what you are buying.
Strength
zk-verified orderbook with proofs committed to Ethereum
Tradeoff
Newer venue (2025) — shorter track record, and the live verifier was replaced on 3 and 10 September 2026 with no sources published, so the published audits cannot be shown to cover the running code
Synthetix Perps
41#10 of 12
Pick it when
Synthetix Perps leads Lighter on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
Strength
Perpetual futures settled on Ethereum mainnet
Tradeoff
Withdrawals are operator-relayed: only a single relayer account can request a withdrawal onchain, and watchers validate it with a quorum of 1
Self-identify in 10 seconds
Which one is actually for you?
LILighterLeads
Lighter leads Synthetix Perps on no published criterion
Choose it only if something outside the published criteria decides for you — your country, a funding rail, or custody.
LighterScore 54zk-verified onchain orderbook — self-custodial, force-withdrawableStrength: zk-verified orderbook with proofs committed to EthereumWatch-out: Newer venue (2025) — shorter track record, and the live verifier was replaced on 3 and 10 September 2026 with no sources published, so the published audits cannot be shown to cover the running code
Synthetix Perps
Synthetix Perps leads Lighter on no published criterion
Choose it only if something outside the published criteria decides for you — your country, a funding rail, or custody.
Synthetix PerpsScore 41Ethereum-mainnet perps with an offchain order book — launched 2026Strength: Perpetual futures settled on Ethereum mainnetWatch-out: Withdrawals are operator-relayed: only a single relayer account can request a withdrawal onchain, and watchers validate it with a quorum of 1
Criterion by criterion
Scorecard
Published criteria · weight in points of 860 of 4 cells scored. Strength is read from the evidence file; the weight is the published one. Methodology
Security
weight 14.4 of 86Not scored
LighterNot scored
No evidence cell for this criterion, so no strength is drawn.
Synthetix PerpsNot scored
No evidence cell for this criterion, so no strength is drawn.
Decentralization
weight 9.6 of 86Not scored
LighterNot scored
No evidence cell for this criterion, so no strength is drawn.
Synthetix PerpsNot scored
No evidence cell for this criterion, so no strength is drawn.
Score dimensions
weights sum to 86
The published score is five dimensions, each weighted for the category. "Published criteria" is the criteria block above; the other four are the engine's own terms — availability, friction, trust record, measured data. Each bar is one side's points out of that dimension's maximum; the weight beside the name is its points of the 86-point weighted total. The published criteria above can fill 24 of the block’s 30. A weight marked “constant here” belongs to a dimension every ranked product in the category holds at the same value: it still counts in the total, and it orders nothing here.
Availabilityweight 20 of 86 · constant here
Lighter14/20Synthetix Perps14/20
Tie
Published criteriaweight 30 of 86
Lighter15.6/30Synthetix Perps7.1/30
Lighter leads
Frictionweight 10 of 86 · constant here
Lighter2.7/10Synthetix Perps2.7/10
Tie
Trust recordweight 8 of 86 · constant here
Lighter3.2/8Synthetix Perps3.2/8
Tie
Measured dataweight 18 of 86 · constant here
Lighter5.5/18Synthetix Perps5.5/18
Tie
Decision rulePublished order
Choose Lighter unless the term Synthetix Perps leads on is the one you are buying.
Synthetix Perps leads Lighter on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
The published order weighs every criterion the same way for everyone. To weigh them your way, run .
From the published order
Next best action
If this isn't your case
Other matchups worth comparing
How you can lose money here, and what the ranking scores
Contract failure: the code holding the funds is exploited.
Scored by Security & track record · 60%
Control failure: a key or vote changes the rules, freezes or mints.
Scored by Decentralization & trust-minimization · 40%
Not assessed by this ranking: Oracle failure, Insolvency failure, Regulatory failure, Execution failure, Exit failure. A high place says nothing about these; the Methodology tab says what each means.
Questions
Frequently asked questions
Lighter scores 13 points above Synthetix Perps on the published criteria (15.6 vs 7.1 points), which this ranking scores from the record as a whole, not criterion by criterion. Published scores, out of 100: Lighter 54 (rank 7 of 12 perp dexs), Synthetix Perps 41 (rank 10 of 12).
Reviewed means both products compared here was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
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