Dominant Onchain Perps Exchange Lighter Rolls Out 24/5 Equity Perps Trading

Lighter, a leading decentralized perpetual exchange, has launched 24/5 equity perpetuals trading, expanding its product offerings to institutional and retail investors. The new feature adds to its existing suite of crypto derivatives, providing more trading flexibility across asset classes. The move comes as onchain derivatives continue to mature, with decentralized perpetual exchanges (Perp DEXs) nearly tripling in volume in 2025. This growth reflects increasing adoption of blockchain-based trading infrastructure.

On January 6, Lighter activated a token buyback program using protocol fees generated by its core decentralized exchange (DEX) product. This development triggered a 16% price rally for the native LIT token. The program redirects a portion of fees to repurchase LIT tokens, directly linking protocol usage to token demand. The treasury account currently holds 180,758 LIT tokens and $1.35 million in USDC, providing immediate liquidity for buybacks. This approach reduces circulating supply and reinforces the token's utility as a value capture mechanism.

The buyback announcement was followed by a surge in trading activity. LIT's 24-hour volume jumped nearly 89% to $36 million, while derivatives open interest rose 58% to $1.81 million. This suggests increased positioning rather than speculative short-term trading. Whale activity also contributed to the rally, with one large transaction involving the sale of $4.86 million in wrapped Bitcoin followed by a $3.36 million USDC deposit into Lighter. These funds were used to purchase over 1.1 million LIT tokens.

Why Did This Happen?

Lighter's token buyback program is a key driver of the recent price action. By redirecting protocol fees into token repurchases, the platform creates a direct link between its usage and token value. This aligns with broader trends in decentralized finance (DeFi), where token utility and value accrual models are critical to long-term sustainability. The move also comes after a $68 million funding round at a $1.5 billion valuation, led by Founders Fund and Ribbit Capital. This capital infusion supports Lighter's expansion into equity perpetuals and other financial applications.

The buyback program was implemented through a transparent on-chain treasury. Community members tracked the initial purchases of 180,700 LIT tokens using protocol fees. This visibility reinforces investor confidence and ensures accountability in tokenomics management. The treasury's activity is fully observable on block explorers, allowing stakeholders to verify the program's execution in real time.

How Did Markets React?

Lighter's native token LIT surged to $3.06 on January 6, up 16% over 24 hours. The price move followed a breakout from a consolidation range in the $2.60s, signaling renewed bullish momentum. Technical indicators suggest the price remains in an uptrend, with the RSI at 66 and below overbought levels. A sustained move above $3.00 could open the door for further gains, while a pullback to $2.95 may consolidate the rally.

Derivatives activity also spiked, with volume increasing 87% to $21 million and open interest rising to $1.81 million. This combination typically indicates fresh positioning rather than profit-taking. The surge in volume and interest reflects increased market participation from both retail and institutional investors, further validating the platform's growing relevance in the derivatives space.

What Are Analysts Watching Next?

Analysts are closely monitoring Lighter's ability to sustain trading volume and maintain its position in the competitive Perp DEX market. In 2025, decentralized perpetual exchanges processed $12.09 trillion in cumulative trading volume, with Lighter capturing 10.3% of open interest by year-end. The platform's performance will be critical as Hyperliquid, Aster, and other rivals continue to gain traction.

Investor attention is also focused on the tokenomics model. With a total supply of 1 billion tokens and 50% allocated to the ecosystem, the buyback program could significantly impact circulating supply and price dynamics. The initial airdrop distributed 25% of the supply, and further incentives will be funded through platform revenue. This model aims to balance growth incentives with long-term value accrual.

Looking ahead, Lighter's expansion into equity perpetuals and structured products will be a key factor in its long-term success. The platform has expressed plans to enter prediction markets and other on-chain financial applications, positioning itself as a next-generation trading infrastructure. Execution on these plans will be critical as the derivatives market continues to evolve and attract institutional capital.