After Hyperliquid, a new DEX is attracting airdrop hunters: Lighter. With its hybrid technology, generous points program, and a TGE scheduled for December, the platform ticks all the boxes for the next big DeFi hit. Here’s how you can take advantage of it.
The world of airdrops is accelerating
Since the 2021 bull run, airdrops have become a flagship strategy and a powerful marketing tool for rewarding users. A recent example? Hyperliquid’s airdrop in November 2024: more than $7.5 billion in tokens distributed, representing 31% of the total supply. The result: some early adopters pocketed tens of thousands of dollars, and some much more.
One player is currently attracting the attention of many traders and airdrop hunters: Lighter. This decentralized exchange (DEX) for derivatives is already generating a lot of excitement, and for good reason. It has raised $68 million from leading investors such as Founders Fund, Ribbit Capital, Haun Ventures, and Robinhood Markets.
What exactly is Lighter?
Lighter is a DEX (decentralized exchange) specializing in perpetuals, derivatives that are very popular in DeFi. Its goal is to offer a credible alternative to centralized exchanges (CEX).
But what makes Lighter unique is its hybrid technology:
- Off-chain execution for speed;
- On-chain settlement for security;
- zk-Rollups and custom Zero-Knowledge circuits for efficiency and transparency;
- Tight spreads, meaning fewer hidden losses for traders.
In short: Lighter aims to combine the best of centralized systems (speed, smooth UX) with the guarantees of decentralized systems (transparency, sovereignty).
And Lighter’s figures already speak for themselves:
- 2nd DEX for perpetuals in terms of volume behind Hyperliquid;
- Daily volume: over $2 billion;
- Relatively low open interest (open positions), a sign that activity is organic and healthy.
Why I think Lighter could be a serious competitor to HyperLiquid:
1/ Lighter is described as the second largest DEX for perpetuals in terms of volume, just behind Hyperliquid. It handles a daily volume exceeding $2 billion with an open interest… pic.twitter.com/lsUFfY23eR
— CryptoBross 🕯️ (@TTheGoodGuys) August 1, 2025
A strategic points program
Last January, Lighter launched a points program, a loyalty mechanism that rewards active traders.
How does it work?
- 250,000 points distributed per week;
- Estimated end of the program: January 2026;
- Expected total: 10 million points max;
- Points can be resold OTC, currently at around $6 to $10 per point.
This program is similar to what we’ve seen at Hyperliquid and any new trading platform that launches: the more you interact, the more points you earn, which will be converted into tokens during the TGE (Token Generation Event).
Lighter’s TGE is tentatively scheduled for December, which leaves a few more months to accumulate points before the tokens are distributed. According to Vladimir Novakovski, the founder of Lighter, 30 to 50% of the total supply could be allocated to the community via an airdrop, mainly for point holders.
Some projections: If Lighter’s FDV (Fully Diluted Valuation) reaches $1 billion at the time of the TGE, and 30% is distributed via an airdrop, that would represent $300 million for the 10 million points, or $30 per point.
Here is a summary table of FDV / % of airdrop allocated:
How to maximize your points?
Lighter does not simply reward volume (unlike Hyperliquid). Here are some practical tips to optimize your farming:
- Have a positive PNL (performing your trades is essential);
- Keep your positions open for at least 15 minutes;
- Trade pairs that are rarely used or new;
- Focus on consistency and avoid bots or wash trades;
- No trading fees = farming accessible even to small portfolios;
- Getting liquidated also earns points.
Since December 4, 2025, spot trading has also been available. This allows you to accumulate points with less risk because liquidation is not possible.
With innovative technology, a strong community program, and a generous airdrop on the horizon, Lighter ticks all the boxes for the next big thing in DeFi. The market is becoming increasingly competitive, and opportunities for significant airdrops are becoming scarce. But Lighter seems well on its way to joining the list of the big names—alongside dYdX, Hyperliquid, and Aevo.
Tutorial: How to use Lighter, the promising Perps DEX
1. Access the platform
To get started, go to the Lighter website by clicking the button below (affiliate link).
You will see an interface like this:
2. Getting started: Login and access
Lighter’s user interface (UI) is simple and intuitive. Here are the first steps to follow:
- Click on the top right to connect your wallet (MetaMask, Rabby, etc.);
- Once connected, click on the “Request Access” button next to your address;
- You will then be asked to enter your referral code and your Telegram, Discord, and X (Twitter) links—these networks are optional, but could potentially earn you hidden bonus points via a tracking system.
3. Create an account and deposit funds on Lighter
Once you have gained access, click on “Create an account.” You can then make a deposit:
- Either from your wallet;
- Or from a centralized exchange.
You can deposit on the following blockchains:
- Arbitrum;
- Base;
- Avalanche;
- Ethereum.
Deposits can only be made in USDC, with a minimum of $5.
4. Authentication
Before you start trading, you will need to authenticate your account.
This means signing a transaction with your wallet—it’s risk-free and free of charge.
5. Trading on Lighter
Once authenticated, you can start trading. In the upper left corner, choose the pair of your choice (more than 50 available).
Warning: leverage can be dangerous for beginners. Get properly trained and start with small amounts.
Trading interface explained:
- Leverage: Choose the desired leverage (be aware of the risks);
- Isolated: Select this mode rather than “Cross,” which is safer for beginners;
- Long/Short: Long if you think the price will go up, Short if you think it will go down;
- Position size: For example, 52% of $6, or approximately $3 x5 (leverage);
Execution button: Click here to place your order.
When you have an open position, here is the information to monitor:
Position value: total amount with leverage
Entry price: entry price
Mark price: Current market price
Liq price: Liquidation price (if reached, you lose the position)
Unrealized PnL: Current gain or loss in value or %
To close a position: simply click on “Close All.”
Take it slow: small amounts, low leverage – Only trade what you are prepared to lose.
6. The points program
Points are updated every Tuesday, and you can track your score in the Leaderboard tab. Note that there are no fees for opening or closing positions (unlike other platforms).
To make a withdrawal, click on the wallet icon in the top right corner and select “Withdraw.” If you have less than 100 points, a $3 fee will be applied.
7. Referral and farming
To get your own referral code, you need to reach 100 points.
Tip: to reduce the risk of loss, you can open an opposite position with the same amount, leverage, and crypto on another platform.
This allows you to farm points on multiple platforms while limiting volatility via a delta-neutral strategy.
Conclusion on Lighter
Lighter is a promising DEX that combines advanced technology, fee-free trading, and significant airdrop potential.
