Following Hyperliquid, a new DEX is attracting airdrop hunters: Lighter. With its hybrid technology, generous rewards program, and a TGE tentatively scheduled for December, the platform checks 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: over $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 even more.
One player is currently attracting the attention of many traders and airdrop hunters: Lighter. This decentralized derivatives exchange (DEX) is already generating a lot of buzz, and for good reason. Notably, 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: 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 exchanges (speed, seamless UX) with the guarantees of decentralized exchanges (transparency, sovereignty).
And Lighter’s numbers already speak for themselves:
- 2nd largest perps DEX by volume behind Hyperliquid;
- Daily volume: over $2 billion;
- Relatively low open interest, 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 perps DEX by 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 with Hyperliquid and any new trading platform launching: 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 next December, leaving a few more months to accumulate points before the tokens are distributed. According to Vladimir Novakovski, Lighter’s founder, 30–50% of the total supply could be allocated to the community via an airdrop, primarily for point holders.
Some projections: If Lighter’s Fully Diluted Valuation (FDV) 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 the allocated airdrop:
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 P&L (performing well in your trades is essential);
- Keep your positions open for at least 15 minutes;
- Trade less-traded or new pairs;
- Prioritize 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 lower risk since liquidation is not possible.
With innovative technology, a strong community program, and a generous airdrop on the horizon, Lighter checks 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 ranks of the big players—alongside dYdX, Hyperliquid, and Aevo.
Tutorial: How to Use Lighter, the Promising Perps DEX
1. Access the Platform
To get started, visit the Lighter website by clicking the button below (affiliate link)
You’ll 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 in the top right corner to connect your wallet (MetaMask, Rabby, etc.);
- Once connected, click 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 through a tracking system.
3. Create an account and deposit funds on Lighter
After gaining 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 are made in USDC only, with a minimum of $5.
4. Authentication
Before you start trading, you’ll 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 verified, you can start trading. In the top-left corner, select the pair of your choice (over 50 available).
Warning: leverage can be dangerous for beginners.
Educate yourself thoroughly and start with small amounts.
Trading interface explained:
- Leverage: Choose your desired leverage (be aware of the risks);
- Isolated: Select this mode rather than “Cross,” as it is safer for beginners;
- Long / Short: Long if you think the price will rise, Short if you think it will fall;
- Position size: For example, 52% of $6, or about $3 x5 (leverage);
- Execute 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 profit or loss in value or as a percentage
✅ To close a position: simply click “Close All”
Take it slow: small amounts, low leverage—only trade what you’re willing 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 the wallet icon in the top right corner and select “Withdraw.” If you have fewer than 100 points, a $3 fee applies.
7. Referrals and farming
To get your own referral code, you must 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 across multiple platforms while limiting volatility through a delta-neutral strategy.
Conclusion on Lighter
Lighter is a promising DEX that combines advanced technology, fee-free trading, and significant airdrop potential.
