Lighter Launches 24/5 Equity Perps as Onchain Derivatives Race Heats Up

What Did Lighter Launch?

Lighter, an ETH-based perpetuals platform, has introduced 24-hour weekday trading for equity perpetual futures, extending access beyond standard U.S. market hours. The new markets went live on Tuesday and cover stock-linked contracts tied to names such as Coinbase and Robinhood.

The platform plans to extend availability to a full 24/7 schedule in the near term, according to Sebastián J., Lighter’s go-to-market lead, who shared the update on Discord. “Previously, these markets followed U.S. trading hours only,” he wrote.

The rollout adds Lighter to a growing list of crypto venues offering equity perps, a product that lets traders gain price exposure to stocks without owning the underlying shares. For onchain platforms, the appeal lies in applying crypto’s always-on derivatives model to traditional assets that have historically traded within fixed time windows.

Investor Takeaway

Why Are Equity Perps Spreading Across Crypto Markets?

Equity perps trace their roots to crypto-native derivatives. Perpetual futures were first popularized by BitMEX as a way to trade BTC without expiry dates, fitting assets that trade continuously across borders. As crypto derivatives matured, platforms began adapting the structure to stocks and indexes.

The 24/5 model removes time-zone friction for traders outside the U.S., allowing positions to be opened, adjusted, or closed throughout the week. In theory, that improves by keeping markets active when traditional platforms are closed.

Centralized platforms have moved first. Kraken offers access to CME-linked markets covering commodities and equity indexes that trade on a 24/5 schedule. Coinbase Derivatives has introduced around-the-clock trading for a set of crypto-linked futures, supported by technology it acquired from Deribit. Earlier this week, BitMEX went further, launching 24/7 equity perps on major U.S. stocks and benchmarks including Amazon, Apple, Nvidia, Tesla, the S&P 500, and the Nasdaq.

Onchain platforms are now following the identical path, pushing the concept deeper into decentralized infrastructure.

How Does Lighter Fit Into the Onchain Perps Boom?

Lighter’s expansion comes during a period of rapid growth for onchain perpetuals platforms. The segment gained traction later than the rise of Hyperliquid, which demonstrated that crypto-native derivatives could scale outside centralized platforms.

Like Hyperliquid, Lighter runs on custom-built infrastructure. Hyperliquid operates its own dedicated Layer 1 alongside an EVM chain, while Lighter is built as a zk-powered . Both designs aim to support high-throughput trading while keeping custody and settlement onchain.

The broader trend is visible in market data. The share of decentralized platforms in total perpetuals volume has climbed steadily, reaching a record ratio of about 21%, according to figures tracked by The Block. While Binance still dominates overall perps activity, competition has intensified as traders viewk alternatives that combine speed, transparency, and self-custody.

Investor Takeaway

What Else Is Driving Interest in Lighter?

The equity perps launch follows a series of developments that have kept Lighter in focus. The platform recently completed a $68 million funding round led by Founders Fund and Ribbit Capital, adding financial backing as it scales infrastructure and product coverage.

Lighter also introduced a native token, LIT, last week. Shortly later than, the platform appeared to roll out token purchasebacks, according to reporting from The Block. Together, these moves suggest an effort to align incentives between traders, token holders, and the platform itself.

Activity on the platform has picked up as well. Lighter in November and December, based on The Block’s data, a sign that competition among onchain perps venues is no longer limited to a single breakout player.

What Comes Next for Equity Perps?

Lighter’s stated plan to move from 24/5 to 24/7 trading points to where the market is heading. If equity-linked derivatives trade continuously, they begin to resemble crypto assets more than traditional stocks in terms of accessibility and behavior.

That raises questions around liquidity during off-hours, price formation, and how closely perps markets should track underlying equities when platforms are closed. For now, platforms rely on funding rates, index references, and market-making activity to anchor prices.