Startup profile · funding coverage
Lighter funding, valuation and investors
zk-rollup perpetual futures DEX with on-chain order matching.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series A
$68M · November 2025
Latest known valuation
$1.5B
Series A · November 2025
Total disclosed equity funding
$68M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
series a · Remote
Investors in latest funding
Lead: Founders Fund , Ribbit Capital
Other: Andreessen Horowitz , Coatue , CRV , Lightspeed Venture Partners , Craft Ventures , 8VC
Overview
Lighter is a decentralized exchange for perpetual futures built on a zk-rollup with on-chain order matching, aiming to deliver centralized-exchange speed and UX with provable on-chain execution. The company raised a $68M Series A in November 2025 co-led by Founders Fund and Ribbit Capital at a reported $1.5B valuation, with Andreessen Horowitz, Coatue, CRV, Lightspeed, Craft Ventures, and 8VC participating.
Why Lighter is interesting
Lighter bets zk-rollups can deliver CEX-speed perp trading with provable on-chain execution — Founders Fund and Ribbit co-led a $68M Series A at $1.5B in November 2025.
Product & use cases
Lighter's zk-rollup matches perpetual futures orders on-chain with low latency, combining DEX transparency with performance targeting parity to centralized exchanges like Binance and Hyperliquid.
- On-chain perpetual futures trading with CEX-like UX
- Provable fair order matching for crypto derivatives
- DeFi-native leverage without centralized custody
Key facts
- Series A (Nov 2025): $68M at $1.5B co-led by Founders Fund and Ribbit — CoinDesk
- zk-rollup perp DEX with on-chain order matching
Funding history (newest first)
Investors in our directory
Funds linked from Lighter's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: On-chain order matching on zk-rollup — provable execution vs. off-chain matching with on-chain settlement.
Perpetual futures dominate crypto trading volume. Lighter enters a crowded field where Hyperliquid gained early traction. $1.5B Series A valuation signals investor belief zk infrastructure closes the UX gap — execution remains unproven at CEX scale.
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Hyperliquid direct
High-performance on-chain perp DEX competitor.
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dYdX direct
Established decentralized perpetuals exchange.
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Binance / OKX incumbent
Centralized exchanges dominating perp volume.
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GMX adjacent
On-chain perps with different AMM model.
Notable stories
- Lighter's November 2025 Series A at $1.5B came as on-chain perpetuals gained volume share from centralized exchanges — Hyperliquid proved demand exists.
Industries
Market / IPO context
Editorial / static context — not a live quote.
Related funding articles
Venture Capital Tracker pieces that cover Lighter's financing or category context.
FAQs about Lighter
Practical answers founders, operators, and investors typically search for.
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