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)
Series A
2025-11 $68M Valuation: $1.5B- Founders Fund (lead)
- Ribbit Capital (lead)
- Andreessen Horowitz (participant)
- Coatue (participant)
- CRV (participant)
- Lightspeed Venture Partners (participant)
- Craft Ventures (participant)
- 8VC (participant)
Source: https://www.coindesk.com/business/2025/11/lighter-68m-series-a/
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
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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