×Lighter

Methodology & fine print

1. Source data. All Hyperliquid fills routed through the builder's code, from Hyperliquid's official builder-fills archive; millisecond timestamps recovered by matching each fill against tick-level public trade data. Lighter books from Tardis tick-level snapshots.
2. Counterfactual. Each Hyperliquid taker order is simulated as a market order of the same size walking the observed Lighter book at the same exchange timestamp. Assumes the order does not move the market and Lighter liquidity is unchanged by migrated flow.
3. Fees. Hyperliquid fees apply each user's own current taker fee rate to their taker notional — 4.5 bps at the base tier on standard perps, 0.9 bps on xyz markets, 9 bps on xyz:GOLD (rates validated against actual fills) — the amounts earned by Hyperliquid and the market deployer. Fees earned by the builder itself are not counted as savings. Lighter charges zero taker fees on standard (free) accounts, so the Lighter-side fee is exactly $0, not an estimate.
4. Partial fills of one order are simulated as a single market order at first-fill time.
5. Coverage. Book depth escalates automatically per asset (5 → 25 levels → full-depth incremental L2) until orders fill completely; any order exceeding the observed book is price-compared on the filled portion only (see Depth cov. column).
6. HIP-3 / RWA markets. Markets with no Lighter equivalent are excluded and listed above with their volume.
7. Slippage is signed distance of execution VWAP from the Lighter mid at fill time — one consistent reference for both venues.
8. Cancel priority. Hyperliquid gives cancellations priority over incoming taker orders: market makers can pull their quotes before your order reaches the book, so Hyperliquid fills are often worse than the liquidity you saw when you clicked. Lighter has no cancel priority.