Lighter Just Opened Trading on Turkey’s 30 Biggest Stocks. Can It Challenge Hyperliquid?

Lighter (CRYPTO: LIT), a decentralized exchange specializing in perpetual futures, recently launched a market tracking Turkey’s largest companies listed on the Istanbul Stock Exchange. This move comes as Lighter gears up to apply for two licenses from the Commodity Futures Trading Commission (CFTC) in November 2026, sharpening the Lighter vs. Hyperliquid competition for traders’ attention.

During an investor call on October 21, Founder and CEO Vladimir Novakovski shared insights about the upcoming licensing plans. The first application will be for a designated contract market (DCM), which is a regulated U.S. futures exchange. The second will be for a derivatives clearing organization (DCO), which acts as the intermediary ensuring that trades are properly settled. Lighter has not yet submitted these applications.

After announcing its licensing plans, LIT saw a 6.3% increase on November 1, but the optimism quickly faded. As of November 2, the token trades at $3.14, down 3.3% in the past 24 hours.

An on-chain tracker, EmberCN, identified an address that unstaked 3.9 million LIT, worth approximately $12.2 million, and transferred the tokens to OKX and other exchanges. Large deposits like this often signal upcoming sales, potentially increasing supply just as the news peaks.

Lighter Sells Perpetual Futures, and LIT Cuts Trading Fees

Lighter’s main offering is its perpetual futures. These contracts let traders take leveraged positions on asset prices without holding the underlying asset. In addition to perpetual futures, Lighter also provides spot markets, real-world asset trading, and an insurance fund, boasting over 1 million accounts on its platform.

Currently, Lighter offers perpetual futures through Robinhood Wallet to eligible users in select countries, but U.S. residents cannot access these services. A CFTC license could give Lighter a significant opportunity to reach American customers, with plans to offer both perpetual futures and options for institutional clients.

Most of Lighter’s fee revenue is generated from professional traders. Standard accounts enjoy zero fees on regular orders, while Premium users pay a small fee for resting orders and higher fees for taking orders.

LIT’s primary role is to help reduce these Premium account fees. Traders who stake LIT can receive a discount of up to 30% if they stake 500,000 tokens, so demand for LIT is closely tied to how many high-volume traders choose to stake it.

Hyperliquid Is a Far Larger Player Than Lighter

In contrast, Hyperliquid (CRYPTO: HYPE) is significantly larger by any measure. HYPE currently trades at $86, with a market capitalization of $20.5 billion, ranking it 11th in the crypto space, while LIT holds a $787 million market cap at 82nd. In terms of trading volume, Hyperliquid reported $1.13 billion in the last 24 hours compared to Lighter’s $69 million.

These figures reflect token trading, not each exchange’s futures volume. The two tokens have performed differently this year. HYPE has surged 237.8% and currently trades 12.7% below its all-time high of $98, set on September 23. LIT, meanwhile, is up 26.5% this year but is 60.1% below its all-time high of $7.86, set on December 30, 2025.

Hyperliquid’s U.S. Path Is Further Along Than Lighter’s

Hyperliquid’s plans to enter the U.S. market appear further advanced. Intercontinental Exchange (NYSE: ICE), which owns the New York Stock Exchange, plans to invest in trade[XYZ] and offer regulated perpetual futures in the U.S. built on Hyperliquid, pending approval.

Both exchanges still need regulatory sign-off, but Hyperliquid has an advantage because it partners with an operator already involved in licensed U.S. futures markets. In contrast, Lighter faces the challenge of building and licensing its exchange and clearinghouse from scratch.

The U.S. license plan leaves some uncertainty for LIT holders. Lighter’s executives have not clarified whether U.S. clients can trade using LIT, use it as collateral, or stake it as part of their trading strategy.

As a result, institutions operating on a CFTC-regulated exchange might trade without ever interacting with the token, meaning LIT holders may benefit only if the token’s staking discounts or other connections to the U.S. platform are maintained.

Lighter vs. Hyperliquid: Can Lighter Compete and Boost LIT?

If the CFTC approves both licenses, Lighter could secure a portion of the U.S. institutional perpetuals trading market. Owning an exchange and clearinghouse could give it more control than Hyperliquid’s relationship with ICE. However, recent developments seem to favor Lighter’s business prospects more than they benefit LIT, which will see demand for the token only if new business boosts staking and fee-related activity.

LIT, down 12% over 30 days, trades at its 20-day average of $3.14, under its 50-day average of $3.80 (21% above) and above its 200-day average of $2.47 (21.3% below). If Lighter’s share of Hyperliquid’s perps volume climbs after it files and LIT closes above $3.80, the business news could finally reach the token. If the filing slips past November, the license plan could stop moving LIT’s price.

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