Decentralized perpetuals exchange Lighter secured $68 million in new funding at a valuation of roughly $1.5 billion, according to sources familiar with the deal. The round was led by Founders Fund and Ribbit Capital, joining participation from Haun Ventures and Robinhood, which rarely backs early-stage startups.
CEO Vladimir Novakovski, who founded Lighter in 2022, confirmed the raise and said the structure includes equity and token warrants ahead of a future token launch. However, he declined to comment on Lighter’s valuation.
Backers Double Down on On-Chain Perps
Founders Fund highlighted Lighter’s technical stack and team as the primary drivers for its conviction in the deal.
“We (Founders Fund) are happy to have recently doubled down on Lighter.”
The firm also praised Lighter’s execution, citing ultra-low-latency trading, a zk-proof security architecture, and a team “we’re continually impressed by.”
What Lighter Does
Lighter operates as a decentralized, on-chain exchange built for perpetual futures trading. The platform runs on a custom zk-rollup, zkLighter, built on Ethereum to provide:
- •CEX-level execution speed
- •Fully on-chain settlement
- •Cryptographic verification via zero-knowledge proofs
Spot trading — including Bitcoin — will follow soon, Novakovski said.
The founder also noted that Lighter already runs at a profit and competes directly with emerging on-chain derivatives platforms.
Founder Background
Before Lighter, Novakovski founded Lunchclub, an AI networking product backed by Lightspeed, Coatue, and a16z.
A Breakout Year for DEXs
Lighter’s raise reinforces investor appetite for on-chain trading infrastructure as traditional centralized exchanges lose share to decentralized derivatives venues. Platforms like Hyperliquid, Aster, and Lighter are driving a shift toward CEX-speed, fully on-chain execution.
2025 continues to shape up as a defining year for decentralized trading, with capital, talent, and users increasingly moving to on-chain platforms.