Hyperliquid has become the breakout perp exchange of crypto. But is the market missing its biggest competitor? Delphi’s Flip and DeFi investor Will Price join David to make the case for Lighter, a ZK-powered Ethereum L2 with zero-fee retail trading, white-glove distribution, real-world asset perps, and a token buying back revenue at a surprising rate. Is LIT just a Hyperliquid beta trade, or is it one of the most underpriced bets in onchain finance?

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TIMESTAMPS

0:00 Intro

3:05 Why Lighter Is Different

5:32 ZK Rollup Advantages

6:46 Charging Traders, Not Retail

12:07 Fairness Without MEV

14:50 Why Hyperliquid Can’t Copy

18:03 Distribution Beyond Crypto

22:08 Latency & Flow Quality

26:50 Technical Edge Across the Stack

30:31 RWAs & Pre-IPO Markets

34:07 U.S. Perps Market Play

36:05 Back-End For Big Brokers

38:28 Bootstrapping Liquidity

41:54 Lighter As A Platform

46:34 Token Value & Buybacks

50:11 Market Cap Versus FDV

53:02 Valuing LIT Properly

57:51 Cracked Team & Better Comms

58:13 Joining The Lighter Community

58:51 What Comes Next

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RESOURCES

Will Price

https://x.com/will__price

Trevor Flipper

https://x.com/trevor_flipper

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