When it comes to derivatives trading efficiency, the numbers tell an interesting story. Lighter's fee structure burns just $18 per $1 million in BTC perpetual volume, while a competing platform burns $467 for the same volume metric—that's a significant gap. The capital backing is substantial too: a recent $68 million funding round valued the protocol at $1.5 billion, with institutional support joining the round. Zero trading fees are positioned as a permanent feature tied to order flow economics, not a limited-time incentive. Meanwhile, market dynamics are shifting visibly—reports indicate daily outflows reaching $200 million from established competitors. The real differentiator increasingly comes down to execution costs and infrastructure efficiency. In a market where margins matter, operational burn rates and fee mechanisms are becoming the competitive battleground that separates market leaders from challengers.