Lighter (LIT) Gains 21%; Exchange Plans Two CFTC Registrations

Lighter plans to apply for two U.S. derivatives registrations in November 2026, putting its proposed trading and clearing operations for perpetual futures and options on a path toward regulatory review.

At 3:55 p.m. ET (19:55 UTC) Oct. 21, LIT was priced at $3.88, 21.3% above its level 24 hours earlier. Its high and low over the same span were $3.97 and $3.21.

On an Oct. 21 third-quarter investor call, Lighter founder and CEO Vladimir Novakovski said the exchange intends to apply to the Commodity Futures Trading Commission (CFTC) for designated contract market (DCM) and derivatives clearing organization (DCO) registrations. The DCM status would cover the trading venue, while the DCO registration would cover clearing. The applications have not been filed, and neither registration has been approved.

The CFTC review framework is 180 days, though an incomplete application can pause the review clock. Lighter’s planned U.S. offering includes perpetual futures and options.

Lighter currently makes perpetual futures available through Robinhood Wallet to eligible users in selected jurisdictions; U.S. residents are excluded. Novakovski said a possible integration with Robinhood’s U.S. products would depend on licensing and product fit. Robinhood has not announced a U.S. rollout.

The Oct. 21 call added detail to Lighter’s November CFTC filing plan.