0xArchive research · Lighter
Lighter runs two deployments: its mainnet and Lighter on Robinhood Chain, where every market is quoted in the USDG stablecoin. They list many of the same tickers, from bitcoin to SPY, as separate markets with separate books.
0xArchive records both. From 14 August to 18 October 2026, the two deployments split the same tickers by kind: most stock and pre-IPO volume traded on Robinhood Chain, and most crypto volume on mainnet.
Robinhood Chain traded $27.7B of perps in 66 days, and stocks nearly matched crypto
The median day on Robinhood Chain traded $389M of perps. US stocks and ETFs came within a billion dollars of crypto over the window.
| Robinhood Chain perps, 14 Aug to 18 Oct 2026 | Dollar volume | Share |
|---|---|---|
| Crypto | $12,067,052,293 | 43.6% |
| US stocks and ETFs | $11,198,571,996 | 40.5% |
| Gold and silver | $2,253,115,512 | 8.1% |
| Pre-IPO companies | $2,030,922,119 | 7.3% |
| Meme coins | $111,560,747 | 0.4% |
The pre-IPO markets are perps on companies with no public shares yet. ANTHROPIC alone traded $1.12B, more than any listed stock except the two index funds.
Three in four dollars of Lighter's stock-perp volume trade on Robinhood Chain
Across the 23 US stock and ETF tickers both deployments list, Robinhood Chain traded $11.08B and mainnet $3.72B. Crypto runs the other way.
| Same tickers on both deployments | Robinhood Chain share | Robinhood Chain volume |
|---|---|---|
| Pre-IPO companies, 4 tickers | 81.7% | $2,030,922,119 |
| US stocks and ETFs, 23 tickers | 74.9% | $11,077,731,928 |
| Gold and silver, 2 tickers | 47.9% | $2,253,115,512 |
| Crypto, 10 tickers | 15.2% | $12,067,052,293 |
On SPY the gap is twelvefold: $4.02B on Robinhood Chain against $337M on mainnet.
Seven in ten stock-perp dollars on Robinhood Chain trade while Wall Street is closed
Stock perps on Robinhood Chain trade around the clock, like crypto. 69.5% of their volume traded outside the NYSE session, against 68.4% for crypto perps on the same deployment.
The NYSE session covers about a fifth of the clock, so stock perps do trade harder while it is open. The busiest hour of the week is the US open, 13:00 UTC on weekdays.
Robinhood Chain traders keep going after the bell more than mainnet traders do. On the same 23 stock tickers, mainnet did 62.8% of its volume outside the session.
| US stock and ETF perps | Volume outside the NYSE session | Volume on weekends |
|---|---|---|
| Robinhood Chain | 69.5% | 23.4% |
| Share of the clock | 80.1% | 28.6% |
SPY is the biggest stock market on Robinhood Chain, in perps and in spot
SPY perps traded $4.02B, second only to bitcoin on the deployment. Robinhood Chain also lists 28 spot pairs against USDG, and SPY-USDG took $449M of their $511M.
| SPY on Robinhood Chain | Dollar volume |
|---|---|
| SPY perp | $4,016,792,508 |
| SPY-USDG spot | $448,741,456 |
Common questions
What is Lighter on Robinhood Chain? It is a second deployment of the Lighter exchange on Robinhood Chain, with its own markets quoted in USDG. From 14 August to 18 October 2026 it traded $27.7 billion of perps.
What trades on Robinhood Chain perps? From 14 August to 18 October 2026, crypto made up 43.6% of perp volume, US stocks and ETFs 40.5%, gold and silver 8.1% and pre-IPO companies 7.3%.
Can you trade stocks on Robinhood Chain on weekends? Stock perps on Robinhood Chain trade every hour of the week. From 14 August to 18 October 2026, 23.4% of their volume traded on Saturday or Sunday.
Where do Lighter's stock perps trade? On Robinhood Chain. Across the 23 stock and ETF tickers both Lighter deployments list, Robinhood Chain did 74.9% of the volume from 14 August to 18 October 2026.
Run this analysis from an agent
The candles behind this study come from one route on each deployment, and an agent can pull them through the 0xArchive MCP server and ask the same questions in plain language. There is a Claude Code skill for terminal workflows and an agentic gateway for agents that pay per call. Start with the agent surfaces overview or the guide to replayable market data for MCP, CLI and agent workflows.
Route references
Use the Lighter on Robinhood Chain reference for its markets, candles, trades, funding, open interest and liquidations, the Robinhood Chain API quickstart for a first request, and the candles reference for intervals across venues. The Lighter historical data guide covers Lighter mainnet, and the pre-IPO perpetuals study covers markets like ANTHROPIC and OPENAI. Browse every Robinhood Chain market in the data explorer.
For current API availability and plan details, use the Lighter data API, data catalog, pricing, and status.