Bitwise Enters High-Stakes Battle for Decentralized Perpetual Exchange Supremacy

Bitwise has introduced its Lighter ETP on Deutsche Börse Xetra, offering direct exposure to the native LIT token. The new financial instrument trades under the ticker BLIT and features 100% physical backing via tokens held in segregated cold storage.

The LIT token saw a 12% gain over the last 24 hours following the official listing announcement, hitting a price of $5.31 with a trading volume of $140.16 million. The asset's market capitalization reached $1.325 billion after the market open.

Bitwise already offers its BHYP product in the European market, which focuses on the Hyperliquid ecosystem. The issuance of BLIT intensifies direct competition within the decentralized perpetual exchange sector, where Hyperliquid has commanded volume throughout the recent cycle.

The network has integrated perpetual contracts on highly liquid U.S. equities such as Apple, Amazon, and Tesla, allowing trading via traditional brokerage accounts without requiring private key custody in crypto wallets. The fund's official prospectus outlines a management fee of 0.85% for this Germany-domiciled vehicle.