Bitwise Tracks Emerging Rival Lighter with New Exchange-Traded Product

Bitwise Asset Management has launched an exchange-traded product (ETP) in Europe tracking Lighter, giving traditional investors a way to bet on one of Hyperliquid's emerging rivals without buying its token directly.

The new ETP, called Bitwise Lighter Staking ETP (BLIT), is fully backed by LIT held in cold storage and carries an annual expense ratio of 0.85%. It launched on Deutsche Börse Xetra and allows European investors to buy the ETP through a regular brokerage account without buying or holding LIT directly.

Lighter, an Ethereum-based decentralized exchange focused on perpetual futures, recorded nearly $1.8 billion in trading volume over the past 24 hours, according to CoinGecko data. It gained a major distribution channel in July when Robinhood integrated the exchange into Robinhood Chain, its Ethereum layer-2 network.

Hyperliquid remains the larger player, controlling more than 61% of decentralized perpetual futures trading, according to data cited by The Motley Fool. Circle announced a deal to expand USDC usage on Hyperliquid in May, including deeper liquidity and easier transfers of the stablecoin across blockchains.