Rakebk / Exchanges / ApeX vs Lighter
ApeX vs Lighter: which costs less after the rebate?
It depends on your monthly volume:
Under $10.7M: Lighter is cheaper · $252 vs $275 at $1M
From $10.7M up: ApeX is cheaper · $22,000 vs $25,200 at $100M
Cheaper from $10.7M up
ApeX DEX No KYC
45% back · fee 0.05%
$275
net cost at $1M / month
VS
Cheaper under $10.7M
Lighter DEX No KYC
10% back · fee 0.028%
$252
net cost at $1M / month
Your monthly volume$1M
$100K$1M$10M$100M$1B
ApeX code · 45% back
RAKEBK45
Lighter code · 10% back
763613SX
Cheaper from $10.7M upApeX
ApeXsaves $3,200 a month at $100M
Cheaper under $10.7MLighter
Lightersaves $23 a month at $1M
Fee after rebate at $1MApeX0.0275%Lighter0.0252%
ApeX0.0275%Lighter0.0252%Saving at $1M
$23
a month on Lighter · $276 a year
What every $1M you trade costs, after the rebate
The more you trade, the cheaper each exchange's fee tier gets. Where the lines cross, the cheaper exchange changes. Hover to price any volume.
ApeXLighterWhat you actually pay each month
Trading fees minus the rebate, at five monthly volumes. Green is the cheaper one.
Volume / month
ApeX netLighter netDifference
$100K
$28
$25
Lighter saves $2
$1M
$275
$252
Lighter saves $23
$10M
$2,750
$2,520
Lighter saves $230
$50M
$12,375
$12,600
ApeX saves $225
$500M
$96,250
$126,000
ApeX saves $29,750
Which one is for you
Choose ApeX if
- You trade $10.7M a month or more: it costs you less after the rebate
Choose Lighter if
- You trade under $10.7M a month: it costs you less after the rebate
- You want the lower fee from your very first trade: 0.028% vs 0.05%
- You also trade spot: ApeX does not offer it
Side by side
ApeXLighterRebate
45%
10%
Entry taker fee
0.05%
0.028%
Fee after rebate
0.0275%
0.0252%
Net cost at $1M
$275
$252
Markets
Perpetuals
Perpetuals, Spot
Payout
Auto, usually 24h
Weekly, every Monday, in USDC
Code
RAKEBK45
763613SX
KYC (ID verification)
Not required
Not required
ApeX
- ApeX measures volume over a rolling 14 day window, not 30 days.
- The thresholds above are the published 14 day figures scaled to a monthly equivalent so they can be compared with the other venues.
- Staked $APEX also moves you up a level and is not modelled here.
- Prediction markets on ApeX are priced separately and are not what these figures quote.
Lighter
- Lighter figures here are for its Premium account (0.028% taker, 0.004% maker), the only one that pays fees.
- Its default Standard account trades perps and spot at 0%, with nothing to get back.
- Staking LIT cuts the Premium fee by up to 30%, not modelled here.
The two fee ladders
The evidence behind every figure above, as each exchange publishes it.
ApeX · Derivatives
Tier
30-day volume
Maker
Taker
Level 1
$0
0.02%
0.05%
Level 2
$10,714,286
0.015%
0.045%
Level 3
$53,571,429
0.01%
0.04%
Level 4
$214,285,714
0.005%
0.035%
Level 5
$1,071,428,571
0%
0.03%
Level 6
$2,142,857,143
0%
0.028%
Level 7
$4,285,714,286
0%
0.025%
Lighter · Derivatives
Tier
30-day volume
Maker
Taker
Premium
$0
0.004%
0.028%
Questions
Which is cheaper, ApeX or Lighter?
It depends on your monthly volume:
- Under $10.7M: Lighter is cheaper · $252 vs $275 at $1M
- From $10.7M up: ApeX is cheaper · $22,000 vs $25,200 at $100M
Why does the bigger rebate not always win?
A rebate is a share of the fee. A higher fee can hand back more dollars and still cost you more.
- ApeX: 45% back on a 0.05% fee → you pay 0.0275%
- Lighter: 10% back on a 0.028% fee → you pay 0.0252%
- What you pay is the fee after the rebate, not the rebate %
Can I use both codes?
Yes.
- They are separate exchanges, so each account gets its own rebate
- Open each one through its own Rakebk link or code
- A code only works on a new account
How are these numbers worked out?
- Every order counted as a taker
- At the fee tier your monthly volume reaches on each exchange's published ladder
- Minus the rebate
- Both ladders are on this page, read from each exchange's own fee page
- Updated 26 Oct 2026
Go deeper
ApeX code and fees45% back · full fee ladder · what it is worth
Lighter code and fees10% back · full fee ladder · what it is worth
