Lighter, an Ethereum zk-rollup exchange, has introduced binary options for Bitcoin and Ethereum on its Lighter Core platform. The new feature, which launched on October 19, 2026, allows traders to bet on the price direction of these assets using Up/Down contracts.
The contracts operate without leverage or liquidations, as every position requires full collateralization in USDC before opening. Each winning share provides a payout of 1 USDC, while losing shares result in a total loss of the initial investment.
The platform utilizes an order-book model for these trades, matching bids and asks directly. This development follows a codebase update from September 20-21, 2026, which integrated ZK circuit support for binary outcome contracts and scalar payouts.
Lighter, which launched its public mainnet in October 2025, views this as an initial step toward offering full vanilla options. The exchange aims to combine the speed of centralized platforms with on-chain verifiability and user custody.
