How Robinhood Perps Are Different and How That Affects the Trading Math

Summary

Vlad Novakovski explains how Lighter's perpetual futures engine was integrated into Robinhood Wallet, the 50/50 revenue split that feeds token buybacks, the use of USDG as collateral and its risk management, plans for US regulatory approval through the CFTC, and the strong initial performance of the Telegram Wallet integration.

• Lighter's perp engine now powers perpetual futures directly inside Robinhood Wallet for non-US users.
• The partnership originated from a long-standing relationship with a Robinhood founder.
• Revenue from the Robinhood integration is split 50/50, with Lighter's half used for token buybacks.
• Trades on Robinhood Wallet settle in the USDG stablecoin, with market makers balancing retail flow benefits against stablecoin liquidity risks.
• Lighter is actively working with the CFTC to obtain a license for decentralized perps in the US.
• USDG depeg risk is managed through haircuts in the liquidation model, and the long-term vision supports multiple stablecoins and crypto as collateral.
• The Telegram Wallet integration has become Lighter's top-performing revenue partner, outperforming most Builder codes on Hyperliquid.