Robinhood Expands Perpetual Futures in U.S. Markets

Robinhood launched perpetual futures contracts accessible to eligible U.S. customers through its Bitstamp platform after acquiring the exchange for $200 million in June 2025. The initial offerings cover eight cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano, Chainlink and Hyperliquid, with leverage up to 10 times on major assets and 3 times on others. Profits and losses settle every 15 minutes, and Robinhood CEO Vlad Tenev described the product as America’s first true perps.

Robinhood Materials previously highlighted Lighter as the platform for perpetual futures in eligible jurisdictions. The wallet documentation continues to list support for Lighter contracts in selected regions, and no public announcement has confirmed that the earlier Robinhood Wallet integration has been canceled.

Lighter Price Plunges on Robinhood Announcement

Lighter token prices dropped immediately after the news. The LIT token opened the session around $4 and fell to a low of $3.648, closing at $3.770 on September 30, a decline of 4.48 percent. Trading volumes spiked, with one report showing $254 million in 24-hour turnover. Another analysis noted a 13 percent drop in 24 hours and 26 percent over the prior week.

The move followed Robinhood’s shift from relying on Lighter infrastructure to Bitstamp for the U.S. rollout. Analysts pointed to potential lost order flow and any associated fee or buyback revenue. Technical levels that had been key earlier—$3.64 as support and $3.92 as resistance—were now being tested in real time.

Liquidations and Short Positions Add Pressure

Derivatives markets amplified the price decline. Liquidations reached $7.2 million across the board, with longs accounting for roughly $6.9 million and shorts $304,000. Volatility climbed above 23 percent, forcing out nearly 2,000 traders caught in leveraged positions.

Two large short positions on Hyperliquid generated combined unrealized gains of about $2.11 million. One address began 0xbe195 had roughly 1.148 million LIT tokens shorted at an average entry near $4.95, delivering an unrealized profit of approximately $1.102 million. A second address beginning 0x60a8 held 1.138 million LIT at an average entry near $4.87, yielding a profit of around $1.005 million.

Platform Activity Remains Steady Despite Token Decline

Behind the price action, on-chain data from the Lighter protocol showed continued trading strength. The platform recorded approximately $1.6 billion in perpetual contracts traded in the previous 24 hours, though open interest stood at about $590 million. Fees continued to generate revenue, suggesting users kept engaging even as the token’s value fell.

Some traders viewed the selloff as a temporary repricing of expectations rather than a permanent loss of infrastructure. Robinhood’s earlier wallet integration had not been publicly terminated, leaving room for Lighter to retain other connections across the ecosystem.