Lighter launches BTC and ETH binary options on Core

Lighter, an Ethereum zk-rollup exchange, has launched binary options contracts for Bitcoin (BTC) and Ether (ETH) on its Core platform. The feature went live on October 19, 2026, marking a shift from the platform's primary focus on leveraged perpetual futures to include fixed-payoff, outcome-based products.

The new contracts operate as Up/Down markets where traders predict whether the price of the underlying asset will move higher or lower. Each winning share pays out 1 USDC, while losing shares pay nothing. Because positions must be fully funded in USDC before opening, the products do not utilize leverage, which eliminates the risk of liquidations. The trading mechanism uses an order-book model similar to Lighter's existing markets.

The rollout follows a codebase update in late September 2026 that introduced ZK circuit support for binary outcome contracts. Lighter functions as an app-specific zk-rollup designed to provide centralized exchange-like speeds while maintaining on-chain verifiability and user custody via Ethereum settlement.