The native cryptocurrency of the Lighter trading platform plunged after Robinhood announced Bitstamp would provide the infrastructure for its new derivative contracts in the US. The $LIT token fell as much as 14.1% following the revelation that the broker opted against using Lighter's systems to power its in-app perpetual futures. These new contracts allow eligible retail users to take long or short positions on eight different crypto assets, including Bitcoin, Ethereum, and Solana, with up to 10x leverage.

Robinhood is rolling out the perpetual futures through its own futures commission merchant, featuring assets with no expiration date to eliminate the need for traders to roll positions. This expansion follows the broker's decision to enable 24/7 trading for select US stocks and ETFs, including weekends, in a first for modern US equity markets. The firm's no-expiry model contrasts with the five year perpetual-style futures currently offered by Coinbase.