Lighter Launches BTC and ETH Binary Options on Core

The design choice is the story here: full funding with no leverage or liquidations strips out the margin mechanics that define most crypto derivatives, so the risk is capped at the stake rather than amplified. That positions the product closer to a prediction-market format than to perpetuals, which matters for traders who want directional exposure without liquidation risk. Whether this structure draws meaningful volume, and whether the binary payout model gains traction alongside existing options venues, is the open question worth watching.