Head to head
the arrow points to the better figure| Phoenix | Bybit | |
|---|---|---|
| Trading | ||
| $8.30 | ◀BTC trade, $10k | $11.01 |
| $2,255 | BTC trade, $1M▶ | $1,220 |
| $4.5M | BTC book depth▶ | $23.3M |
| 0.035%/0.005% | ◀Taker / maker | 0.055%/0.020% |
| 40x | Max leverage▶ | 150x |
| Size | ||
| $37.1M | Volume 24h▶ | $18.12B |
| $50.8M | Volume, 7-day average▶ | $13.34B |
| $20.3Mone side | Open interest | $11.91Blongs + shorts |
| — | TVL | — |
| Markets | ||
| 104 | Markets▶ | 894 |
| 50 | Stocks & RWA▶ | 294 |
| 1h | Funding paid every | 1h or 4h or 8h |
| +0.0100% | BTC funding /8h | +0.0100% |
| +1.354% | BTC longs paid, 30d | +0.469% |
| Access | ||
| No ID | ◀KYC | Required |
| none yet | Token | none yet |
| — | Airdrop | — |
Cost to trade BTC
| Size | Phoenix | Bybit |
|---|---|---|
| $1k | $0.727.2 bp | $1.1011.0 bp |
| $10k | $8.308.3 bp | $11.0111.0 bp |
| $100k | $13013.0 bp | $11011.0 bp |
| $1M | $2,25522.6 bp | $1,22012.2 bp |
| $5M | — | $7,58215.2 bp |
BTC funding per day
pair pageSize
daily, last 90 daysVolume by asset class
last 90 daysOn both: 98
funding /8h · Net 7d at $10k| Asset | Phoenix | Bybit | Spread | Net 7d |
|---|---|---|---|---|
| SOL | +0.0053% | −0.0104% | +0.0157% | −$9 |
| ZEC | +0.0100% | +0.0100% | 0.0000% | −$22 |
| BTC | +0.0100% | +0.0100% | 0.0000% | −$27 |
| NEAR | +0.0099% | +0.0100% | +0.0001% | −$86 |
| ETH | +0.0099% | −0.0033% | +0.0133% | −$11 |
| HYPE | +0.0102% | +0.0100% | +0.0002% | −$4 |
| LIT | −0.0552% | −0.0445% | +0.0107% | −$166 |
| BNB | +0.0100% | +0.0100% | 0.0000% | −$42 |
| PUMP | +0.0101% | −0.0290% | +0.0392% | −$31 |
| CHIP | 0.0000% | +0.0100% | +0.0100% | −$111 |
| BP | +0.0255% | +0.0100% | +0.0155% | −$723 |
| XPL | −0.0546% | +0.0100% | +0.0646% | −$79 |
| RENDER | −0.0161% | −0.0651% | +0.0490% | — |
| ZRO | −0.0246% | +0.0100% | +0.0346% | — |
| BONK | −0.0029% | −0.1576% | +0.1547% | — |
| MON | −0.0955% | +0.0100% | +0.1055% | — |
| PEPE | +0.0102% | +0.0032% | — | — |
| XRP | 0.0000% | −0.0021% | — | — |
| SHIB | −0.0197% | −0.0355% | — | — |
| VVV | 0.0000% | +0.0100% | +0.0100% | −$113 |
Only on Bybit: 727
XAUT · SOXL · ASTER · XMR · BCH · MNT · SKHYNIX · PAXG · HBAR · GRAM · WLFI · KORU · TRUMP · GRASS · INJ · DOT · APT · QNT · PENGU · STRK · POL · CAP · ATOM · ICP · ETHFI · CC · SOXS · OP · LDO · SPX · BZ · USELESS · PENDLE · WIF · TIA · FF · USDC · STX · SEI · SNXX · ETC · DRAM · SAMSUNG · ARIA · DASH · ALGO · PIEVERSE · JCT · AKE · KAS · ARX · SKY · BTW · PYTH · H · TQQQ · EVAA · CASHCAT · BEAM · EWY · and 667 more
Questions
Is Phoenix or Bybit cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $8.30 on Phoenix and $11.01 on Bybit right now, taker fee and order-book slippage together, so Phoenix is cheaper. Taker fees: 0.035% and 0.055%.
Which has more markets, Phoenix or Bybit?
Phoenix lists 104 active markets and Bybit 894; 98 assets trade on both, 47 of them stocks, commodities or other real-world assets.
Does Phoenix or Bybit require KYC?
Phoenix: No ID; not available in the US or sanctioned countries. Bybit: Standard verification is mandatory for every product.
Can you arbitrage funding between Phoenix and Bybit?
Yes: 1 of the assets on both paid more in funding over the last 7 days than a $10k round trip on both costs. The best was CL, long on Bybit and short on Phoenix, with $5 left after costs.
Which is bigger, Phoenix or Bybit?
24-hour volume: Phoenix $37.1M, Bybit $18.12B. Open interest as each reports it: $20.3M and $11.91B. Bybit reports open interest as longs plus shorts, both sides of every position; Phoenix reports one side. For the same positions Bybit's figure reads about twice as large.