Phoenix vs Deribit
Deribit traded 342× Phoenix's 24-hour volume ($12.68B vs $37.1M) and holds 65× its open interest.
Head to head
the arrow points to the better figure| Phoenix | Deribit | |
|---|---|---|
| Trading | ||
| $7.54 | BTC trade, $10k≈ | $7.06 |
| $2,205 | BTC trade, $1M▶ | $1,461 |
| $4.6M | BTC book depth▶ | $46.5M |
| 0.035%/0.005% | Taker / maker≈ | 0.035%/0.015% |
| 40x | Max leverage▶ | 50x |
| Size | ||
| $37.1M | Volume 24h▶ | $12.68B |
| $50.8M | Volume, 7-day average▶ | $9.13B |
| $20.6M | Open interest▶ | $1.33B |
| — | TVL | — |
| Markets | ||
| 104 | Markets▶ | 144 |
| 50 | ◀Stocks & RWA | 42 |
| 1h | Funding paid every | 1h |
| +0.0100% | BTC funding /8h | +0.0132% |
| +1.354% | BTC longs paid, 30d | +0.745% |
| Access | ||
| No ID | ◀KYC | Required |
| none yet | Token | none yet |
| — | Airdrop | — |
Cost to trade BTC
| Size | Phoenix | Deribit |
|---|---|---|
| $1k | $0.717.1 bp | $0.717.1 bp |
| $10k | $7.547.5 bp | $7.067.1 bp |
| $100k | $11511.5 bp | $78.347.8 bp |
| $1M | $2,20522.0 bp | $1,46114.6 bp |
| $5M | — | $15,57631.2 bp |
BTC funding per day
pair pageSize
daily, last 90 daysVolume by asset class
last 90 daysOn both: 76
funding /8h · Net 7d at $10k| Asset | Phoenix | Deribit | Spread | Net 7d |
|---|---|---|---|---|
| SOL | +0.0053% | 0.0000% | +0.0053% | −$16 |
| ZEC | +0.0100% | 0.0000% | +0.0100% | −$32 |
| BTC | +0.0100% | +0.0196% | +0.0096% | −$28 |
| NEAR | +0.0099% | +0.0230% | +0.0131% | −$70 |
| ETH | +0.0099% | 0.0000% | +0.0099% | −$13 |
| HYPE | +0.0102% | +0.0051% | +0.0051% | −$28 |
| LIT | −0.0552% | 0.0000% | +0.0552% | −$300 |
| BNB | +0.0100% | +0.0200% | +0.0100% | −$18 |
| PUMP | +0.0101% | +0.0001% | +0.0100% | −$53 |
| XPL | −0.0546% | +0.0089% | +0.0634% | −$58 |
| RENDER | −0.0161% | +0.0016% | +0.0177% | — |
| MON | −0.0955% | −0.0453% | +0.0502% | — |
| PEPE | +0.0102% | 0.0000% | — | — |
| XRP | 0.0000% | +0.0102% | — | — |
| SHIB | −0.0197% | 0.0000% | — | — |
| VVV | 0.0000% | −0.0108% | +0.0108% | −$39 |
| UNI | +0.0094% | 0.0000% | +0.0094% | −$6 |
| VIRTUAL | −0.0014% | 0.0000% | +0.0014% | — |
| SUI | +0.0056% | 0.0000% | — | — |
| DOGE | +0.0111% | 0.0000% | — | — |
Only on Phoenix: 28
BP · TLT · COIN · BABA · NFLX · ZRO · MRNA · QCOM · ASML · LLY · ORCA · TXN · KLAC · IBM · OPEN · CRWD · NET · STONK · MET · ORE · IREN · RAY · ANSEM · COPPER · METADAO · AMAT · SKR · DRV
Only on Deribit: 66
EURC · PAXG · SOXL · BE · DOT · BCH · LITE · HBAR · BZ · OPENAI · WIF · INJ · KORU · EWY · DRAM · TRUMP · COIN50 · SOXS · SNXX · ETHFI · ATOM · ASTER · PENGU · WLFI · PENDLE · ALGO · POL · APT · TIA · APE · LDO · MERL · DASH · STRK · PNUT · PYTH · BILL · S · ICP · DYDX · ETC · OP · BERA · INX · BOME · W · AVNT · EIGEN · RESOLV · MOG · ALT · COMP · SEI · PRL · SAGA · OPG · NIGHT · TOWNS · CFX · RUNE · and 6 more
Questions
Is Phoenix or Deribit cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $7.54 on Phoenix and $7.06 on Deribit right now, taker fee and order-book slippage together: about the same. Taker fees: 0.035% and 0.035%.
Which has more markets, Phoenix or Deribit?
Phoenix lists 104 active markets and Deribit 144; 76 assets trade on both, 32 of them stocks, commodities or other real-world assets.
Does Phoenix or Deribit require KYC?
Phoenix: No ID; not available in the US or sanctioned countries. Deribit: ID, proof of address and a financial profile before any deposit; not for the US, Canada, Japan or retail UK clients.
Can you arbitrage funding between Phoenix and Deribit?
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 SPY, long on Phoenix and short on Deribit, with $38 left after costs.
Which is bigger, Phoenix or Deribit?
24-hour volume: Phoenix $37.1M, Deribit $12.68B. Open interest as each reports it: $20.6M and $1.33B.