Head to head
the arrow points to the better figure| Hyperliquid | Phoenix | |
|---|---|---|
| Trading | ||
| $9.13 | BTC trade, $10k≈ | $8.30 |
| $1,121 | ◀BTC trade, $1M | $2,255 |
| $39.8M | ◀BTC book depth | $4.5M |
| 0.045%/0.015% | Taker / maker▶ | 0.035%/0.005% |
| 40x | Max leverage≈ | 40x |
| Size | ||
| $8.25B | ◀Volume 24h | $37.1M |
| $6.96B | ◀Volume, 7-day average | $50.8M |
| $10.15Blongs + shorts | Open interest | $20.3Mone side |
| $6.34B | TVL | — |
| Markets | ||
| 179 | ◀Markets | 104 |
| 164 | ◀Stocks & RWA | 50 |
| 1h | Funding paid every | 1h |
| +0.0100% | BTC funding /8h | +0.0100% |
| +0.722% | BTC longs paid, 30d | +1.354% |
| Access | ||
| No ID | KYC | No ID |
| $HYPE | Token | none yet |
| Season 2 | Airdrop | — |
Cost to trade BTC
| Size | Hyperliquid | Phoenix |
|---|---|---|
| $1k | $0.919.1 bp | $0.727.2 bp |
| $10k | $9.139.1 bp | $8.308.3 bp |
| $100k | $91.329.1 bp | $13013.0 bp |
| $1M | $1,12111.2 bp | $2,25522.6 bp |
| $5M | $6,85813.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 47
funding /8h · Net 7d at $10k| Asset | Hyperliquid | Phoenix | Spread | Net 7d |
|---|---|---|---|---|
| SOL | −0.0063% | +0.0053% | +0.0117% | −$13 |
| ZEC | +0.0100% | +0.0100% | 0.0000% | −$16 |
| BTC | +0.0100% | +0.0100% | 0.0000% | −$23 |
| NEAR | +0.0100% | +0.0099% | +0.0001% | −$74 |
| ETH | −0.0015% | +0.0099% | +0.0114% | −$20 |
| HYPE | +0.0246% | +0.0102% | +0.0144% | −$12 |
| LIT | −0.0056% | −0.0552% | +0.0497% | −$74 |
| BNB | +0.0100% | +0.0100% | 0.0000% | −$26 |
| PUMP | +0.0100% | +0.0101% | +0.0001% | −$34 |
| CHIP | +0.0081% | 0.0000% | +0.0081% | −$101 |
| XPL | −0.0517% | −0.0546% | +0.0028% | −$42 |
| RENDER | +0.0100% | −0.0161% | +0.0261% | — |
| ZRO | −0.0029% | −0.0246% | +0.0217% | — |
| BONK | +0.0100% | −0.0029% | +0.0129% | — |
| MON | +0.0100% | −0.0955% | +0.1055% | — |
| PEPE | −0.0259% | +0.0102% | — | — |
| XRP | +0.0100% | 0.0000% | — | — |
| SHIB | +0.0100% | −0.0197% | — | — |
| VVV | +0.0100% | 0.0000% | +0.0100% | −$89 |
| MEGA | +0.0100% | 0.0000% | — | — |
Only on Hyperliquid: 132 (+46 via HIP-3)
XMR · PAXG · STRK · ASTER · GRASS · CASHCAT · GRAM · WLFI · TRUMP · PURR · USELESS · HBAR · ETHFI · PENDLE · LDO · BCH · TIA · CC · INJ · DOT · POL · MNT · ATOM · WIF · SYRUP · SPX · OP · PENGU · APT · IMX · SKY · CFX · ALGO · W · SEI · ICP · NIL · DASH · ETC · LINEA · EIGEN · RUNE · PYTH · ENS · MINA · SAGA · ZK · HMSTR · KAS · STBL · CAKE · INIT · STX · APEX · DYDX · BERA · AVNT · POPCAT · REZ · KAITO · and 72 more
Questions
Is Hyperliquid or Phoenix cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $9.13 on Hyperliquid and $8.30 on Phoenix right now, taker fee and order-book slippage together: about the same. Taker fees: 0.045% and 0.035%.
Which has more markets, Hyperliquid or Phoenix?
Hyperliquid lists 179 active markets and Phoenix 104; 47 assets trade on both.
Does Hyperliquid or Phoenix require KYC?
Hyperliquid: No ID: any EVM wallet or an email login; the app is closed to the US, Ontario and sanctioned countries. Phoenix: No ID; not available in the US or sanctioned countries.
Can you arbitrage funding between Hyperliquid and Phoenix?
Not profitably right now: none of the 47 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Hyperliquid or Phoenix?
24-hour volume: Hyperliquid $8.25B, Phoenix $37.1M. Open interest as each reports it: $10.15B and $20.3M. Hyperliquid reports open interest as longs plus shorts, both sides of every position; Phoenix reports one side. For the same positions Hyperliquid's figure reads about twice as large. TVL: $6.34B and none published.