Lighter vs Phoenix
Lighter traded 73× Phoenix's 24-hour volume ($2.71B vs $37.1M) and holds 25× its open interest.
Head to head
the arrow points to the better figure| Lighter | Phoenix | |
|---|---|---|
| Trading | ||
| $1.18 | ◀BTC trade, $10k | $8.30 |
| $277 | ◀BTC trade, $1M | $2,255 |
| $14.8M | ◀BTC book depth | $4.5M |
| 0.000%/0.000% | ◀Taker / maker | 0.035%/0.005% |
| 50x | ◀Max leverage | 40x |
| Size | ||
| $2.71B | ◀Volume 24h | $37.1M |
| $2.15B | ◀Volume, 7-day average | $50.8M |
| $516.7M | ◀Open interest | $20.3M |
| $579.7M | TVL | — |
| Markets | ||
| 201 | ◀Markets | 104 |
| 96 | ◀Stocks & RWA | 50 |
| 1h | Funding paid every | 1h |
| +0.0096% | BTC funding /8h | +0.0100% |
| +0.682% | BTC longs paid, 30d | +1.354% |
| Access | ||
| No ID | KYC | No ID |
| $LIT | Token | none yet |
| Season 3 | Airdrop | — |
Cost to trade BTC
| Size | Lighter | Phoenix |
|---|---|---|
| $1k | $0.101.0 bp | $0.727.2 bp |
| $10k | $1.181.2 bp | $8.308.3 bp |
| $100k | $15.611.6 bp | $13013.0 bp |
| $1M | $2772.8 bp | $2,25522.6 bp |
| $5M | $4,3438.7 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 89
funding /8h · Net 7d at $10k| Asset | Lighter | Phoenix | Spread | Net 7d |
|---|---|---|---|---|
| SOL | +0.0096% | +0.0053% | +0.0043% | −$13 |
| ZEC | +0.0192% | +0.0100% | +0.0092% | −$12 |
| BTC | +0.0096% | +0.0100% | +0.0004% | −$5 |
| NEAR | +0.0096% | +0.0099% | +0.0003% | −$1 |
| ETH | +0.0096% | +0.0099% | +0.0003% | −$10 |
| HYPE | +0.0096% | +0.0102% | +0.0006% | −$1 |
| LIT | +0.0016% | −0.0552% | +0.0568% | −$67 |
| BNB | +0.0096% | +0.0100% | +0.0004% | −$42 |
| PUMP | +0.0096% | +0.0101% | +0.0005% | −$25 |
| CHIP | +0.0064% | 0.0000% | +0.0064% | −$78 |
| XPL | +0.0096% | −0.0546% | +0.0642% | −$45 |
| ZRO | −0.1032% | −0.0246% | +0.0786% | — |
| BONK | +0.0096% | −0.0029% | +0.0125% | — |
| MON | +0.0096% | −0.0955% | +0.1051% | — |
| PEPE | +0.0096% | +0.0102% | — | — |
| XRP | +0.0096% | 0.0000% | — | — |
| SHIB | +0.0096% | −0.0197% | — | — |
| VVV | +0.0096% | 0.0000% | +0.0096% | −$64 |
| MEGA | +0.0096% | 0.0000% | — | — |
| UNI | +0.0096% | +0.0094% | +0.0002% | −$46 |
Only on Lighter: 122
SKHYNIX · NAS100 · XMR · SOXL · EUR · NATGAS · BZ · SAMSUNG · PAXG · SP500 · OPENAI · GRAM · USDKRW · UNITREE · STRC · WLFI · DRAM · USDJPY · GRASS · BMNR · LDO · ASTER · USELESS · LITE · ETHFI · BCH · USDCHF · SKY · US10Y · XPD · POL · XPT · EIGEN · CC · STABLECOINX · CASHCAT · PENDLE · HBAR · APT · EWY · CAP · STRK · SPX · TRUMP · XTEN · OP · WIF · TIA · SEI · NOW · OURA · DOT · SYRUP · PENGU · BB · LINEA · GMX · MNT · FOLKS · S · and 62 more
Questions
Is Lighter or Phoenix cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.18 on Lighter and $8.30 on Phoenix right now, taker fee and order-book slippage together, so Lighter is cheaper. Taker fees: 0% and 0.035%. Lighter: 0 / 0 is the default Standard account, whose taker orders wait 300 ms; a Premium account (140 ms) pays 0.4 bp maker, 2.8 bp taker.
Which has more markets, Lighter or Phoenix?
Lighter lists 201 active markets and Phoenix 104; 89 assets trade on both, 41 of them stocks, commodities or other real-world assets.
Does Lighter or Phoenix require KYC?
Lighter: No ID (the card deposit on-ramp is optional); not for the US, Canada, the UK, China, Russia, Ukraine or sanctioned countries. Phoenix: No ID; not available in the US or sanctioned countries.
Can you arbitrage funding between Lighter and Phoenix?
Not profitably right now: none of the 89 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Lighter or Phoenix?
24-hour volume: Lighter $2.71B, Phoenix $37.1M. Open interest as each reports it: $516.7M and $20.3M. TVL: $579.7M and none published.