Head to head
the arrow points to the better figure| Pacifica | Phoenix | |
|---|---|---|
| Trading | ||
| $8.13 | BTC trade, $10k≈ | $8.30 |
| $1,637 | ◀BTC trade, $1M | $2,255 |
| $2.5M | BTC book depth▶ | $4.5M |
| 0.040%/0.015% | Taker / maker▶ | 0.035%/0.005% |
| 50x | ◀Max leverage | 40x |
| Size | ||
| $959.1M | ◀Volume 24h | $37.1M |
| $745.6M | ◀Volume, 7-day average | $50.8M |
| $110.7Mlongs + shorts | Open interest | $20.3Mone side |
| $27.2M | TVL | — |
| Markets | ||
| 78 | Markets▶ | 104 |
| 24 | Stocks & RWA▶ | 50 |
| 1h | Funding paid every | 1h |
| +0.0100% | BTC funding /8h | +0.0100% |
| +0.841% | BTC longs paid, 30d | +1.354% |
| Access | ||
| No ID | KYC | No ID |
| none yet | Token | none yet |
| Active | Airdrop | — |
Cost to trade BTC
| Size | Pacifica | Phoenix |
|---|---|---|
| $1k | $0.818.1 bp | $0.727.2 bp |
| $10k | $8.138.1 bp | $8.308.3 bp |
| $100k | $91.579.2 bp | $13013.0 bp |
| $1M | $1,63716.4 bp | $2,25522.6 bp |
| $5M | — | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 52
funding /8h · Net 7d at $10k| Asset | Pacifica | Phoenix | Spread | Net 7d |
|---|---|---|---|---|
| SOL | +0.0100% | +0.0053% | +0.0047% | −$23 |
| ZEC | +0.0100% | +0.0100% | 0.0000% | −$26 |
| BTC | +0.0100% | +0.0100% | 0.0000% | −$20 |
| ETH | +0.0100% | +0.0099% | +0.0001% | −$12 |
| HYPE | +0.0100% | +0.0102% | +0.0002% | −$9 |
| NEAR | +0.0100% | +0.0099% | +0.0001% | −$81 |
| LIT | +0.0100% | −0.0552% | +0.0652% | −$131 |
| BNB | +0.0100% | +0.0100% | 0.0000% | −$17 |
| PUMP | +0.0100% | +0.0101% | +0.0001% | −$41 |
| BP | +0.0100% | +0.0255% | +0.0155% | — |
| ZRO | +0.0100% | −0.0246% | +0.0346% | — |
| XPL | +0.0100% | −0.0546% | +0.0646% | — |
| MON | +0.0100% | −0.0955% | +0.1055% | — |
| PEPE | +0.0100% | +0.0102% | — | — |
| XRP | +0.0100% | 0.0000% | — | — |
| UNI | +0.0100% | +0.0094% | +0.0006% | −$71 |
| SUI | +0.0100% | +0.0056% | — | — |
| JUP | +0.0100% | −0.0034% | — | — |
| ADA | +0.0100% | 0.0000% | — | — |
| DOGE | +0.0100% | +0.0111% | — | — |
Only on Pacifica: 26
PAXG · SKHYNIX · SP500 · XMR · EUR · DRAM · WLFI · ICP · TRUMP · USDJPY · ASTER · NATGAS · SAMSUNG · BCH · PENGU · XPT · 2Z · WIF · KAITO · STRK · ZK · PIPPIN · USELESS · LDO · URNM · XTEN
Only on Phoenix: 52
ANTHROPIC · TSM · AMZN · QQQ · SPY · TLT · AAPL · COIN · AMD · SKHY · INTC · MSFT · BABA · RENDER · NFLX · ORCL · MRNA · QCOM · ASML · DELL · LLY · ARM · ORCA · TXN · JTO · AERO · FET · CRWV · FIL · KLAC · TRX · IBM · OPEN · CRWD · MORPHO · XLM · STONK · NET · MRVL · ONDO · AVGO · MET · ORE · IREN · RAY · ANSEM · NBIS · METADAO · AMAT · CBRS · SKR · DRV
Questions
Is Pacifica or Phoenix cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $8.13 on Pacifica and $8.30 on Phoenix right now, taker fee and order-book slippage together: about the same. Taker fees: 0.04% and 0.035%.
Which has more markets, Pacifica or Phoenix?
Pacifica lists 78 active markets and Phoenix 104; 52 assets trade on both, 15 of them stocks, commodities or other real-world assets.
Does Pacifica or Phoenix require KYC?
Pacifica: No ID; blocked in the US, Canada, the UK, China, Russia, Ukraine, the Philippines and sanctioned countries. Phoenix: No ID; not available in the US or sanctioned countries.
Can you arbitrage funding between Pacifica and Phoenix?
Not profitably right now: none of the 52 assets on both paid more in funding over the last 7 days than a round trip on both costs.
Which is bigger, Pacifica or Phoenix?
24-hour volume: Pacifica $959.1M, Phoenix $37.1M. Open interest as each reports it: $110.7M and $20.3M. Pacifica reports open interest as longs plus shorts, both sides of every position; Phoenix reports one side. For the same positions Pacifica's figure reads about twice as large. TVL: $27.2M and none published.