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Hyperliquid vs Phoenix: which perp DEX is better?
A side-by-side comparison of Hyperliquid and Phoenix on fees, leverage, volume, chain and token.
| Hyperliquid | Phoenix |
|---|
| 24h volume | $2.90B | $45M |
| Maker fee | 1.5 bps | n/a |
| Taker fee | 4.5 bps | n/a |
| Max leverage | 50x | 25x |
| Model | Orderbook | Orderbook |
| Chain | Hyperliquid L1 | Solana |
| Token | $HYPE | No token |
| Assets | Crypto | Crypto, Commodities, Stocks |
Hyperliquid vs Phoenix: which should you choose?
If your priority is cost, Hyperliquid wins on taker fees (4.5 bps). For maximum leverage, Hyperliquid goes up to 50x. For depth and liquidity, Hyperliquid trades the most volume of the two.
Hyperliquid runs a orderbook on Hyperliquid L1, while Phoenix runs a orderbook on Solana. Read the full profiles: Hyperliquid and Phoenix.
FAQ
- Is Hyperliquid or Phoenix cheaper?
- Hyperliquid has the lower taker fee (4.5 bps vs n/a). Funding rates also affect total cost, so check both before trading.
- Which has higher leverage, Hyperliquid or Phoenix?
- Hyperliquid offers more, up to 50x, versus 25x. Higher leverage means higher liquidation risk.
- Which is bigger, Hyperliquid or Phoenix?
- Hyperliquid has more listed 24h volume ($2.90B), which usually means deeper liquidity and less slippage.
More comparisons
Not financial advice. Volume figures are compiled from each venue's public data on our
live rankings and may lag; fees, leverage and token status are curated and can change. Always verify on the exchange before trading. Perpetual futures are high risk and leverage can liquidate your position.