Wiki › Lighter vs Phoenix
Lighter vs Phoenix: which perp DEX is better?
A side-by-side comparison of Lighter and Phoenix on fees, leverage, volume, chain and token.
| Lighter | Phoenix |
|---|
| 24h volume | $1.00B | $45M |
| Maker fee | 0 bps | n/a |
| Taker fee | 2 bps | n/a |
| Max leverage | 50x | 25x |
| Model | Orderbook | Orderbook |
| Chain | zk rollup (Ethereum L2) | Solana |
| Token | $LIT | No token |
| Assets | Crypto | Crypto, Commodities, Stocks |
Lighter vs Phoenix: which should you choose?
If your priority is cost, Lighter wins on taker fees (2 bps). For maximum leverage, Lighter goes up to 50x. For depth and liquidity, Lighter trades the most volume of the two.
Lighter runs a orderbook on zk rollup (Ethereum L2), while Phoenix runs a orderbook on Solana. Read the full profiles: Lighter and Phoenix.
FAQ
- Is Lighter or Phoenix cheaper?
- Lighter has the lower taker fee (2 bps vs n/a). Funding rates also affect total cost, so check both before trading.
- Which has higher leverage, Lighter or Phoenix?
- Lighter offers more, up to 50x, versus 25x. Higher leverage means higher liquidation risk.
- Which is bigger, Lighter or Phoenix?
- Lighter has more listed 24h volume ($1.00B), 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.