Bulletvs
Phoenix
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 1 liquid markets shared by Bullet and Phoenix, the best funding setup over the past 7 days is $BTC (long Bullet, short Phoenix): it paid 13.1% APR, 5.2% after costs, and held 85% of the time.
1 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| Bullet | Phoenix | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.04% | 0.035%✓ |
| Maker fee | 0.01% | 0.005%✓ |
| Open Interest | $2.3M | $27.2M✓ |
| 24h Volume | $10.8M✓ | $0 |
| Avg Funding APR | 5.27% | 0.90% |
| Markets | 26 | 92✓ |
| Airdrop / token | Points Active | Pre-TGE |
Bullet and Phoenix are both perpetual-futures venues tracked on ORBIT. On fees, Phoenix is cheaper (0.035% vs 0.04% taker). On liquidity, Phoenix is deeper with $27.2M open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Bullet and Phoenix diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Bullet and Phoenix pays most?
- Across 1 liquid markets shared by Bullet and Phoenix, the best funding setup over the past 7 days is $BTC (long Bullet, short Phoenix): it paid 13.1% APR, 5.2% after costs, and held 85% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Bullet or Phoenix cheaper?
- Bullet charges 0.04% taker / 0.01% maker; Phoenix charges 0.035% taker / 0.005% maker. Phoenix has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Bullet or Phoenix?
- Bullet has $2.3M open interest across 26 markets; Phoenix has $27.2M across 92. Phoenix is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Bullet and Phoenix?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.