Phoenixvs
Pacifica
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 4 liquid markets shared by Pacifica and Phoenix, the best funding setup over the past 7 days is $ETH (long Phoenix, short Pacifica): it paid 8.8% APR, 1.0% after costs, and held 85% of the time.
4 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.
| Phoenix | Pacifica | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.035%✓ | 0.04% |
| Maker fee | 0.005%✓ | 0.015% |
| Open Interest | $27.1M | $64.5M✓ |
| 24h Volume | $0 | $162.2M✓ |
| Avg Funding APR | 0.68% | 9.14% |
| Markets | 92✓ | 76 |
| Airdrop / token | Pre-TGE | Points Active |
Phoenix and Pacifica are both perpetual-futures venues tracked on ORBIT. On fees, Phoenix is cheaper (0.035% vs 0.04% taker). On liquidity, Pacifica is deeper with $64.5M 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 Phoenix and Pacifica diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Phoenix and Pacifica pays most?
- Across 4 liquid markets shared by Pacifica and Phoenix, the best funding setup over the past 7 days is $ETH (long Phoenix, short Pacifica): it paid 8.8% APR, 1.0% after costs, and held 85% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Phoenix or Pacifica cheaper?
- Phoenix charges 0.035% taker / 0.005% maker; Pacifica charges 0.04% taker / 0.015% maker. Phoenix has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Phoenix or Pacifica?
- Phoenix has $27.1M open interest across 92 markets; Pacifica has $64.5M across 76. Pacifica is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Phoenix and Pacifica?
- 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.