GRVT vs Phoenix Perps
A side-by-side comparison of two perpetual DEXs using the same sources and capture time. Larger is not automatically better: check fees, markets, collateral and access rules for your own use.
- GRVT holds 16.7× the open interest of Phoenix Perps ($461.92M vs $27.70M).
- GRVT’s average open interest moved +13.1% over 30 days.
- Phoenix Perps’s average open interest moved +18.6% over 30 days.
 GRVT |  Phoenix Perps | |
|---|---|---|
| Open interest | $461.92M | $27.70M |
| OI rank (of 50) | 5 | 24 |
| OI change · 30d | +13.1% | +18.6% |
| Volume · 24h | $514.18M | — |
| User fees · 30d | — | $287.19K |
| Fees change · 30d | — | +1.7% |
| Trend | Stable | Stable |
| Chains | GRVT | Solana |
| Model | Order book (hybrid) | Order book |
| RWA markets | Yes | Yes |
| Token | GRVT | None verified |
| Base trading fees | Taker 0.045% · maker -0.0001% ↗ | Taker 0.035% · maker 0.005% ↗ |
| Max leverage | 50× ↗ | 40× ↗ |
| Collateral | USDT, USDC ↗ | USDC; native SOL (counted at up to 80%) ↗ |
| KYC | Required ↗ | Not verified |
| Referral program | Yes. Benefit for the referred trader: “If your referrer becomes an Ambassador, you automatically earn a point multiplier on all your rewards (matches their Ambassador tier).” ↗ | Yes. Benefit for the referred trader: “Referral codes apply a 10% discount on trading fees across perpetual markets for the duration of the $100M volume cap.” ↗ |
Open interest over time
- GRVT $459.32M
- Phoenix Perps $27.69M
DefiLlama daily open interest. Missing days are left as gaps. The scale starts at zero.
Open interest and fees: DefiLlama, captured 08 Oct 2026 · 14:43 UTC. 24h volume: CoinGecko derivatives exchange data (rolling 24 hours, converted from BTC), captured 08 Oct 2026 · 14:43 UTC. Token prices and 30-day price change: CoinGecko, at the time shown on each venue page; a parent-project or chain token is labelled and is not evidence of a claim on exchange revenue. Changes compare the last 30 days with the previous 30 days (OI as a daily average, fees as a total) and need at least 95% daily coverage. A trend label needs the 30-day move to pass a threshold (OI ±25%, fees ±30%) on a minimum base (OI ≥ $5M, fees ≥ $100K per 30 days); with 90 days of history both horizons must agree. Venue-reported volume is not audited; ⚑ marks volume above 25× open interest. “—” means unavailable, never zero. Full method ↗