SeekerGram_app

this whole solana perps/phoenix marketing campaign is extremely embarrassing and sad he's comparing GOLD on phoenix vs xyz:GOLD -- literally the only xyz HIP-3 perp that does not have growth mode enabled because HL forbids growth mode on pairs that compete with validator operated perps (PAXG/USDC in this case) HIP-3 pairs have 2x the 4.5bps/1.5bps base fees of validator operated perps (half goes to HL, half to the HIP-3 deployer), so xyz:GOLD has 9bps/3bps fees however, this is literally the only pair for which phoenix's fees are up to 6x lower than HL for validator operated perps (ie/ crypto perps): it's 3.15bps/0.45bps phoenix (10% ref discount) vs 4.32bps/1.44bps HL (4% ref discount) -- phoenix is 1.23x/2.88x cheaper in practice, everyone self-refs on HL, so the fees are actually discounted by 13.6% to 3.888bps/1.296bps -- only 1.23x/2.88x more expensive than phoenix. You can also self-ref on phoenix and get another 20% off to take it to 2.52bps/0.36bps, but this is much more policed than on HL for growth mode (most HIP-3) perps: HL fees are 90% lower so it's 3.15bps/0.45bps phoenix vs 0.864bps/0.288bps HL -- HL is 3.65x/1.56x cheaper than phoenix if fabiano just checked the other RWA pair in the announcement he QT'd, WTI, he would find this but is phoenix even cheaper on GOLD than xyz:GOLD? fabiano's screenshot shows 3.15bps taker with 7bps slippage on phoenix vs 9bps taker (in reality 8.64bps) with 0.11bps slippage on a $25k long so the overall cost of a taker order is 10.15bps phoenix vs 8.65bps hyperliquid (trading GOLD on xyz is 14.8% cheaper, as required.) this whole fee angle is extremely regarded though because if fees are the USP, phoenix's fees are actually very high compared to other alt-perp DEXs @Lighter_xyz and @paradex have 0 fees, @extendedapp and @hibachi_xyz have 0 maker fees all of these are infinitely cheaper than HL with fabiano's logic @tradehotstuff has 1.5bps/-0.1bps on RWA pairs and is fully onchain and has multiple times more vol and OI than phoenix if fees are the reason why I shouldn't trade on HL, why wouldn't I trade on these instead? what's worse is that all the .sol's, including members from the foundation and @toly himself, have been mindless QTing this tweet multiple times, without verifying the claim, even though the factual inaccuracy was pointed out in many comments under the tweet 2 days ago @solana and @perps could argue that @PhoenixTrade is special because it's a fully onchain orderbook DEX on a general purpose VM, which allows it to compose atomically with arbitrary smart contracts (defi) in a much more seamless way than HL's appchain + general VM sidecar model can with corewriter but they choose to peddle this slop instead the "good perps product" that @therealchaseeb is referring to launched 2 months and 16 days ago and now does a whopping $3.89M 24h vol @risextrade launched ~mid april with an extremely limited invite system requiring $600k+ vol per invite code, which only drop once a week, and they are doing $40-60M 24h vol hotstuff is doing $15-20M 24h vol @dango is doing $30-40M 24h vol hibachi is doing $10-40M 24h vol none of these perp DEXs raised $44M, but phoenix did I think that fully onchain orderbooks on solana could do decently well and at least have respectable metrics, but the last 24ish hours have made me extremely bearish