Hifiman Edition XV vs Thieaudio Cypher: Which $400 audiophile headphone should you buy?

If you have $400 to spend on wired audiophile headphones, both the Thieaudio Cypher and the Hifiman Edition XV are really good options, with pretty similar sound profiles. Rather than pushing bright, analytical treble, both sets boost lower-midrange frequencies and dial back upper-treble intensity to offer a relaxed listening experience.

• Buy the Edition XV at Amazon for $399
• Buy the Cypher at Amazon for $386

However, perhaps because of their similarities, the small differences in tuning actually make a noticeable difference. Add to that they rely on different hardware approaches, and you've got distinct options. The Cypher uses a 50mm dynamic driver in a tight, semi-open shell, while the Edition XV uses an 80×50mm planar magnetic driver in a large, open-back cup.

Although I have my favourite (spoiler, it's the HiFiMan Edition XV), I still think they can both sit proudly in my list of the best wired headphones on sale right now. Have a read and see which one sounds best for your tastes.

Quick comparison

Price and Build Materials

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At $399, both headphones sit in the mid-tier audiophile bracket, and both justify their price through solid material choices rather than cheap plastics. These headphones feel fantastic in your hands!

The Thieaudio Cypher relies heavily on premium tactile materials. It has carbon fibre accents, stainless steel, aluminium, lambskin leather, and soft velour pads, and includes a leather storage pouch. The assembly uses visible screws, and the earcups detach easily to show patterned internal metalwork.

The Hifiman Edition XV shifts away from older Hifiman models that relied on glued components. It uses a screwed steel and aluminium chassis, an egg-shaped cup design, and a perforated faux-leather headband strap. Inside, it uses Hifiman's thin planar diaphragm technology and stealth magnet arrays.

Verdict: Both provide solid material construction for $399, but for me the Cypher offers slightly richer tactile materials and accessories (it comes with a really coool brown leather carrying pouch/bag), while the Edition XV focuses on serviceable hardware architecture. I really like the look and feel of the Edition XV, so that should tell you how impressive the Cypher is – it wins this round!

Design and Comfort

While their weights are similar on paper, their physical fit differs significantly during extended use.

Thieaudio Cypher (411g): The Cypher features a fairly strong clamping force and relatively shallow, narrow ear cups. For users with average-to-large ears or larger head sizes, the ears may contact the internal driver wall (as for me), and the clamp force can become noticeably restrictive after an hour of listening (me again!).

Hifiman Edition XV (452g): Despite being slightly heavier, the Edition XV distributes its weight more evenly across the head strap. The large, egg-shaped ear cups mean that I never had my ears touching the ear cups or the driver, all of which reduces physical pressure during longer listening sessions.

Verdict: The Hifiman Edition XV is the more comfortable option for me, and it's not really that close. The Cypher, although beautiful-looking, is just too small for me.

Sound Performance

This is where things get interesting. Both headphones deliver a warm sound signature – not relying on treble, and instead amping up the upper bass and lower mids to bring a pleasing weight and warmth to music. And while both have good bass extension their frequency responses handle treble and upper-midrange details differently.

Bass and Lower Midrange

Both models give plenty between 100Hz and 800Hz, which produces a thick, warm baseline for vocals and bass instruments.

The Cypher uses a semi-open design with small pin-hole vents, which restricts airflow, and while this helps its dynamic driver maintain solid bass extension down to 20Hz without premature roll-off, it does mean that it doesn't sound as open as the Edition XV.

The Edition XV uses its large planar surface area to deliver punchy, controlled mid-bass and sub-bass rumble, even with a fully open back.

Upper Midrange and Treble Execution

This is where their execution of warmth starts to differ:

Both of these boys take a uneven path to the higher frequencies. They dip between 1kHz and 3kHz, rise at 3–4kHz, but while the HiFiMan headphone slowly slopes down from 4-6kHz, the Cypher gives us a zing around 6kHz, and then steeply rolls off the upper treble. On the Cypher, this combination can make vocal-heavy tracks sound smooth, but on busier or brighter mixes, it can alternate between sounding muffled and slightly grating.

The Hifiman Edition XV maintains a more consistent treble transition. It softens the upper mids slightly, but avoids sharp treble spikes while retaining enough upper-frequency extension to keep the soundstage feeling open.

Because the Cypher's enclosure behaves like a closed-back headphone, it lacks the spatial openness of the Edition XV, resulting in a somewhat denser, boxier presentation.

Verdict: Both deliver on the promise of warmth, but for me the Hifiman Edition XV takes it to another level, because of its approach to the upper treble, or 'air' frequencies. Bottom line, the Cypher sounds good, if a little muddy on some tracks. Whereas the Edition XV offers warmth and a level of crisp detail too, not to mention a more open presentation. It's a clear winner for me.

Which should you buy?

I think I've made it clear that I prefer the Edition XV in all categories apart from the design and build, where the Cypher excells. But the thing is, listening is an incredibly personal thing, and my 'muddy' may very well be your 'relaxed'.

What I will say is that the Edition XV offers warmth and more brightness to tracks whilst never coming across as fatiguing, and I also find the spacial presentation of it leagues ahead of the Cypher. It also fits on my (admittedly large) head better.

So, for me I'd always recommend the Edition XV over the Cypher everyday. However, here are things you need to consider...

Buy the Thieaudio Cypher if:

You want a compact, sturdy headphone that's beautifully built (with metal, carbon fibre, and lambskin).

You primarily listen to simpler, vocal-led tracks, acoustic music, or electronic tracks where dense bass and dark treble work well.

You have a smaller head size and prefer a snug, secure clamp.

Buy the Hifiman Edition XV if:

You want a warm tuning that remains clear and consistent across complex tracks (whether mastered well or not).

You prefer an open-back soundstage with better air and spatial separation.

You prioritise long-term wearability and roomier ear cups.