The authors dedicate this paper to the memory of Alexander Milchev (1943Milchev ( -2022, a pioneer of nucleation/growth science and a researcher with highest human qualitiesThe transition to Ni-based battery cathodes enhances the energy density and reduces the cost of batteries. However, this comes at the expense of losing energy efficiency which could be a consequence of charge-discharge hysteresis. Here, a thermodynamic model is developed to understand the extent and origin of charge-discharge hysteresis in battery cathodes based on their cyclic voltammograms (CVs). This was possible by defining a Gibbs energy function that weights random ion insertion/expulsion, i. e., a solid solution pathway, against selective ion insertion/expulsion, i. e., a phase separation route. The model was verified experimentally by the CVs of CoOOH and Ni(OH) 2 as solid-solution and phase-separating cathodes, respectively. Finally, a microscopic view reveals that phase separation and hysteresis are a consequence of large ionic radii difference of the reduced and oxidized central metal atoms.