Phemex built its reputation on engine speed — founded by ex-Morgan Stanley HFT engineers — and on one of the friendliest maker rates among centralized perp venues. Here's the fee picture and where it wins or loses against the competition.
The base schedule
On perpetual contracts, base rates are approximately 0.01% maker / 0.06% taker. That maker rate is the story: half of Bybit's or Binance's base maker fee, before any VIP discount. Spot trades run around 0.1%/0.1% at base tier, in line with the industry standard.
The wide maker/taker spread (6x) sends a clear message about who the schedule is designed for: patient traders who rest limit orders. A taker-style trader gets a middling deal; a maker-style trader gets one of the best entry-tier rates on any CEX.
VIP levels
Phemex runs a conventional VIP ladder based on trailing volume and balances, stepping both rates down and pushing makers toward zero/rebates at the top. As with every venue, the published ladder changes periodically — treat any third-party summary (including this one) as a starting point and verify the live schedule before trading size.
Funding
Phemex perps settle funding on the standard 8-hour cycle, with rates floating around the familiar +0.01% baseline in calm conditions. Its rates on majors typically track the Binance/Bybit cluster closely, though gaps open during volatile periods — which is precisely what cross-venue funding arbitrage monitors. Current rates appear on our live funding page.
Worked example
$10,000 round trip on a perp, base tier:
- Maker both ways: $10,000 × 0.01% × 2 = $2 — cheapest CEX-tier maker cost in our comparison set
- Taker both ways: $10,000 × 0.06% × 2 = $12 — slightly above Bybit's $11 and Binance's $10
The asymmetry writes the strategy for you: on Phemex, be a maker. If your style demands market orders, the schedule is unremarkable and other venues price better — compare your exact numbers in the fee calculator.
Beyond fees
- Speed: the matching engine is genuinely fast, which matters for scalpers and API traders more than fee basis points do.
- Liquidity: solid on majors, thinner than tier-1 giants on long-tail alts — check book depth before assuming the fee saving survives slippage.
- KYC: basic trading has historically been available with light verification; limits apply. Requirements vary by region and evolve.
Verdict
Phemex is a specialist's venue: if you trade with resting orders — grid strategies, market-making-lite, patient swing entries — the 0.01% base maker rate is a standing discount most competitors can't match without VIP status. Takers and long-tail alt hunters will find better fits elsewhere. See how it compares across our full exchange comparison.