Binance vs Phemex

Binance vs Phemex: which to use

Binance vs Phemex is a choice between two centralized exchanges that both require KYC. Binance charges 2 bp maker and 5 bp taker, lists 783 perp markets and allows up to 150x. Phemex charges 1 bp maker and 6 bp taker, lists 132 markets and also allows up to 150x. Limit-order traders pay less on Phemex, and market-order traders pay less on Binance. Binance offers the larger market list and more real-world assets, and Phemex has the lower maker rate.

How each exchange is built

Binance is a centralized exchange (CEX): you open an account with the company, and the account holds your funds. Phemex works the same way. Both match orders on a central limit order book, so you trade against a public book of resting orders.

Fees and what they mean

Binance's base tier is 2 bp maker and 5 bp taker, per Binance's fee page. Phemex's base tier is 1 bp maker and 6 bp taker, per Phemex's fee page. Binance's stock and commodity perps (TradFi perps) charge regular users 0 maker and 0.04% taker, "until further notice" as of 29 September 2026.

A market order pays the taker fee to open and again to close: 10 bp per round trip on Binance's crypto perps, 12 bp on Phemex. A limit order that rests on the book pays the maker fee instead, 2 bp on Binance and 1 bp on Phemex.

Fees are only part of a trade's cost. Slippage is the price you move by eating through the order book, and it grows with size. The cost table above adds the taker fee twice and the measured slippage at each size from $1k to $5M. Every exchange's trading cost is compared on one page.

Markets and leverage

As of 1 October 2026 Binance lists 783 active perps, 213 of them stocks, commodities, FX or other real-world assets. Phemex lists 132, 67 of them real-world assets. Binance has more markets in total and more real-world markets. Phemex has the higher share of real-world assets in its list.

Both exchanges offer up to 150x on their highest-leverage markets, and most markets allow less. A Binance futures account under 30 days old is capped at 20x.

Funding is the periodic payment between longs and shorts, and a positive rate means longs pay shorts. Binance pays every 1 hour, 4 hours or 8 hours depending on the market. Phemex pays every 4 hours or 8 hours. An hourly market settles 24 times a day, an 8-hour market three times, so check a market's interval before you hold a position through funding. The list further down this page shows the markets both exchanges have and each one's funding rate.

Who can use them

Binance requires verified KYC to deposit or trade. Phemex requires KYC for spot and futures trading, and an unverified Phemex account cannot withdraw at all. Both need identity verification before you can use them in full.

Tokens

Binance has a token, $BNB.

Reading the numbers on this page

Both exchanges publish open interest as one side of open positions. The open interest row and chart above are therefore a like-for-like comparison of size between the two.

Neither exchange publishes TVL, as is usual for a centralized exchange, so the TVL row and chart have no figure for either. The funding arbitrage page ranks every exchange pair by funding spread if you want to test a pair across assets.

Which one fits you

• Pick Binance if you want the larger market list: 783 perps against 132.
• Pick Binance if you want more stocks and commodities: 213 real-world markets, with TradFi perps at 0 maker and 0.04% taker for regular users.
• Pick Binance if you trade with market orders: 5 bp taker against 6 bp.
• Pick Binance if you want hourly funding on some markets, which Phemex does not offer.
• Pick Phemex if you trade with limit orders: 1 bp maker against 2 bp.