BingX vs Phemex

How each exchange is built

BingX is a centralized exchange (CEX): you open an account with the company, and the account holds your funds. It matches orders on a central limit order book. Phemex is built the same way: an account at a company, with a central limit order book. For the trader the build is the same on both, so the differences are in fees, markets, leverage and access.

(The article's first H2 is "BingX or Phemex: which to use", given in full below.)

BingX or Phemex: which to use

BingX vs Phemex is a choice between two centralized exchanges that differ on fees, market count and leverage. BingX charges 2 bp maker and 5 bp taker, lists 1240 perp markets and allows up to 500x. Phemex charges 1 bp maker and 6 bp taker, lists 132 markets and allows up to 150x. Both require KYC, but an unverified BingX account can still withdraw up to 20,000 USDT a day, while an unverified Phemex account cannot withdraw at all. Pick BingX for breadth, leverage and withdrawals without verification. Pick Phemex for the lower maker fee.

How each exchange is built

BingX is a centralized exchange (CEX): you open an account with the company, and the account holds your funds. It matches orders on a central limit order book. Phemex is built the same way: an account at a company, with a central limit order book. For the trader the build is the same on both, so the differences are in fees, markets, leverage and access.

Fees and what they mean

BingX's base tier is 2 bp maker and 5 bp taker, per BingX's perpetual futures fee schedule. Phemex's base tier is 1 bp maker and 6 bp taker, per Phemex's trading fee page.

A market order pays the taker fee on entry and again on exit. That is 10 bp per round trip on BingX and 12 bp on Phemex. A limit order that rests on the book pays the maker fee instead: 2 bp on BingX and 1 bp on Phemex. If you mostly post limit orders, the maker rate matters more. If you mostly take liquidity, the taker rate does.

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

Markets and leverage

As of 1 October 2026 BingX lists 1240 active perp markets, 234 of them stocks, commodities, FX or other real-world assets. Phemex lists 132, 67 of them real-world assets. BingX has more markets in total and more real-world markets. Phemex has a higher share of its list in real-world assets. The real-world asset perps page covers this kind of market across exchanges.

BingX offers up to 500x on its highest-leverage market and Phemex up to 150x. Most markets on both allow less, so check the limit on the market you plan to trade.

Funding is the periodic payment between longs and shorts, and a positive rate means longs pay shorts. BingX 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 and an 8-hour market three times, so a position held across a rate change is charged or paid in smaller, more frequent steps on an hourly market. BingX has the only hourly markets of the two. The list further down this page shows the markets both exchanges have and each one's funding rate.

Who can use them

Both exchanges require KYC. BingX requires advanced KYC to deposit or trade. An unverified BingX account can only withdraw, up to 20,000 USDT a day, and rules vary by region. On Phemex, KYC unlocks spot and futures trading, and an unverified account cannot withdraw at all. If you want to move funds out before verifying, BingX allows it and Phemex does not.

Reading the numbers on this page

Both exchanges publish open interest as one side of open positions, so the open interest row and chart above compare like with like. Neither exchange has a TVL row or chart, because centralized exchanges publish none. On this page TVL is DefiLlama's figure, which covers DEX deposits and pools only.

The market counts above are for active perps on each exchange. The Head to head table shows live volume, depth, funding and open interest, and the funding arbitrage ranking lists spreads for every pair of exchanges.

Which one fits you

• Pick BingX if you want more markets to choose from: 1240 perps against 132 on Phemex.
• Pick BingX if you trade real-world assets and want a larger set: 234 markets against 67.
• Pick BingX if you need more than 150x: it offers up to 500x on its highest-leverage market.
• Pick BingX if you trade with market orders: 5 bp taker against 6 bp.
• Pick BingX if you want hourly funding on some markets.
• Pick Phemex if you rest limit orders on the book: 1 bp maker against 2 bp.