Bybit vs Phemex

Bybit or Phemex: which to use

Bybit vs Phemex is two centralized exchanges with the same build, so the choice rests on fees, markets and funding. Bybit charges 2 bp maker and 5.5 bp taker, lists 857 perp markets and pays funding every 1, 4 or 8 hours. Phemex charges 1 bp maker and 6 bp taker, lists 132 markets and pays funding every 4 or 8 hours. Both allow up to 150x. Pick Bybit for breadth, real-world assets and hourly funding, and Phemex for the lower maker fee.

How each exchange is built

Bybit and Phemex are both centralized exchanges (CEX): you open an account with the company, and the account holds your funds. Both match orders on a central limit order book. For you, that means a central order book and an account at a company on either side, so the differences are in fees, markets and access.

Fees and what they mean

Bybit's base tier is 2 bp maker and 5.5 bp taker, per Bybit's fee page. Phemex's base tier is 1 bp maker and 6 bp taker, per Phemex's fee page.

A market order pays the taker fee on entry and again on exit. That is 11 bp per round trip on Bybit and 12 bp on Phemex. A limit order that rests on the book and is filled later pays the maker fee instead: 2 bp on Bybit and 1 bp on Phemex. If you mostly post limit orders, Phemex's rate is lower. If you mostly use market orders, Bybit's is.

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, so it shows more than the fee alone. Every exchange's trading cost is also compared on one page.

Markets and leverage

As of 1 October 2026 Bybit lists 857 active perps, 237 of them stocks, commodities, FX or other real-world assets. Phemex lists 132, 67 of them real-world assets. Bybit has more markets in total, and Phemex has a larger share of its list in real-world assets.

Both exchanges offer up to 150x on their highest-leverage market, and most markets allow less. Funding is the periodic payment between longs and shorts, and a positive rate means longs pay shorts. Bybit pays it 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, a 4-hour market six times and an 8-hour market three times. Check a market's interval before you hold it. 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. On Bybit, standard verification is mandatory for every product. On Phemex, KYC unlocks spot and futures trading, and an unverified account cannot withdraw at all. Neither lets you trade perps without completing verification.

Reading the numbers on this page

Open interest is the value of open positions, and the two exchanges publish it differently. Bybit publishes longs plus shorts, both sides of every position. Phemex publishes one side. For the same positions Bybit's figure reads about twice as large, so the open interest row and chart above are not a like-for-like comparison of size.

Neither exchange has a TVL row or chart, because centralized exchanges publish none. Volume, fees per trade and funding are read live from the table and charts above.

Which one fits you

• Pick Bybit if you want a wider choice of markets: 857 perps against 132.
• Pick Bybit if you trade stocks, commodities or FX perps and want 237 real-world asset markets on one exchange.
• Pick Bybit if you want hourly funding on some markets, since Phemex starts at 4 hours.
• Pick Bybit if you trade crypto perps with market orders: 5.5 bp taker against 6 bp.
• Pick Phemex if you post limit orders and want the lower maker fee: 1 bp against 2 bp.
• Pick Phemex if you want a 4-hour or 8-hour funding schedule on every market, with no hourly settlement to track.