Phemex vs Coinbase International

Phemex vs Coinbase International: which to use

Phemex vs Coinbase International is a choice between two centralized exchanges that both match on an order book. Phemex charges 1 bp maker and 6 bp taker, lists 67 real-world asset perps among 132 markets, and goes up to 150x with funding every 4 or 8 hours. Coinbase International charges 2 bp maker and 4 bp taker, goes up to 50x, and pays funding every hour on every market. Fee type, leverage and funding interval decide it for most traders. Pick Phemex for limit orders, real-world assets and high leverage. Pick Coinbase International for market orders and hourly funding.

How each exchange is built

Phemex and Coinbase International 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.

What the fees are and what they mean for your orders

Phemex's base tier is 1 bp maker and 6 bp taker, per Phemex's fee page. Coinbase International's base tier is 2 bp maker and 4 bp taker, per Coinbase International's fee page.

A market order pays the taker fee to open and again to close. That is 12 bp per round trip on Phemex and 8 bp on Coinbase International. A limit order that rests on the book pays the maker fee instead: 1 bp on Phemex and 2 bp on Coinbase International. If you mostly post limit orders, Phemex's maker rate is half of Coinbase International's. If you mostly take liquidity, Coinbase International's taker rate is lower.

Fees are only part of the cost. Slippage is the price you move by eating through the order book, and it grows with size. The round trip in the cost table above includes both, so read it for each size you trade. Every exchange's trading cost is also compared on one page.

Markets, leverage and funding intervals

As of 1 October 2026 Phemex lists 132 active perpetual markets, 67 of them stocks, commodities, FX or other real-world assets. Coinbase International lists 131, 34 of them real-world assets. The market counts are close, but Phemex has about twice as many real-world asset markets.

Phemex offers up to 150x on its highest-leverage market and Coinbase International up to 50x. Most markets on both allow less, so check the limit on the market you want.

Funding is the periodic payment between longs and shorts of a perp. Coinbase International pays it every hour on every market. Phemex pays every 4 hours or 8 hours depending on the market. An hourly interval settles 24 times a day, a 4-hour interval 6 times and an 8-hour interval 3 times, so the interval changes how often a position pays or receives funding. The list further down this page shows the markets both exchanges have and each one's funding rate.

Who can open an account

Phemex requires KYC. Verification unlocks spot and futures trading, and an unverified account cannot withdraw at all. Coinbase International requires ID and a suitability check. Its perps are for eligible non-US countries and are closed to US and UK retail traders. Check which applies to your country before you plan around either exchange.

Reading the numbers on this page

Both exchanges publish open interest as one side of open positions, so the open interest row and chart compare like with like. Neither publishes TVL, as is usual for a centralized exchange, so the TVL row and chart have nothing to show for this pair. Order-book depth and the round trip are read from each exchange's live book, so they are the figures to use when sizing a trade.

Which one fits you

• Pick Phemex if you trade with limit orders: its maker fee is 1 bp against 2 bp.
• Pick Phemex if you want stocks, commodities or FX perps: 67 real-world asset markets against 34.
• Pick Phemex if you need leverage above 50x: it goes up to 150x.
• Pick Coinbase International if you trade with market orders: its taker fee is 4 bp against 6 bp.
• Pick Coinbase International if you want funding settled every hour on every market.
• Pick Coinbase International if you want a lower cost per market round trip on fees alone: 8 bp against 12 bp.