edgeX vs Phemex

How each exchange is built

edgeX is a decentralized exchange (DEX) that runs on edgeX L2. You trade from a self-custody wallet, or log in with an MPC wallet. It matches orders on a central limit order book, so you trade against other traders' resting orders on the book.

Phemex is a centralized exchange (CEX): you open an account with the company, and the account holds your funds. It also matches orders on a central limit order book.

For the trader the difference is custody. On edgeX the funds sit in your wallet and you sign in with it. On Phemex the funds sit in an account, and the account has to be verified before it can trade.

Fees and what they mean

edgeX's base tier is 4 bp maker and 4.5 bp taker, per edgeX's fee page. Phemex's base tier is 1 bp maker and 6 bp taker, per Phemex's fee page. One basis point (bp) is 0.01% of the position.

A market order pays the taker fee on entry and again on exit: 9 bp per round trip on edgeX and 12 bp on Phemex. A limit order that rests on the book and fills later pays the maker fee instead: 4 bp on edgeX and 1 bp on Phemex. If you mostly rest limit orders, Phemex's maker rate is lower. If you mostly use market orders, edgeX's taker rate is lower.

Fees are only part of a trade's cost. Slippage, the price you move by eating through the order book, grows with size. The cost table above adds the taker fee twice and the measured slippage 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 edgeX lists 179 active perpetual markets, 107 of them stocks, commodities, FX or other real-world assets. Phemex lists 132, 67 of them real-world assets. On both exchanges real-world assets make up more than half of the markets.

Phemex allows up to 150x on its highest-leverage market and edgeX up to 100x. Most markets on both allow less, so check the limit on the market you want before you size a position.

edgeX pays funding every 4 hours on every market. Phemex pays every 4 hours or 8 hours depending on the market. A 4-hour market settles 6 times a day and an 8-hour market 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 use them

edgeX asks for no ID: a wallet or MPC login is enough. It is closed to US and Ontario residents and to sanctioned countries, and it forbids VPNs.

Phemex requires KYC. KYC unlocks spot and futures trading, and an unverified account cannot withdraw at all.

Token and points

edgeX's token is $EDGE, and as of 19 September 2026 its points and airdrop program was "Active". You can follow it on the airdrops page. edgeX runs no vault that arb.sh tracks.

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.

Phemex is centralized and publishes no TVL, so the TVL row and chart show edgeX alone. For edgeX the figure is DefiLlama's number for the deposits its bridge holds. It is not a measure of volume or open interest.

Which one fits you

• Pick edgeX if you want to keep funds in your own wallet and trade without ID.
• Pick edgeX if you trade mostly with market orders: 4.5 bp taker against 6 bp.
• Pick edgeX if you want funding on a 4-hour schedule on every market, or you follow the $EDGE points program.
• Pick Phemex if you prefer an exchange account and accept KYC.
• Pick Phemex if you rest limit orders and want the lower maker rate: 1 bp against 4 bp.
• Pick Phemex if you need leverage above 100x, up to 150x on its highest market.