KuCoin vs Phemex

KuCoin vs Phemex: which to use

KuCoin vs Phemex is a choice between two centralized exchanges with the same base taker fee, 6 bp, and different strengths. KuCoin lists 686 perp markets, 159 of them real-world assets, and pays funding every 1, 4 or 8 hours. Phemex charges 1 bp maker, lists 132 markets, and allows up to 150x against KuCoin's 125x. Both require KYC. Pick KuCoin for market breadth and hourly funding. Pick Phemex for the lower maker fee and the higher leverage ceiling.

How each exchange is built

KuCoin 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 the trader this means an account at a company on each side.

Fees and what they mean

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

The taker fee is the same on both. A market order pays 6 bp to open and 6 bp again to close, 12 bp per round trip on either exchange. The difference is on limit orders: an order that rests on the book and is filled later pays 2 bp on KuCoin and 1 bp on Phemex.

The fee is only part of the cost. Slippage, the price you move by eating through the order book, grows with size. The cost table above adds both for BTC, ETH or SOL 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 KuCoin lists 686 active perpetual markets, 159 of them stocks, commodities, FX or other real-world assets. Phemex lists 132, with 67 in those categories. KuCoin has more markets in total and more real-world asset markets. Phemex's real-world assets make up a larger share of its list.

The highest leverage is 150x on Phemex and 125x on KuCoin. Most markets on both allow less, so check the cap on the market you plan to trade.

Funding is the periodic payment between longs and shorts of a perp. A positive rate means longs pay shorts. KuCoin 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 an hourly market charges or pays your position in smaller, more frequent steps. 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. KuCoin has required standard KYC (ID and face check) for any product since August 2023. On Phemex, KYC unlocks spot and futures trading, and an unverified account cannot withdraw at all. Neither lets you trade without completing verification, so plan for the verification step on either.

Token

KuCoin's token is $KCS.

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 for this pair. Neither exchange has a TVL row or chart, as is usual for centralized exchanges: they publish none.

The Head to head table highlights the better figure of each row, and the funding chart shows a chosen coin on both exchanges over 30 days. For a funding position across the two, the funding arbitrage page ranks every pair by spread, Paid 7d and Net 7d.

Which one fits you

• Pick KuCoin if you want a wider choice of markets: 686 perps against 132.
• Pick KuCoin if you want a larger set of stocks, commodities and FX markets: 159 real-world asset markets against 67.
• Pick KuCoin if you want funding on an hourly schedule, which Phemex does not offer.
• Pick Phemex if you place mostly limit orders: 1 bp maker against 2 bp.
• Pick Phemex if you need the highest leverage: up to 150x against 125x.
• Pick Phemex if you want every market on a 4-hour or 8-hour funding schedule, with no hourly markets.