Phemex fees & measured trading cost

CEX−20% fee via our link

Exchange fee pages quote one number; the order book charges three. FeeFloor measures Phemex's spot and futures markets on BTC, ETH, SOL and XRP — fee plus the spread and slippage the fee page never mentions, so a $100K BTC futures market order currently costs $48.08 all-in. The full measured breakdown is below, ranked against every venue we track. We count only what a market order pays to execute — funding, withdrawals and gas are measured separately.

Markets measured: spot and futures
Assets: BTC, ETH, SOL and XRP
Pricing: live order books

Live verdict · $100K BTC futures · taker

Measured 04:38 UTC · updates every minute

Rank

#26

of 49 venues

Measured cost

4.81 bps

fee + spread + slippage

On a $100K trade

$48.08

what you actually pay

Vs the floor

+$43.89

Lighter sets it at 0.42 bps

Trade on Phemex with 20% lower fees

Code applied automatically · about $12.00 back per $100K trade · no extra cost

Trade on Phemex−10% fees

Where the cost comes fromat $100K

Fee

4.80 bps6.00 bps

$48.00 on a $100K trade

The published taker fee, after the 20% referral discount our link applies.

Spread

0.01 bps

$0.08 on a $100K trade

Half the gap between best bid and ask. You pay it the instant your market order fills.

Slippage

0.00 bps

$0.00 on a $100K trade

Rounds to zero at this size — the order book is deep enough that your fill barely moves the price.

What our measurements show

Phemex's rank moves with trade size: #26 of 49 at $100K, but #30 at $10K. Fees are flat — depth is not.

The cost here is fee-dominated: 4.80 bps of the 4.81 bps total at $100K is the venue's own fee, over a book tight enough that spread and slippage barely register.

At $10M the book genuinely runs out — the venue can't fill that size within 2% of mid, so treat it as a smaller-order venue.

Spot execution at $100K runs 9.51 bps all-in (#13 of 21 spot venues) — more expensive than the same trade on its futures book right now.

Patient traders do better here: resting maker orders pay 1.00 bps in fees against the 6.00 bps taker rate — $50.00 back on every $100K filled passively.

Signing up through our link takes 20% off the fee component — the discount is applied in every number above, and the struck-through figures show list price.

Cost by trade size

Fees are flat, but spread and slippage scale with size — so a venue that wins at $10K can be mid-pack at $10M. BTC futures, taker.

Size	Rank	Total cost	In dollars	Vs the floor
$10K	30	4.81 bps	$4.81	+$4.48 vs Lighter
$100K	26	4.81 bps	$48.08	+$43.89 vs Lighter
$1M	30	7.13 bps	$713.33	+$544.18 vs Lighter
$10M	28	7.87 bps	$7.9K	depth-limited

Spot market

$100K BTC spot · taker

Rank

#13

of 21 spot venues

Measured cost

9.51 bps

fee + spread + slippage

On a $100K trade

$95.13

what you actually pay

Vs the spot floor

+$95.12

Toobit sets it at 0.00 bps

Cheaper right now$100K BTC futures

KuCoin4.81 bps+$0.00vs

Bitget4.81 bps+$0.00vs

Kraken4.71 bps−$0.97vs

Phemex: quick answers

What does a $100K BTC trade actually cost on Phemex?

As of 3 August 2026, a $100K BTC futures market order on Phemex costs $48.08 all-in (4.81 bps): 4.80 bps fee, 0.01 bps spread and 0.00 bps slippage. That ranks #26 of 49 venues we measure.

Is Phemex better for small or large orders?

Right now, large orders: Phemex ranks #30 at $10K and #28 at $10M. Fees are flat percentages, but slippage grows with size, so the answer shifts with the venue's live order-book depth.

Does Phemex have hidden costs beyond the trading fee?

Yes — every order-book venue does. On top of the 6.00 bps list fee you pay the live spread (0.01 bps right now) and slippage that grows with order size (0.00 bps at $100K). Neither appears on the fee page, which is exactly why we measure them.

How do I get the 20% fee discount on Phemex?

Sign up through the referral link on this page — it carries a live code that cuts the fee component by 20%. The discount never touches spread or slippage (those are paid to the market), and the toggle on our front page shows undiscounted list prices for comparison.

Ready to trade on Phemex?

Our link cuts the fee 20% — about $12.00 back on every $100K trade, applied automatically.

Affiliate link · rankings can’t be bought