Phemex Referral Code D52S93 — Up to $5,000 Bonus

Terms & Conditions Apply

The $5,000 welcome bonus on Phemex is unlocked through deposit and trading milestones. Bonus funds are credited as trial funds and trading vouchers. KYC verification is required for full bonus eligibility. Trial funds cannot be withdrawn but profits derived from trial fund trades can be. Offer subject to change; check the Phemex event page for current terms.

How to Claim

1. 1

   Click the Claim Bonus button to open Phemex with the deposit bonus offer pre-linked.

2. 2

   Connect your wallet and complete account registration. Review the minimum deposit requirements.

3. 3

   Make a qualifying deposit to your account. The bonus will be credited automatically.

4. 4

   Begin trading to meet any volume requirements. Monitor your bonus status in the rewards dashboard.

About Phemex

## What Phemex is Phemex was founded in 2019 by eight former Morgan Stanley executives from systems engineering. The team, led initially by Jack Tao, built the platform around low-latency matching, REST and WebSocket API docs at pro depth, sub-account management as a standard feature, and demo trading against live market data. That engineering background shows throughout the product. Sub-account support is not standard at this tier. On Phemex, a trader can run multiple strategies in separate accounts under one master login. Each account has its own risk settings. Collaborator access can be granted without exposing the master balance. PnL does not mix across books. For traders running several strategies in parallel — a BTC trend-following account plus a separate altcoin mean-reversion account — this structure removes the friction of separate logins. Mixed positions in one margin pool become a non-issue. See Phemex's current open interest and volume on [PerpFinder](/exchanges). ## Fees in detail [Phemex's contract fee schedule](https://phemex.com/help-center/Phemex-Future-fee-structure-and-calculation) starts at 0.01% maker and 0.06% taker on USDT-margined perpetual futures. The 0.01% maker rate ties with [WhiteBIT](/exchanges) for the lowest on this list. That is half the 0.02% charged by Binance, OKX, and Bybit. The taker rate of 0.06% is above average and matches KuCoin and Bitget at base level. The Star VIP program runs six levels. They are gated by asset balance or 30-day volume: - Standard (default): 0.01% maker, 0.06% taker - VIP 1 ($500k volume or $50k balance): 0.01% maker, 0.054% taker - VIP 3 ($5M volume or $500k balance): 0.005% maker, 0.048% taker - Star VIP ($100M+ volume): 0.00% maker, 0.03% taker The Phemex Token (PT) gives a 10% discount on futures fees. No minimum volume is required. The Market Maker Incentive Program offers up to -0.005% maker rebates for qualifying makers. For a $10,000 BTC/USDT round-trip opened and closed at market, base taker cost is $12.00 — the same as KuCoin and Bitget. For a $10,000 round-trip opened and closed on limit, maker cost is $2.00 versus $4.00 on Binance. If your strategy runs mainly on limit orders — grid strategies, mean-reversion entries, algo maker logic — Phemex's 0.01% maker rate saves $2 per $10k round-trip compared to Binance. At $500k daily limit-order volume, that is $1,000 per day. Model your specific mix at the [fee calculator](/tools/fee-calculator). ## Security and proof of reserves Phemex publishes monthly Merkle tree Proof of Reserves. The [May 2026 PoR report](https://www.globenewswire.com/news-release/2026/05/08/3291281/0/en/phemex-strengthens-reserve-transparency-with-may-2026-proof-of-reserves-update.html) confirmed a total reserve ratio of 131%. BTC was at 133%, ETH at 142%, USDT at 104%, and SOL at 156%. The exchange states it does not lend, borrow, or rehypothecate customer funds. No corporate loans are secured against user assets. Custody runs through [Fireblocks](https://www.fireblocks.com/), the MPC platform used by large asset managers, ETF custodians, and banks. Fireblocks is not cheap. It is deployed at firms that must document their security stack to auditors. Using it signals a design built around pro-grade standards, not cost cutting. No major exchange-level breach on record since founding in 2019. Phemex operates from Singapore with an ACRA company registration. No [MAS Digital Payment Token license](https://www.mas.gov.sg/regulation/digital-payment-tokens) exists. US residents are not served. No FCA or CFTC licensing. The PerpFinder team cross-checked Phemex's PoR portal in May 2026. BTC reserve ratios were above 100%. ## Leverage and pairs Over 200 perpetual futures pairs with 100x max leverage on BTC/USDT and ETH/USDT. Both USDT-margined linear contracts and inverse (coin-margined) contracts are listed. BTC and ETH can be posted as collateral on inverse contracts, skipping USDT conversion for crypto holders. Leverage steps down for smaller-cap assets and at larger notional sizes per the position tier table. Copy trading is listed with adjustable risk limits per position. The premium membership program offers zero-fee spot trading on a flat monthly fee — useful for traders who run spot alongside their futures. Grid bots and DCA bots are natively listed for range-bound and build strategies. The REST and WebSocket API is documented to pro standards. It covers order types, account management, sub-account access, and position streaming. For algo teams who need well-maintained API docs without paying pro minimum volumes to access them, Phemex is a good fit. ## Who Phemex is for Algo traders who work mainly on limit orders and want the lowest possible maker fee without locking capital in exchange tokens: Phemex's 0.01% maker rate is the most direct path to that goal, alongside WhiteBIT. Traders who run multiple strategies and need sub-account support: Phemex's sub-account tools are more developed than what Bybit or OKX offers to non-pro accounts. For a small trading desk managing 3-5 separate strategy books, this handles account-level splits natively. Traders who mainly use market orders, who need US account access, or who require pro depth: Binance, Bybit, or [Hyperliquid](/perps/hyperliquid) are better fits on each of those points. ## How it compares The PerpFinder team tracks Phemex BTC perp volume daily. On most Q1 2026 sessions, Phemex ran 2-4% of Binance's BTC/USDT perp volume. Order book depth on BTC and ETH is fine for positions under $100k notional. Below the top 30 assets by market cap, open interest thins and spreads widen. Fee comparison for a non-VIP $10k round-trip (taker both ways): Phemex $12.00, Binance $10.00, Bybit $11.00, KuCoin $12.00. But for limit-order entries and exits: Phemex $2.00 versus Binance $4.00. That inversion makes Phemex worth considering for any strategy that avoids market orders. Check the [cost comparison tool](/tools/cost-comparison) for side-by-side scenarios at your typical order type mix.