Both Phemex and Bybit are in the top tier of crypto derivatives exchanges. Both offer 100x leverage, perpetual contracts, and professional-grade tools. But they’re optimized for different things — and choosing the wrong one will cost you real money.
We’ve tested both extensively. Here’s the unbiased breakdown.
⚡ Bottom Line Up Front
Phemex wins on fees (0.01% vs 0.02% futures maker) and security track record (zero hacks vs $1.4B Bybit hack in 2025). Bybit wins on coin selection, liquidity, copy trading, and ecosystem breadth. Active futures traders who use limit orders should default to Phemex. Everyone else should evaluate based on specific needs.
💡 Tip: Before choosing an exchange, run your trade size through our fee calculator to see the exact dollar cost on each platform — the difference can be significant on larger trades.
1. Fees — The Decisive Factor
| Fee Type | Phemex | Bybit | Winner |
|---|---|---|---|
| Futures Maker | 0.01% | 0.02% | Phemex ✓ |
| Futures Taker | 0.06% | 0.055% | Bybit ✓ |
| Spot Maker | 0.1% (or $0 Premium) | 0.1% | Phemex w/ Premium |
| Spot Taker | 0.1% (or $0 Premium) | 0.1% | Tie |
| Zero-Fee Spot Option | Yes ($9.99/mo Premium) | No | Phemex ✓ |
| Withdrawal (BTC) | 0.0005 BTC | 0.0005 BTC | Tie |
💰 Annual Fee Savings: Phemex vs Bybit
For a futures trader placing limit orders at $1,000,000/month volume:
— Phemex maker fee: $100/month → $1,200/year
— Bybit maker fee: $200/month → $2,400/year
Switching to Phemex saves $1,200/year at $1M monthly volume.
At $5M/month volume: $6,000/year saved. The math is unavoidable.
2. Features Comparison
| Feature | Phemex | Bybit |
|---|---|---|
| Perpetual Contracts | ✓ Yes | ✓ Yes |
| Quarterly Futures | ✓ Yes | ✓ Yes |
| Options Trading | ✓ Yes | ✓ Yes |
| Copy Trading | ✗ No | ✓ Yes |
| Spot Trading Pairs | 300+ | 600+ |
| Max Leverage | 100x | 100x |
| Zero-Fee Spot Plan | ✓ $9.99/mo | ✗ No |
| Earn / Staking | ✓ Yes | ✓ Yes |
| Launchpad / IEO | Limited | ✓ Active |
| NFT Marketplace | ✗ No | ✓ Yes |
| Trading Bot | ✓ Basic | ✓ Advanced |
| TPS (Engine Speed) | 300,000 | ~100,000 |
| Mobile App Rating | 4.5★ | 4.6★ |
3. Security — The Most Important Difference
| Security Factor | Phemex | Bybit |
|---|---|---|
| Major Hacks | Zero since 2019 | $1.4B hack (Feb 2025) |
| User Fund Coverage | Covered by reserves | Covered by Bybit |
| Cold Storage | 99%+ | Updated post-hack |
| Proof of Reserves | ✓ Published | ✓ Published |
| 2FA Enforcement | Mandatory | Mandatory |
| Withdrawal Whitelist | ✓ 24h delay | ✓ Yes |
🔴 Bybit February 2025 Hack — What You Need to Know
In February 2025, Bybit lost $1.4 billion in ETH to North Korean Lazarus Group hackers — the largest exchange hack in cryptocurrency history. Bybit covered 100% of user losses and remained operational. They’ve since overhauled security infrastructure. The incident is a matter of record, and while Bybit’s response was responsible, it’s a legitimate factor when comparing exchanges. Phemex has had no comparable incident in 5+ years of operation.
4. Liquidity & Market Depth
Bybit is a clear winner on liquidity. With significantly higher trading volume and more active market makers, BTC/USDT perpetual spread on Bybit is consistently tighter than Phemex. For large positions ($100k+), this matters — slippage on Bybit will be lower.
For retail traders with position sizes under $50k, the liquidity difference is negligible in practice. Both exchanges provide sufficient depth for standard retail trading.
5. Verdict: Who Should Choose Which?
Choose Phemex if:
- You trade futures with limit orders (maker fees)
- Fee efficiency is your top priority
- You want zero-fee spot trading ($9.99/mo)
- Security track record matters to you
- You trade BTC, ETH, and top altcoins
- You want the fastest execution engine
Choose Bybit if:
- You use copy trading features
- You need 600+ spot trading pairs
- You want launchpad / new token access
- You trade altcoins and new listings
- You want advanced trading bots
- You prefer an all-in-one ecosystem
Our Recommendation
For pure futures trading efficiency — especially if you use limit orders — Phemex is the better exchange. The 0.01% maker fee is real money at scale, and the security track record is genuinely superior. If you need copy trading, a huge altcoin selection, or Bybit’s broader ecosystem, then Bybit remains a strong choice despite the 2025 hack. Many serious traders use both: Phemex for derivatives, Bybit for spot and copy trading.
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Frequently Asked Questions
Is Phemex or Bybit better for beginners?
Bybit has a slightly more beginner-friendly interface with more educational resources, copy trading to learn from pros, and a larger community. Phemex is not difficult, but its focus on derivatives makes it better suited to traders with some experience.
Which exchange has lower fees — Phemex or Bybit?
Phemex charges 0.01% maker fee on futures vs Bybit’s 0.02% — exactly half the cost for limit order traders. For spot, both charge 0.1%, but Phemex offers zero-fee spot via Premium Membership. Overall, Phemex is cheaper for active traders.
Was Bybit really hacked?
Yes. In February 2025, Bybit lost $1.4 billion in ETH to the Lazarus Group (North Korea). They covered all user losses from their own reserves and remain fully operational. Security has been significantly upgraded since.
Can I use both Phemex and Bybit?
Absolutely — many traders do. Using Phemex for futures trading (better fees) and Bybit for copy trading and altcoin spot markets is a common approach.
Affiliate disclosure: This article contains referral links to Phemex. We may earn a commission if you register through our links, at no extra cost to you.