Bybit vs Phemex

Bybit and Phemex play the same game. The difference shows up in transfer costs and in where a position is calmer to hold.

SpreadRadar editorial · pryanik.io · · about authorship and sources

Compared by the numbers

These figures come from the venues themselves. Volume is missing on purpose: every exchange counts it its own way, and on a few the top of the book is tokenised equities. The bottom row counts the P2P currencies our scanner reaches, not everything the venue lists.

Bybit Phemex
USDT pairs392150
Futures contracts788123
Networks for USDT20—
Cheapest USDT withdrawal0.0700 POLYGON—
P2P currencies in our scanner89 currencies—

In short: the difference

What Bybit is: a derivatives terminal. On the market since 2018, jurisdiction: Dubai, UAE, its own MNT token.

What Phemex is: a venue built for leveraged trading. On the market since 2019, jurisdiction: Samoa.

What Bybit gives you

Next to a derivatives terminal, Bybit answers with something else: A venue with a strong derivatives pedigree and an unusually comfortable interface. Spot, perpetual futures and options, P2P, Earn savings, copy trading with open trader statistics, trading bots and a card. Twenty networks for USDT withdrawals — more than anyone we cover — and several of them free.

Strong sides: 20 withdrawal networks, several of them free, an even book on the main pairs, transparent copy trading.

What Phemex gives you

The terminal is strong on contracts, but Phemex has its own ground: A derivatives venue founded by people from bank trading desks. A hundred and fifty spot pairs and a hundred and twenty perpetuals, each with its own funding rate. There is savings, copy trading and trading bots. The book is even and the data is served openly, which makes its prices sound to compare with other venues.

Strong sides: an even book, open data, the funding interval stated per contract.

What decides it

  • Jurisdiction. Bybit sits in Dubai, UAE, Phemex in Samoa. It shapes both the checks you pass and what the venue has to disclose.
  • Native token. MNT on Bybit cuts fees and opens launches; Phemex has no such lever.
  • Strengths side by side. Bybit: 20 withdrawal networks, several of them free, an even book on the main pairs, transparent copy trading; Phemex: an even book, open data, the funding interval stated per contract.
  • Which job. Bybit is a natural second venue in a route: cheap transfers and predictable execution, while Phemex is as an additional venue in cross-exchange routes and funding.
  • Worth remembering. Bybit: the spot listing is slimmer than the Asian venues with thousands of pairs. Phemex: a narrow listing next to the Asian venues.

Which one fits you

Bybit — a natural second venue in a route: cheap transfers and predictable execution.

Phemex — as an additional venue in cross-exchange routes and funding.

What people ask most

Bybit: Is Bybit good for spot? Fine for major pairs: nearly four hundred USDT pairs with no random coins on an empty book. For the long tail of new listings keep a wide-listing venue alongside.

Bybit: What is the unified trading account? A mode where spot, futures and options share collateral. A coin bought on spot backs your futures position, and free funds never sit idle in a separate wallet — the whole balance works.

Bybit: How many USDT withdrawal networks are there? Twenty, more than any other venue in our review, and several of them are free. Live per-network prices are in the table at the top of this page.

Phemex: What is the funding interval on Phemex? Eight hours on most contracts, and the exchange states it per contract, so there is no guessing. Our funding section annualises from the real interval.

Phemex: Does Phemex take part in your spot arbitrage? Yes. It serves the book for every pair as one list, so comparing its prices with other venues is sound.

Phemex: Does Phemex have its own token? No, it has no exchange token.

Both at once

Nothing stops you from opening an account on both: it is free, and a pair of venues almost always beats any single one on price. Keeping both pays off on funding: the rate on the same pair diverges between venues, and that gap is exactly what a delta-neutral pair earns.

Live numbers

Everything in the table above is recomputed together with the rest of the site — pairs, contracts, P2P, networks and the withdrawal fee. Bybit and Phemex can be compared on facts rather than promises.

What the numbers say

Bybit gives 2.6× the choice on spot: 392 USDT pairs against 150. The futures list runs longer on Bybit: 788, against 123. Of the two, only Bybit publishes a USDT withdrawal price: 0.0700, chain POLYGON. P2P advertisements reach us from Bybit alone: 89 currencies.

Snapshot from 30 September 2026; on the page the figures refresh on every visit.

Bybit ↗Phemex ↗

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