Rakebk / Exchanges / ApeX vs Phemex
ApeX vs Phemex: which costs less after the rebate?
One answer at every volume:
At every volume: ApeX is cheaper · $275 vs $390 at $1M
Cheaper at every volume
ApeX
45% back · fee 0.05%
$275
net cost at $1M / month
VS
Never the cheaper one
Phemex
35% back · fee 0.06%
$390
net cost at $1M / month
Your monthly volume$1M
$100K$1M$10M$100M$1B
ApeX code · 45% back
RAKEBK45
Phemex code · 35% back
CVCTQ9
Cheaper at every volumeApeX
ApeXsaves $115 a month at $1M
Cheaper at no volumePhemex
Phemexnever the cheaper one from $100K to $1B
Fee after rebate at $1MApeX0.0275%Phemex0.0390%
ApeX0.0275%Phemex0.0390%Saving at $1M
$115
a month on ApeX · $1,380 a year
What every $1M you trade costs, after the rebate
The more you trade, the cheaper each exchange's fee tier gets. Where the lines cross, the cheaper exchange changes. Hover to price any volume.
ApeXPhemexWhat you actually pay each month
Trading fees minus the rebate, at five monthly volumes. Green is the cheaper one.
Volume / month
ApeX netPhemex netDifference
$100K
$28
$39
ApeX saves $12
$1M
$275
$390
ApeX saves $115
$10M
$2,750
$3,575
ApeX saves $825
$50M
$12,375
$14,625
ApeX saves $2,250
$500M
$96,250
$97,500
ApeX saves $1,250
Which one is for you
Choose ApeX if
- It costs you less after the rebate at every volume
- You want the lower fee from your very first trade: 0.05% vs 0.06%
Choose Phemex if
- You also trade spot: ApeX does not offer it
Side by side
ApeXPhemexRebate
45%
35%
Entry taker fee
0.05%
0.06%
Fee after rebate
0.0275%
0.0390%
Net cost at $1M
$275
$390
Markets
Perpetuals
Perpetuals, Spot
Payout
Auto, usually 24h
Auto, usually 24h
Code
RAKEBK45
CVCTQ9
ApeX
- ApeX measures volume over a rolling 14 day window, not 30 days.
- The thresholds above are the published 14 day figures scaled to a monthly equivalent so they can be compared with the other venues.
- Staked $APEX also moves you up a level and is not modelled here.
- Prediction markets on ApeX are priced separately and are not what these figures quote.
Phemex
- Phemex grants the same tier on assets or on vePT as well as on volume.
- These thresholds assume API trading stays under 20% of your volume; above that Phemex prices you on a separate Pro ladder, which is not modelled here.
The two fee ladders
The evidence behind every figure above, as each exchange publishes it.
ApeX · Derivatives
Tier
30-day volume
Maker
Taker
Level 1
$0
0.02%
0.05%
Level 2
$10,714,286
0.015%
0.045%
Level 3
$53,571,429
0.01%
0.04%
Level 4
$214,285,714
0.005%
0.035%
Level 5
$1,071,428,571
0%
0.03%
Level 6
$2,142,857,143
0%
0.028%
Level 7
$4,285,714,286
0%
0.025%
Phemex · Derivatives
Tier
30-day volume
Maker
Taker
VIP 0
$0
0.01%
0.06%
VIP 1
$8,000,000
0.008%
0.055%
VIP 2
$18,000,000
0.006%
0.05%
VIP 3
$45,000,000
0.004%
0.045%
VIP 4
$85,000,000
0.002%
0.0375%
VIP 5
$180,000,000
0.001%
0.035%
Star VIP
$380,000,000
0%
0.03%
Questions
Which is cheaper, ApeX or Phemex?
One answer at every volume:
- At every volume: ApeX is cheaper · $275 vs $390 at $1M
Why does the bigger rebate not always win?
A rebate is a share of the fee. A higher fee can hand back more dollars and still cost you more.
- ApeX: 45% back on a 0.05% fee → you pay 0.0275%
- Phemex: 35% back on a 0.06% fee → you pay 0.0390%
- What you pay is the fee after the rebate, not the rebate %
Can I use both codes?
Yes.
- They are separate exchanges, so each account gets its own rebate
- Open each one through its own Rakebk link or code
- A code only works on a new account
How are these numbers worked out?
- Every order counted as a taker
- At the fee tier your monthly volume reaches on each exchange's published ladder
- Minus the rebate
- Both ladders are on this page, read from each exchange's own fee page
- Updated 23 Sep 2026
