Rakebk / Exchanges / Kraken vs Phemex
Kraken vs Phemex: which costs less after the rebate?
It depends on your monthly volume:
Under $5M: Phemex is cheaper · $390 vs $400 at $1M
$5M to $8M: Kraken is cheaper · $1,800 vs $1,950 at $5M- $8M to $10M: about the same on both (under 1% apart)
- From $10M up: Kraken is cheaper · $16,000 vs $24,375 at $100M
Cheaper $5M to $8M · from $10M up
Kraken
20% back · fee 0.05%
$400
net cost at $1M / month
VS
Cheaper under $5M
Phemex
35% back · fee 0.06%
$390
net cost at $1M / month
Your monthly volume$1M
$100K$1M$10M$100M$1B
Kraken code · 20% back
35c3kz8s
Phemex code · 35% back
CVCTQ9
Cheaper $5M to $8M · from $10M upKraken
Krakensaves $150 a month at $5M
Cheaper under $5MPhemex
Phemexsaves $10 a month at $1M
Fee after rebate at $1MKraken0.0400%Phemex0.0390%
Kraken0.0400%Phemex0.0390%Saving at $1M
$10
a month on Phemex · $120 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.
KrakenPhemexWhat you actually pay each month
Trading fees minus the rebate, at five monthly volumes. Green is the cheaper one.
Volume / month
Kraken netPhemex netDifference
$100K
$40
$39
Phemex saves $1
$1M
$400
$390
Phemex saves $10
$10M
$3,200
$3,575
Kraken saves $375
$50M
$10,000
$14,625
Kraken saves $4,625
$500M
$60,000
$97,500
Kraken saves $37,500
Which one is for you
Choose Kraken if
- You trade between $5M and $8M a month: it costs you less after the rebate
- You trade $10M a month or more
- You want the lower fee from your very first trade: 0.05% vs 0.06%
Choose Phemex if
- You trade under $5M a month: it costs you less after the rebate
Side by side
KrakenPhemexRebate
20%
35%
Entry taker fee
0.05%
0.06%
Fee after rebate
0.0400%
0.0390%
Net cost at $1M
$400
$390
Markets
Perpetuals, Spot
Perpetuals, Spot
Payout
Auto, usually 24h
Auto, usually 24h
Code
35c3kz8s
CVCTQ9
Kraken
- Kraken Futures is a separate product from Kraken spot and is priced far lower, so switch the toggle rather than reading one ladder for both.
- Since July 2026 Kraken sets ONE tier across the whole platform, on the best of your 30 day spot volume, your 30 day futures volume or the assets you hold there, read live rather than averaged, so spot trading can be what earns you a cheaper futures fee.
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.
Kraken · Derivatives
Tier
30-day volume
Maker
Taker
Tier 1
$0
0.02%
0.05%
Tier 2
$5,000,000
0.0175%
0.045%
Tier 3
$10,000,000
0.015%
0.04%
Tier 4
$15,000,000
0.0125%
0.035%
Tier 5
$25,000,000
0.01%
0.03%
Tier 6
$40,000,000
0.0075%
0.0275%
Tier 7
$50,000,000
0.005%
0.025%
Tier 8
$75,000,000
0.005%
0.0225%
Tier 9
$100,000,000
0%
0.02%
Tier 10
$150,000,000
0%
0.018%
Tier 11
$250,000,000
-0.003%
0.0175%
Pro 1
$400,000,000
-0.003%
0.016%
Pro 2
$500,000,000
-0.005%
0.015%
Pro 3
$1,000,000,000
-0.006%
0.0135%
Pro 5
$5,000,000,000
-0.006%
0.0125%
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, Kraken or Phemex?
It depends on your monthly volume:
- Under $5M: Phemex is cheaper · $390 vs $400 at $1M
- $5M to $8M: Kraken is cheaper · $1,800 vs $1,950 at $5M
- $8M to $10M: about the same on both (under 1% apart)
- From $10M up: Kraken is cheaper · $16,000 vs $24,375 at $100M
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.
- Kraken: 20% back on a 0.05% fee → you pay 0.0400%
- 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
