Rakebk / Exchanges / Lighter vs Phemex
Lighter vs Phemex: which costs less after the rebate?
It depends on your monthly volume:
Under $85M: Lighter is cheaper · $252 vs $390 at $1M
From $85M up: Phemex is cheaper · $45,500 vs $50,400 at $200M
Cheaper under $85M
Lighter DEX No KYC
10% back · fee 0.028%
$252
net cost at $1M / month
VS
Cheaper from $85M up
Phemex
35% back · fee 0.06%
$390
net cost at $1M / month
Your monthly volume$1M
$100K$1M$10M$100M$1B
Lighter code · 10% back
763613SX
Phemex code · 35% back
CVCTQ9
Cheaper under $85MLighter
Lightersaves $138 a month at $1M
Cheaper from $85M upPhemex
Phemexsaves $4,900 a month at $200M
Fee after rebate at $1MLighter0.0252%Phemex0.0390%
Lighter0.0252%Phemex0.0390%Saving at $1M
$138
a month on Lighter · $1,656 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.
LighterPhemexWhat you actually pay each month
Trading fees minus the rebate, at five monthly volumes. Green is the cheaper one.
Volume / month
Lighter netPhemex netDifference
$100K
$25
$39
Lighter saves $14
$1M
$252
$390
Lighter saves $138
$10M
$2,520
$3,575
Lighter saves $1,055
$50M
$12,600
$14,625
Lighter saves $2,025
$500M
$126,000
$97,500
Phemex saves $28,500
Which one is for you
Choose Lighter if
- You trade under $85M a month: it costs you less after the rebate
- You want the lower fee from your very first trade: 0.028% vs 0.06%
- You want to trade without KYC (no ID verification)
Choose Phemex if
- You trade $85M a month or more: it costs you less after the rebate
Side by side
LighterPhemexRebate
10%
35%
Entry taker fee
0.028%
0.06%
Fee after rebate
0.0252%
0.0390%
Net cost at $1M
$252
$390
Markets
Perpetuals, Spot
Perpetuals, Spot
Payout
Weekly, every Monday, in USDC
Auto, usually 24h
Code
763613SX
CVCTQ9
KYC (ID verification)
Not required
Required
Lighter
- Lighter figures here are for its Premium account (0.028% taker, 0.004% maker), the only one that pays fees.
- Its default Standard account trades perps and spot at 0%, with nothing to get back.
- Staking LIT cuts the Premium fee by up to 30%, not modelled here.
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.
Lighter · Derivatives
Tier
30-day volume
Maker
Taker
Premium
$0
0.004%
0.028%
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, Lighter or Phemex?
It depends on your monthly volume:
- Under $85M: Lighter is cheaper · $252 vs $390 at $1M
- From $85M up: Phemex is cheaper · $45,500 vs $50,400 at $200M
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.
- Lighter: 10% back on a 0.028% fee → you pay 0.0252%
- 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 26 Oct 2026
Go deeper
Phemex code and fees35% back · full fee ladder · what it is worth
Lighter code and fees10% back · full fee ladder · what it is worth
