Rakebk / Exchanges / Phemex vs TxFlow
Phemex vs TxFlow: which costs less after the rebate?
One answer at every volume:
At every volume: Phemex is cheaper · $390 vs $428 at $1M
Cheaper at every volume
Phemex
35% back · fee 0.06%
$390
net cost at $1M / month
VS
Never the cheaper one
TxFlow DEX No KYC Points
5% back · fee 0.045%
$428
net cost at $1M / month
Your monthly volume$1M
$100K$1M$10M$100M$1B
Phemex code · 35% back
CVCTQ9
TxFlow code · 5% back
TXTELLEZ
Cheaper at every volumePhemex
Phemexsaves $38 a month at $1M
Cheaper at no volumeTxFlow
TxFlownever the cheaper one from $100K to $1B
Fee after rebate at $1MPhemex0.0390%TxFlow0.0427%
Phemex0.0390%TxFlow0.0427%Saving at $1M
$38
a month on Phemex · $450 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.
PhemexTxFlowWhat you actually pay each month
Trading fees minus the rebate, at five monthly volumes. Green is the cheaper one.
Volume / month
Phemex netTxFlow netDifference
$100K
$39
$43
Phemex saves $4
$1M
$390
$428
Phemex saves $38
$10M
$3,575
$4,275
Phemex saves $700
$50M
$14,625
$19,000
Phemex saves $4,375
$500M
$97,500
$142,500
Phemex saves $45,000
Which one is for you
Choose Phemex if
- It costs you less after the rebate at every volume
Choose TxFlow if
- You want the lower fee from your very first trade: 0.045% vs 0.06%
- You want to trade without KYC (no ID verification)
Side by side
PhemexTxFlowRebate
35%
5%
Entry taker fee
0.06%
0.045%
Fee after rebate
0.0390%
0.0427%
Net cost at $1M
$390
$428
Markets
Perpetuals, Spot
Perpetuals, Spot
Payout
Auto, usually 24h
Instant, as a fee discount
Code
CVCTQ9
TXTELLEZ
KYC (ID verification)
Required
Not required
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.
TxFlow
- TxFlow is an on-chain perp DEX: log in with email or a wallet and deposit USDC, no ID check.
- The Code takes 5% off your perp and spot fees, at the fill, on your first $25M of combined volume.
- Tiers use 14 day volume (perps plus spot together), scaled here to a monthly equivalent.
- A points program is live; points have often been followed by a token airdrop, but nothing is confirmed.
- New users may need an access code from TxFlow's Discord.
The two fee ladders
The evidence behind every figure above, as each exchange publishes it.
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%
TxFlow · Derivatives
Tier
30-day volume
Maker
Taker
VIP 0
$0
0.015%
0.045%
VIP 1
$10,714,286
0.012%
0.04%
VIP 2
$53,571,429
0.008%
0.035%
VIP 3
$214,285,714
0.004%
0.03%
VIP 4
$1,071,428,571
0%
0.028%
VIP 5
$2,142,857,143
0%
0.026%
VIP 6
$4,285,714,286
0%
0.024%
Questions
Which is cheaper, Phemex or TxFlow?
One answer at every volume:
- At every volume: Phemex is cheaper · $390 vs $428 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.
- Phemex: 35% back on a 0.06% fee → you pay 0.0390%
- TxFlow: 5% back on a 0.045% fee → you pay 0.0427%
- 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 19 Oct 2026
Go deeper
Phemex code and fees35% back · full fee ladder · what it is worth
TxFlow code and fees5% back · full fee ladder · what it is worth
