Phemexvs
Pionex
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 40 liquid markets shared by Phemex and Pionex, the best funding setup over the past 7 days is $PONS (long Phemex, short Pionex): it paid 39.8% APR, 28.4% after costs, and held 64% of the time.
40 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| Phemex | Pionex | |
|---|---|---|
| Type | CEX | CEX |
| Taker fee | 0.06% | 0.05%✓ |
| Maker fee | 0.01%✓ | 0.02% |
| Open Interest | $1.09B✓ | $346.6M |
| 24h Volume | $496.7M | $5.50B✓ |
| Avg Funding APR | 5.09% | 16.34% |
| Markets | 120 | 443✓ |
| Airdrop / token | Listed | Listed |
Phemex and Pionex are both perpetual-futures venues tracked on ORBIT. On fees, Pionex is cheaper (0.05% vs 0.06% taker). On liquidity, Phemex is deeper with $1.09B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Phemex and Pionex diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Phemex and Pionex pays most?
- Across 40 liquid markets shared by Phemex and Pionex, the best funding setup over the past 7 days is $PONS (long Phemex, short Pionex): it paid 39.8% APR, 28.4% after costs, and held 64% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Phemex or Pionex cheaper?
- Phemex charges 0.06% taker / 0.01% maker; Pionex charges 0.05% taker / 0.02% maker. Pionex has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Phemex or Pionex?
- Phemex has $1.09B open interest across 120 markets; Pionex has $346.6M across 443. Phemex is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Phemex and Pionex?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.