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9 Best Bitmex Alternatives

While BitMEX is a popular exchange for crypto derivatives trading, the platform has high fees and a limited number of crypto assets available, leading traders to look for the top BitMEX alternatives.

Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Below, we've included a brief overview of the best BitMEX alternatives. However, more detailed reviews of each platform can be found further down the page.

  1. Binance/Binance Futures – Largest Crypto Exchange by Volume
  2. ByBit – Low-Fee Crypto Derivatives Platform with Copy Trading
  3. Kraken– Secure and Advanced Trading Platform
  4. KuCoin– Well-Known Crypto Exchange with Thousands of Markets
  5. PrimeXBT– User-Friendly Crypto Trading Platform
  6. OKX– Secure Platform with In-Built Trading Bots
  7. MEXC– Trade Futures with Up to 200x Leverage
  8. Phemex– Unique Exchange Platform with Crypto Launchpad and Prediction Market
  9. Deribit– Exchange with Crypto Options Trading
EXCHANGE CRYPTO ASSETS TRADING FEES RATING PROMOTION WEBSITE REVIEW
BinanceBinance

385

0.1% (spot) and 0.02% / 0.04% (Futures)

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.8 / 5

Up to $100 welcome bonus

Visit Binance Binance Review
Bybit LogoByBit

331 (608 trading pairs)

0% (spot), 0.06% / 0.01% (futures)

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.8 / 5

0% trading fees for 30 days (spot only)

Visit ByBit ByBit Review
KrakenKraken

222

0.16% (maker) and 0.26% (taker)

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.8 / 5

None available at this time

Visit Kraken Kraken Review
KuCoinKuCoin

806

0.1%

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.6 / 5

Up to 500 USDT in bonuses

Visit KuCoin KuCoin Review
Prime XBT LogoPrime XBT

39

0.05%

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.4 / 5

None available at this time

Visit Prime XBT Prime XBT Review
okex logoOKX

349

0.08% (maker) / 0.10% (taker)

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.4 / 5

None available at this time

Visit OKX OKX Review
MEXC Global ExchangeMEXC Global Exchange

1521

Spot: 0% (maker) / 0.2% (taker), Futures: 0.02% (maker) / 0.06% (taker)

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.3 / 5

10% discount on trading fees

Visit MEXC Globa… MEXC Global Exch…
PhemexPhemex

BTC, ETH, XRP, and 334 Others

0.1% (spot), 0.06% / 0.01% (futures)

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.2 / 5

Up to $6,050 Crypto Sign Up Bonus

Visit Phemex Phemex Review
deribitDeribit

Bitcoin, Ethereum

0.00% / 0.05%

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.0 / 5

None available at this time

Visit Deribit Deribit Review

BitMEX Alternatives Reviewed

1. Binance and Binance Futures Exchange

Why we picked it

4.8 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

Binance is the world's most popular regulated crypto exchange in average daily trading volume and has been operating since 2017. With support for spot markets, derivatives trading, and various earn products, Binance is an all-in-one platform that has significantly more features than BitMEX. In addition to the popular BNB token, Binance offers P2P trading, OTC services, advanced trading and analytical tools, auto-investment capabilities, and staking products.

  • Trading Fees:

    0.1% (spot) and 0.02% / 0.04% (Futures)

  • Currency:

    USD, EUR, GBP, AUD, CAD, +22 Others

  • Country:

    Global (USA allowed via Binance.US)

  • Promotion:

    Up to $100 welcome bonus

On top of the additional features offered by Binance, the exchange offers many tools designed specifically for trading, including its propriety chart and complete TradingView integration with many drawing tools and technical indicators. Additionally, Binance is one of the most liquid crypto exchanges on the market, making it great for high-volume traders.

Another benefit of trading on Binance is its massive quantity of supported cryptocurrencies and trading pairs. Users can trade 384 cryptocurrencies denominated in BNB, BTC, stablecoins, various altcoins, and fiat currencies, including USD, GBP, EUR, and 13 others. In total, Binance offers 1,637 tradeable crypto pairs, with 228 available for derivatives trading.

Trading crypto with Binance

On the Binance futures exchange, users can access USD-M futures contracts denominated in USDT/USDC and COIN-M futures contracts, which are settled via crypto, with up to 125x leverage. Additionally, Binance has recently released a crypto options market, enabling traders to speculate on price movements without exposure to underlying assets.

Binance offers some of the best base trading fees in the industry. Spot trading incurs a 0.1% trading fee while accessing leverage-based products incurs maker/taker fees starting at 0.0200%/0.0400% and dropping as low as -0.0090%/0.0240% with sizable volume.

There's a reason why Binance is the most popular BitMEX alternative. The platform offers lightning-fast leverage trading, an excellent range of digital assets, and an extremely efficient trading environment. Overall, Binance is a far more feature-rich and less costly exchange for leveraged margin trading than BitMEX. There is also a $100 USDT Binance referral bonus for new accounts.

2. ByBit

Why we picked it

4.8 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

Founded in 2014, ByBit is a popular unregulated crypto exchange specializing in derivatives trading. Although the platform offers spot trading and fiat-to-crypto support, it's rapidly grown in popularity in the wake of the FTX collapse thanks to its exceptional trading tools.

  • Trading Fees:

    0% (spot), 0.06% / 0.01% (futures)

  • Currency:

    USD, EUR, GBP, AUD, CAD, +125 Others

  • Country:

    Global (USA not allowed)

  • Promotion:

    0% trading fees for 30 days (spot only)

One of the most significant reasons for ByBit's growth and status as a BitMEX alternative is its rich set of features. On ByBit, it's possible to automatically copy the trades of other users, create bots that use predetermined trading strategies, find newly released projects on the launchpad, and access crypto loans to get cash without exiting a position. None of these products are available on BitMEX.

Users looking to trade frequently will be happy to know that ByBit offers an impressive 349 different crypto assets and 190 derivatives markets. As such, traders have plenty of assets to browse through, meaning they should never be left without an opportunity to make a profit.

ByBit offers a substantial range of derivatives-based products to its users similar to BitMEX. Customers of the exchange can access USDT/USDC Perpetual contracts, futures contracts, and even USDC-collateralized options. Additionally, users can access up to 1:125 leverage, meaning it's possible to earn significant profits from small movements in price.

bybit trading interface

On top of being one of the best BitMEX alternatives in terms of features, ByBit also offers highly competitive trading fees. While there's a 0.1% fee for spot trading, users can buy and sell derivatives with a trading fee of 0.01% and 0.06% (maker/taker). Moreover, ByBit is one of the few no-fee crypto exchanges to offer zero spot trading fees which is a major advantage over BitMEX.

While BitMEX is a well-rounded platform, it lacks the range of assets and additional features offered by exchanges like ByBit. Furthermore, BitMEX charges maker/taker fees of 0.02% and 0.075% for derivatives markets. As such, ByBit doesn't just offer a superior range of features, but it's also much more cost-effective for trading compared to BitMEX.

Claim the ByBit referral code and start trading with a deposit bonus.

3. Kraken

Why we picked it

4.8 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

Kraken has grown to become one of the most secure and prolific Bitcoin trading platforms out there. Today, Kraken is registered as a Money Services Business (MSB) with FinCEN and provides access to perpetual futures contract trading for over 9 million users in 190 countries worldwide.

  • Trading Fees:

    0.16% (maker) and 0.26% (taker)

  • Currency:

    USD, GBP, EUR, CAD, CHF, JPY & AUD

  • Country:

    Global (USA Allowed)

  • Promotion:

    None available at this time

The regular Kraken crypto exchange is primarily a spot trading platform with support for trading NFTs and staking tokens, including Polkadot (DOT), Kusama (KSM), and Cosmos (ATOM). However, users can also access Kraken Pro to access a suite of advanced trading features provided by TradingView.

Kraken enables users to trade 222 cryptocurrencies and 725 trading pairs, hundreds more than BitMEX, which supports 18 cryptos and 38 crypto pairs. Furthermore, the story is similar for supported derivates markets, with Kraken boasting 91 versus BitMEX's 23.

Kraken trading interface

While Kraken supports a substantial number of additional markets compared to BitMEX, the exchange only supports futures trading with a 50x leverage, while BitMEX supports 125x. As such, while Kraken enables users to access far more markets, BitMEX could be a better option for traders without much capital.

Although Kraken offers a solid range of trading tools, its trading fees are far more costly than Binance, with the platform charging a maker fee of 0.02% and a taker fee of 0.05% for leverage trading and 0.16% and 0.266% for spot markets.

Kraken is a well-rounded exchange that enables users to engage in leveraged trading in many more markets than BitMEX. Furthermore, Kraken users can enjoy trading fees around 33% lower than BitMEX. However, while Kraken is one of the top BitMEX alternatives, exchanges like Binance and ByBit are notably better for spot and derivatives trading.

4. KuCoin

Why we picked it

4.6 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

KuCoin is a world-renowned trading platform launched in 2017. Despite being unregulated, KuCoin now serves more than 20 million users globally. In addition to its cryptocurrency trading features, KuCoin offers a P2P marketplace, crypto lending, cloud mining, a token launch platform, a wealth management program, and support for NFT trading. Furthermore, KuCoin offers a propriety token called KCS which grants holders reduced trading fees.

  • Trading Fees:

    0.1%

  • Currency:

    USD, GBP, EUR, CNY & 46 others

  • Country:

    Global (USA not allowed)

  • Promotion:

    Up to 500 USDT in bonuses

KuCoin is known for supporting a massive number of crypto assets. The exchange has 789 cryptocurrencies and 1,420 tradable spot markets. However, with only 119 markets supported for futures trading, ByBit, Binance, and OKX all offer more diversity for derivatives trading.

KuCoin offers unique ways for its customers to access the derivatives markets. While the exchange supports standard futures trading with up to 100x leverage, it also offers a ‘Lite' version removing analysis tools and technical indicators to provide a simplified experience.

KuCoin trading Interface

When it comes to trading fees, KuCoin is relatively competitive. Spot trading fees are 0.1% per transaction, while futures trading fees are 0.02% and 0.06% (maker/taker). However, spot fees can be lowered by 20% when being paid using KCS.

Overall, KuCoin is a popular exchange that makes the derivates market accessible for beginners as well as experienced traders. It features a far more user-friendly interface and a substantially greater range of supported assets compared to BitMEX, making KuCoin worthy of consideration if regulation isn't a strict requirement.

5. PrimeXBT

Why we picked it

4.4 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

PrimeXBT is an unregulated margin trading platform famed for offering massive leverage and access to cryptocurrency, commodities, and forex. Founded in 2018, PrimeXBT handles an average daily trading volume of over $1 billion and is used for trading CFDs.

  • Trading Fees:

    0.05%

  • Currency:

    USD, EUR, GBP, AUD, CAD, +30 others

  • Country:

    Global (USA not allowed)

  • Promotion:

    None available at this time

The features offered by PrimeXBT are primarily centered around trading, with users able to participate in trading contests, automatically mirror the trades of other users, and earn passive rewards through yield accounts. Additionally, PrimeXBT has exceptional propriety charting tools with access to drawing tools and technical indicators. While PrimeXBT offers 107 trading pairs denominated in USD, EUR, AUD, and BTC, only 39 of the markets supported by PrimeXBT are crypto-based, with the rest being indices and forex pairs.

PrimeXBT interface screenshot

The margin trading fees for cryptocurrency on PrimeXBT are 0.05% but get calculated every time a position is opened or closed. Additionally, the exchange enables users to trade Contracts for Difference (CFDs) with up to 1000x leverage, making it an excellent platform for crypto traders needing access to high leverage.

Although the crypto trading fees on PrimeXBT are on the high side compared to options like ByBit, the ability to access multiple financial markets and trade with 1000:1 leverage makes it a great BitMEX alternative.

6. OKX

Why we picked it

4.4 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

Despite being unavailable to US traders, OKX is a popular platform providing access to the crypto market for millions of users across more than 100 countries. The exchange was founded in 2017 and today offers a simple way for users to access various tools for trading digital currencies. OKX offers its own propriety charting tools in addition to TradingView integration, making the platform great for traders looking for an alternative to BitMEX that doesn't use TradingView.

  • Trading Fees:

    0.08% (maker) / 0.10% (taker)

  • Currency:

    USD, EUR, GBP, KRW, JPY, RUB, TRY, USH, CAD, AUD & 20 others

  • Country:

    Global (USA not allowed)

  • Promotion:

    None available at this time

OKX offers a suite of earning products for people looking to grow their holdings, including staking and flexible savings accounts. Furthermore, the exchange supports crypto demo trading, trading bots, P2P trading, and copy trading, meaning there are plenty of options for people who want to avoid going the traditional route.

Anyone with a trading account on OKX can access major digital assets and smaller altcoins without hassle. The platform supports 349 cryptocurrencies for spot trading, with 789 trading pairs denominated in stablecoins and popular altcoins. For perpetual contracts, futures, and margin trading, OKX enables users to trade an impressive 183 markets.

okx trading interface

OKX offers up to 5x on margin trading and 125x on perpetual contracts, on par with other cryptocurrency exchanges enabling trading crypto derivatives. However, despite the platform offering some of the most competitive fees for spot trading, at 0.08% maker and 0.1% taker, its futures fees are more costly at 0.02% and 0.005% (maker/taker).

Compared to BitMEX, which focuses exclusively on trading, OKX is a far more all-encompassing platform. With automation tools, educational material, and a seamless trading experience, OKX is a suitable platform for new and professional traders needing access to a diverse range of financial products.

7. MEXC

Why we picked it

4.3 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

Launched in 2018, MEXC is one of the fastest-growing cryptocurrency exchanges on the market. The platform specializes in futures trading but also offers spot-based products and P2P capabilities.

  • Trading Fees:

    Spot: 0% (maker) / 0.2% (taker), Futures: 0.02% (maker) / 0.06% (taker)

  • Currency:

    USD, EUR, GBP & others

  • Country:

    Worldwide (USA included)

  • Promotion:

    10% discount on trading fees

MEXC is a feature-rich exchange suited to traders of all preferences. For spot trades, MEXC offers zero-fee P2P trading, a crypto debit card, and advanced charting tools courtesy of TradingView. Additionally, the exchange supports quantitive grid trading, copy trading, staking, and a launchpad for early access projects.

Few trading platforms can match MEXC in terms of available spot trading assets. The exchange boasts a hugely impressive 1501 cryptocurrencies and 1783 tradable markets. However, users engaging in derivatives trading will only be able to access 180 markets, comparable to OKX and ByBit.

Trading interface on MEXC

MEXC supports USDT-M and COIN-M perpetual futures contracts with up to 200x leverage, making the platform ideal for traders looking to take advantage of small price movements or high-frequency trading strategies. Furthermore, MEXC offers 3x to 5x leveraged tokens, which boost profits and losses without a liquidation risk.

Another reason why MEXC has grown so quickly is its competitive fees. While the exchange charges a 0.1% fee on spot-taker orders, there are no maker fees. For derivates transactions, MEXC has a base fee of 0.03% for taker orders and, again, no maker fee.

MEXC is a solid crypto exchange but excels in its derivates-based offerings. Compared to BitMEX, the platform boasts a vast number of supported assets, extremely low fees, and sizable leverage, making it an excellent choice for traders looking for an alternative to BitMEX.

8. Phemex

Why we picked it

4.2 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

Phemex has been operating since 2019 and has become one of the most popular platforms for trading futures contracts, with over 5 million customers across over 200 countries. The exchange offers features such as various savings products, crypto staking, copy trading, and a prediction market enabling users to bet on real-world events, which BitMEX does not offer to the same extent.

  • Trading Fees:

    0.1% (spot), 0.06% / 0.01% (futures)

  • Currency:

    BTC, ETH, XRP, and 330 Others

  • Country:

    Global (USA not allowed)

  • Promotion:

    Up to $6,050 Crypto Sign Up Bonus

Phemex has a comparable number of assets to the other BitMEX alternatives we've looked at. The exchange provides access to 205 unique cryptocurrencies and 260 trading pairs for spot traders, and 250 derivatives markets.

Users wishing to access contract-based products on Phemex can do so via USDT-M, COIN-M, and USD-M perpetual markets with up to 100x leverage. In addition, the exchange is relatively cost-effective, with spot trades charged 0.1% and futures transactions 0.01% (maker) and 0.06% (taker).

phemex trading interface

Phemex is an intriguing exchange likely to appeal to spot and derivatives traders. Although the platform offers better fees and a more significant number of assets than BitMEX, it's overshadowed by the options higher on our list. However, Phemex's prediction markets are unique and could appeal to traders looking to speculate on real-world events.

9. Deribit

Why we picked it

4.0 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

Deribit is an extremely popular futures and options exchange that opened its doors in mid-2016. While the platform offers futures contracts, the main draw to Deribit is its cryptocurrency-based options trading.

  • Trading Fees:

    0.00% / 0.05%

  • Currency:

    Bitcoin, Ethereum, USDC

  • Country:

    Global (USA not allowed)

  • Promotion:

    None available at this time

While Deribit lacks much-loved features like staking and savings accounts, the platform offers its users custom indexes highlighting critical data like volatility, past BTC price, and general market data. Additionally, Deribit provides the ability to create sub-accounts, making it possible to open multiple positions on the same asset simultaneously.

Although Deribit handles over $1 billion daily trading volume frequently, the exchange doesn't offer many crypto assets. Additionally, spot trading is unsupported on Deribit compared to BitMEX, and only 18 futures markets are available. A major point of difference to BitMEX is the ability to trade crypto options on Deribit, with 20 markets available.

Deribit trading interface

Deribit provides access to USDC-based futures contracts as well as BTC and ETH perpetual contracts with up to 50x leverage. Additionally, Deribit provides a 0.01% maker rebate with a fee of 0.05% placed on taker orders, making the exchange extremely attractive for anyone adding liquidity to its order books.

Despite not offering many trading pairs, Deribit is a valuable exchange for traders who frequently create maker orders. Furthermore, with some of the most diverse crypto features available, Deribit could be an ideal BitMEX alternative for traders looking to speculate on BTC and ETH prices over extended periods.

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