Identified wallets only. Customer debts are not included.
Warning signs and trading health
Warning-sign score39.1/100Higher means more warning signs.
Health score51.6/100Higher means smoother trading.
Weak trading conditions; buy–sell gap 0.07%; 7-day trading change -1.1%
Trading data from 2026-09-08. Scores worked out on 2026-09-15. How much data we have: 71/100. These scores do not tell you the chance of failure, or whether the exchange can pay back its customers.
Phemex
How Phemex trades, how much money moves through its wallets, and what it publishes about itself.
Beyond the ten busiest pairs
See whether the quieter trading pairs still have orders behind their prices.
Other measured pairsOutside this venue’s ten busiest measured pairs267
Share of tradingTheir share of the measured 24-hour trading19.31%
Share of nearby ordersTheir share of orders within 2% on both sides30.09%
Typical support for sellingMiddle pair’s visible buy orders within 2% below price$5.06k
Typical support for buyingMiddle pair’s visible sell orders within 2% above price$5.52k
Typical price gapMiddle pair’s gap between the best buy and sell quote0.37%
Less than $10,000 on either side163 of 267 pairs have fewer nearby orders on at least one side61.05%
These are the covered pairs, not every listed coin. Less traded here does not mean a small market cap. Visible orders can change; they do not guarantee the price of a trade.
How much can this reading tell us?
Confidence in the evidence available for this page. It is not a safety rating or a chance of survival.
Data coverage · Tier 1 · 17 of 20 core questions have evidence (85%). This tier measures available information, not exchange health. Some evidence is partial or historical.
71/100
Evidence confidence
Evidence confidence
Where the evidence is strongest
Coverage is limited to 20 core questions. It does not cover every exchange risk, wallet behaviour or trading-quality check.
Money held, money moving.
Inflow minus outflow in the tracked wallet set.
Transfers can include custody changes as well as customer activity.
This window overlaps the seven-day reading; do not add them.
Reported open interest. Separate from spot trading.
Reported activity in derivatives.
Over seven days, net transfers of $2.49m left the tracked wallets. That is 0.9% of the assets currently visible. This is movement in a labelled wallet set, not a count of customer withdrawals.
Net transfers outNet transfers in
24 hours
−$553.27k
7 days
−$2.49m
30 days
−$23.13m
These windows overlap. Their bars show direction and size; they should not be added together.
Portal discloses a subset of cold wallets and warns that audit balances are snapshots. No current dated reserve amounts were returned in readable text; wallet listings alone do not establish all reserves.
Company documents and useful links
These are company publications. A link establishes that material is published; it does not verify every claim in it.
Published reserve materialSecurityReserve materialTrading, and the orders waiting near the price
the price
$834m
$142m resting17.0% of a day's trading
Orders waiting near the price add up to $142m, equal to 17.0% of a day's trading.
Orange is a day's trading. Blue is the buy and sell orders waiting within 2% of the price, drawn to the same scale. We could read 99% of what Phemex reports, across its busiest 277 trading pairs.
How much it trades, and how many orders stand behind it
A day's trading, the orders waiting near the price, and how the two compare.
Across 277 trading pairs and 258 coins we could read.
Buy and sell orders together. Rank 33 of 122 among the exchanges we could read.
Rank 38 of 122. The typical exchange: 3.8x.
What this meansPhemex does not show that problem: its price gap and its waiting orders tell the same story. Its average price gap is 0.065%, rank 69 of 122 from smallest. A small price gap does not mean many orders are waiting behind it.
All five trading checks together
This score combines five checks on how well the exchange trades. It knows nothing about what the exchange owes or holds for customers, so it is not a safety score.
Mixed market readings
The last seven days of trading against the seven days before, counted in bitcoin rather than dollars.
The last seven days of trading against the same seven days a month earlier, counted in bitcoin.
$322m, or 39% of the trading we could read.
Compared with exchanges its own size
Comparing a small exchange with Binance tells you little. These are the exchanges closest to it in daily trading ($725m to $844m), and how much each trades per $1 of waiting orders.
What this meansThe typical exchange of this size trades 5.9x per $1 of waiting orders. That is the fairer comparison.
What it leans on.
How much of its trading runs through one pair, whether its orders sit mostly on one side, and what is left without Bitcoin and Tether.
39% of its trading. Its top three pairs make up 66%.
0% means the orders are even on both sides. Higher means it is easier to buy than to sell, or the other way round.
of its trading is left, and 5% of its waiting orders.
In the news
Recent stories about Phemex. Use the numbers on this page to check them.
- Learn All Crypto Topics | Phemex BlogPhemex · 07 Sep 2026
- Phemex Token Price (PT/USD) Today | Live Price, Market Cap & ChartBinance · 03 Sep 2026
- Learn All Crypto Topics | Phemex AcademyPhemex · 26 Aug 2026
- Phemex Launches Prediction Market Powered by Polymarket, Introduces Month-Long Forecasting ChampionshipYellow.com · 22 Aug 2026
What it publishes, and what we cannot tell you
Official Merkle balance-verification portal and disclosed wallets, Monthly, stated by exchange.
Trading pairs with stale or odd prices, left out of every number here.
Nothing here says what this exchange owes or holds for customers. Trading data cannot answer that.
More about Phemex
Company records, how it operates, and what we still do not know.
What supports this company view
Available evidenceTrading size, Depth, Price gap, Book balance, Largest pair, Bitcoin share, Market breadth, Pair coverage, Seven-day history, Thirty-day history, Tracked assets, One-day flow, Seven-day flow, Thirty-day flow, Direct reserve material, Disclosure frequency, Customer balance scope17 of 20 questions
Customer balances and company debtsGuide describes aggregate customer liabilities for BTC, ETH and USD (USDT and USDC)Read the scope
Questions still openDated per-asset reserve ratios, Measured withdrawal completion, Measured service interruptionsExcluded from conclusions
What could change the reading?A deeper book can disappear; transfers can be custody changes; a reserve report covers its stated date and scope. Repeated measurements and matched company reports strengthen the evidence.Follow the change