Phemex has announced a major upgrade to its RPI order system, saying the change lifted liquidity conditions across more than 210 trading pairs. The exchange tied the upgrade to deeper cooperation with top-tier institutional liquidity partners, with the main impact showing up in order book depth, spreads, and execution quality for retail traders.
Late-2025 data points to stronger depth in core markets
According to a market audit cited by Phemex and internal comparative research on public order book depth within ±0.1% of the mid-price, several flagship pairs now sit well above average levels seen on top-tier exchanges. Phemex said BTCUSDT liquidity depth is now 2x the standard industry benchmark, while ETHUSDT has reached 5x average market liquidity. For SOLUSDT, the company said liquidity has climbed to 5.5x high-performance market standards.
The exchange also said the top 12 trading pairs on the platform now maintain aggregate liquidity at roughly 3x the baseline used for comparison with leading venues. In practical terms, that points to a denser order book and heavier visible depth in major markets.
RPI orders are aimed at non-API retail traders
Phemex described RPI orders as Maker orders built for retail customers, specifically manual traders rather than API users. The company said the structure creates a denser book and more aggressive pricing, which can tighten spreads and produce price improvement that at times exceeds what is visible on the displayed order book.
Phemex also said upgraded RPI orders interact only with retail maker liquidity, bypassing direct interaction with high-frequency API algorithms. That setup, according to the exchange, has helped it preserve a liquidity edge across 210-plus pairs and improve execution standards for retail participants.
Exchange profile and product lineup
Founded in 2019, Phemex said it is used by more than 10 million traders worldwide. Its product suite includes spot trading, derivatives, copy trading, and wealth management products. The company’s latest statement focused on the RPI upgrade and the disclosed liquidity comparisons, without adding more detail on the external audit participants.