Crypto Futures Exchanges: OKX, Bybit and MEXC Compared on One Contract
A crypto futures exchange lets you trade a coin's price with margin and leverage. This page puts three large ones side by side on the same contract, the BTC USDT perpetual, using each exchange's own fee table, instrument data and help pages. It does not rank them.
- Lowest listed fee on BTC USDT: MEXC, 0.000% maker and 0.040% taker. OKX lists 0.0200% / 0.0500% and Bybit 0.0200% / 0.0550%.
- Highest listed leverage on BTC USDT: MEXC 500x, Bybit 150x, OKX 100x. The limit falls as the position grows.
- Reserves: all three publish a proof-of-reserves page. OKX describes monthly zk-STARK verification.
- Availability differs most. None of the three serves the whole United States on its global platform, and each has its own list.
OKX, Bybit and MEXC side by side
BTC USDT perpetual · regular tier · checked 2026-11-14 unless a date is shown| What to compare | OKX | Bybit | MEXC |
|---|---|---|---|
| Perpetual fee, regular tier (maker / taker) | 0.0200% / 0.0500% (fee table) | 0.0200% / 0.0550% (fee structure, updated 2026-11-05) | BTCUSDT 0.000% / 0.040%; set per contract (fee page) |
| Round trip on 10,000 USDT, market orders both ways | 10.00 USDT (calculated) | 11.00 USDT (calculated) | 8.00 USDT (calculated) |
| Round trip on 10,000 USDT, limit orders both ways | 4.00 USDT (calculated) | 4.00 USDT (calculated) | 0.00 USDT (calculated) |
| Highest leverage listed for the BTC USDT perpetual | 100x, falling by position tier (position tiers) | 150x, falling by risk limit tier (Bybit instrument data) | 500x, falling by risk limit (MEXC contract data) |
| Funding interval, BTC USDT perpetual | 8 hours; OKX can shorten it when the rate hits its cap or floor | 8 hours | 8 hours |
| Liquidation trigger | Mark price; position reduced in stages first (OKX help, updated 11 Aug 2026) | Mark price; orders cancelled, partial close, then full close (Bybit rules, updated 2026-10-15) | Fair price; tier-by-tier reduction, then insurance fund and ADL (MEXC FAQ) |
| Reserves disclosure | Monthly proof of reserves with zk-STARK verification; self-reported ratio of 100% or more (PoR page) | Publishes a proof-of-reserve page (PoR page); figures not reproduced here | Reserve rate page, snapshot 2026-11-10: USDT 122%, USDC 110%, BTC 318%, ETH 112%, self-reported (PoR page) |
| Not available in (examples, not a full list) | Japan, Canada, Hong Kong, India, parts of the US; derivatives may be limited in South Korea, the UK, Australia and Brazil (disclosure, 2026-07-08) | US, mainland China, Hong Kong, Singapore, Canada; EEA residents are served by Bybit EU (list, 2026-10-16) | US, UK, Netherlands, France, Canada, mainland China, Singapore, Malaysia (User Agreement, 2026-10-13) |
| Regulatory notes | OKX Europe Ltd. holds a MiCA CASP licence from the MFSA, Malta (2025-01-27, per OKX) | EEA customers are directed to Bybit EU, a separate entity | Japan's FSA has named MEXC Global as an unregistered operator (2023-03, 2024-11; FSA list) |
| What the sign-up page shows with our code (checked 2026-11-12) | "20% off on trading fees", no period stated | "You will receive a 20% fee discount for 90 days" and "at least 20 USDT in rewards", through the partner link only | "Commission sharing: Spot 20.00% / Futures 20.00%", which is a share of commission, not a lower fee rate |
| Adding a code after sign-up | Not possible (OKX referral FAQ, updated 17 Sep 2026) | Within 14 days, main account, no existing code (Bybit help) | Within 30 days through support or self-service; cannot be changed afterwards (MEXC Affiliate FAQ) |
Futures fees compared: OKX vs Bybit vs MEXC for your trade size
Enter a trade size to see what opening and closing it costs at each exchange's published regular-tier rate. The calculation runs in your browser.
| Exchange | Opening fee | Closing fee | Round trip |
|---|---|---|---|
| OKX | 5.00 (0.05%) | 5.00 (0.05%) | 10.00 USDT |
| Bybit | 5.50 (0.055%) | 5.50 (0.055%) | 11.00 USDT |
| MEXC (BTCUSDT) | 4.00 (0.04%) | 4.00 (0.04%) | 8.00 USDT |
Official maker and taker rates
| Exchange | USDT perpetual (maker / taker) | Spot (maker / taker) | Next tier, perpetual |
|---|---|---|---|
| OKX | 0.0200% / 0.0500% | 0.0800% / 0.1000% | VIP 1: 0.0160% / 0.0450% (assets ≥ 100,000 USD or 30-day futures volume ≥ 5,000,000 USD) |
| Bybit | 0.0200% / 0.0550% | 0.1000% / 0.1000% | VIP 1: 0.0180% / 0.0400% |
| MEXC | BTCUSDT 0.000% / 0.040% | BTC/USDT 0.000% / 0.050% | Set per contract, e.g. ETHUSDT perpetual 0.000% / 0.020% |
How a futures trading fee is calculated
Each of the three exchanges charges the trading fee on the position's notional value, once when you open and once when you close:
Fee per fill = notional value (price × size) × fee rate
Round trip = opening fee + closing fee
- Leverage is not in the formula. A 10,000 USDT position costs the same to trade at 2x or 20x. Leverage only changes how large that fee is relative to your margin: 10 USDT is 1% of a 1,000 USDT margin at 10x.
- Maker or taker depends on the fill. An order that rests on the order book and is filled later pays the maker rate. An order that matches an existing order immediately pays the taker rate, even if you placed it as a limit order.
- Funding is separate. On perpetuals, funding is exchanged between longs and shorts at each settlement and is not part of the trading fee. See the live funding rates.
What the fee figures leave out
- Region. Each exchange restricts some countries or products, and rates for regional entities can differ from the global table. Check the exchange's terms for where you live.
- Tiers and token discounts. VIP levels and exchange-token discounts lower the rate for accounts that qualify. Enter your own rate in the breakeven calculator if it differs.
- Spread, slippage and funding. A lower fee rate does not make a trade cheaper if the fill price is worse or funding is paid while you hold.
Which one fits which situation
- You trade BTC often and fees are the main cost. MEXC's listed BTC USDT rate is the lowest of the three, and its maker rate is zero. Check the pair you actually trade, because MEXC sets fees per contract.
- You want reserves you can check yourself. OKX publishes monthly proof of reserves with zk-STARK verification. Bybit and MEXC publish reserve pages as well; MEXC shows a reserve rate per asset with the snapshot date.
- You live in the European Economic Area. OKX serves the EEA through OKX Europe, where leveraged products for retail customers are X-Perps with up to 10x. Bybit sends EEA residents to Bybit EU. MEXC lists the Netherlands and France among the places it does not serve.
- You missed the code at sign-up. Bybit and MEXC allow a code to be added for a limited time (14 and 30 days). OKX does not.
- You plan to use high leverage. The listed maximum differs (100x, 150x, 500x), but the liquidation distance at a given leverage is nearly the same everywhere. Work it out first with the leverage calculator.
Opening an account: what each sign-up page shows
Each referral page below quotes the exact wording the exchange showed on its own sign-up screen, the date we checked it, and the steps to confirm the code was applied. The wording differs by region and can change.
OKX
Sign-up page showed "20% off on trading fees" with code COINPOP, no period stated. The code can only be entered during registration.
OKX code and sign-up stepsBybit
Reached through the partner link, the page showed "a 20% fee discount for 90 days" and "at least 20 USDT in rewards". EEA residents are served by Bybit EU, where the code does not apply.
Bybit code and sign-up stepsMEXC
Sign-up page showed "Commission sharing: Spot 20.00% / Futures 20.00%". That is a share of commission, not a lower fee rate. Japan's FSA has named MEXC Global as an unregistered operator.
MEXC code and sign-up stepsBefore you place a first futures order
- Work out the trade first. Margin, fees, breakeven, funding and liquidation price for one position, in one screen: crypto futures calculator.
- Read the order of decisions. Position size, margin mode, leverage, liquidation price, fees, funding: how to trade crypto futures.
- Check today's funding. Rates and settlement times on all three exchanges: live funding rates.
- Compare fees for your own size. Round-trip cost by exchange and order type: fee calculator above.
Frequently asked questions
What is a crypto futures exchange?
A platform where you trade contracts on the price of a coin with margin and leverage instead of buying the coin itself. Most volume is in perpetual contracts, which have no expiry and use a funding payment between longs and shorts to stay near the spot price.
Which crypto futures exchange has the lowest fees?
On the BTC USDT perpetual at the regular tier, MEXC lists 0.000% maker and 0.040% taker, OKX 0.0200% and 0.0500%, and Bybit 0.0200% and 0.0550% (checked 2026-11-14). MEXC sets fees per contract, so other pairs differ, and total cost also includes spread and funding.
Which exchange offers the highest leverage?
For the BTC USDT perpetual, the exchanges' own instrument data listed up to 500x on MEXC, 150x on Bybit and 100x on OKX on 2026-11-14. The maximum falls as position size rises and can be lower in your region. At 100x a move of about half a percent liquidates an isolated position, so the listed maximum is a limit, not a suggestion.
Can I use these exchanges in the United States?
OKX lists parts of the United States as restricted on its global platform, and Bybit and MEXC list the United States among the countries they do not serve. Check each exchange's current list before opening an account.
Which is safest?
No page can certify that. What you can check yourself is whether the exchange serves your country, whether it publishes proof of reserves and how often, what regulators have said about it, and its liquidation rules. This page links the source for each.
Do I get a discount if I sign up through CoinPopBit?
Only what the exchange's own sign-up page shows. When we checked, OKX showed 20% off trading fees, Bybit showed a 20% fee discount for 90 days through the partner link, and MEXC showed commission sharing rather than a lower fee rate. Offers differ by region and can change.
Does CoinPopBit earn money from these links?
Yes. If you open an account through our referral pages, CoinPopBit may receive a commission from the exchange at no extra cost to you. The figures on this page come from the exchanges' own pages and are the same whether or not you use our links.
How much does a 10,000 USDT futures round trip cost in fees?
With taker orders on both sides at the regular tier: OKX 10.00 USDT, Bybit 11.00 USDT, MEXC BTCUSDT 8.00 USDT. With a maker entry and a taker exit: OKX 7.00, Bybit 7.50, MEXC 4.00 USDT. These are calculated values that assume the same notional at entry and exit.
Does higher leverage increase the trading fee?
Not for the same position size. The fee is charged on notional value, so leverage changes only how large the fee is compared with your margin. Raising leverage on the same margin increases the position size, and the fee grows with it.
Is the funding fee included in these numbers?
No. Funding is settled between long and short holders at each funding time and is not a trading fee. It is listed separately on the funding rate page.
Why does my account show a different rate?
Rates depend on region, VIP tier, the specific contract and any offer attached to your account. The public table is the regular-tier rate for logged-out visitors, so the fee page inside your own account is the one to trust.
Sources and limits
OKX: fee table, position tiers, liquidation help, proof of reserves, Risk & Compliance Disclosure, Referral Program FAQ. Bybit: Trading Fee Structure, Liquidation Process, proof of reserve, Service Restricted Countries, affiliate code help. MEXC: fee page, Futures Liquidation FAQ, proof of reserve, User Agreement. Japan FSA: unregistered operators. Leverage limits and funding intervals come from each exchange's public instrument and funding data. Checked 2026-11-14. This page is information, not legal or investment advice, and it does not recommend an exchange or a leverage level. Leveraged futures can lose the whole margin.