Phemex, a leading cryptocurrency exchange, has announced a major upgrade to its Retail Price Improvement (RPI) order system, resulting in a significant surge in liquidity across its platform. The enhancement, achieved through deepened ties with top-tier institutional liquidity partners, has set new market-leading depth benchmarks that substantially outperform industry averages, according to a late 2025 market audit.
The internal comparative research, measuring public order book depth within ±0.1% of the mid-price, revealed dramatic improvements for core assets. For the BTCUSDT pair, liquidity depth is now twice the standard industry benchmark. The ETHUSDT pair saw an even more staggering increase, with liquidity reaching five times the average market liquidity. SOLUSDT liquidity climbed to 5.5 times compared to high-performance market standards. Furthermore, aggregate liquidity across Phemex's top 12 trading pairs consistently tracks at three times the baseline requirements of top-tier exchanges.
The RPI system is specifically engineered as Maker orders for retail customers who are non-API manual traders. This upgrade creates a denser order book with more aggressive pricing, which narrows spreads and provides "price improvement" that often exceeds what is visible on the standard order book. A key feature of the upgraded RPI ecosystem is that these orders interact exclusively with retail maker liquidity, effectively bypassing high-frequency API algorithms. This allows Phemex to maintain a competitive liquidity edge across more than 210 trading pairs.
The exchange states this move reinforces its commitment to providing a transparent, high-performance trading environment where retail users can access execution quality comparable to institutional traders. Phemex, founded in 2019 and trusted by over 10 million traders worldwide, offers spot and derivatives trading, copy trading, and wealth management products.
