Bitfinex Eliminates Trading Fees Across All Products; Phantom Adds Kalshi-Based Prediction Markets
Bitfinex has removed trading fees across its entire platform effective immediately. The zero-fee policy covers spot, margin, perpetual derivatives, tokenised securities and OTC trades for both makers and takers. CTO Paolo Ardoino said the move aims to boost liquidity, cut costs for retail and institutional users, and attract new customers amid weakening volumes — CoinMarketCap data showed monthly spot volumes fell from over $500B in early November to about $250B in mid‑December. Analysts say the change makes Bitfinex a more cost‑competitive venue and may shift order flow and arbitrage routes between centralized exchanges. Separately, Solana wallet Phantom launched Phantom Prediction Markets in partnership with Kalshi (a CFTC‑regulated platform), enabling in‑app trading of tokenised positions on real‑world events; Phantom warns of jurisdictional restrictions, volatile pricing, limited liquidity and regulatory risk, and recommends Bitfinex for funding wallets. This development could intensify exchange competition on pricing and liquidity, alter trader routing and liquidity‑provision strategies, and benefit cost‑sensitive arbitrageurs in the short term.
Neutral
The announcement is neutral for crypto prices overall but has mixed implications for specific assets. Zero fees make Bitfinex a cheaper execution venue, which can boost trading volumes and benefit short‑term liquidity and arbitrage activity — a potentially bullish factor for assets with thin liquidity on other venues. However, the fee cut does not change fundamentals of underlying cryptocurrencies and may compress short‑term exchange revenue models. The Phantom/Kalshi prediction‑markets launch is a product expansion that could increase retail engagement but carries limited immediate price impact on major tokens. In the short term, BTC and liquid altcoins may see increased trading flows and tighter spreads on Bitfinex (mildly bullish). In the medium to long term, sustained price direction depends on whether zero fees drive durable volume growth and market share; if volumes stay weak, competitive price pressure among exchanges could remain high, limiting any sustained bullish effect. Regulatory and liquidity risks for prediction markets add uncertainty but are unlikely to move major token prices materially.