Phemex boosts RPI liquidity across 210+ pairs, reporting 2–5.5x depth gains
Phemex has upgraded its Retail Price Improvement (RPI) order system through deeper partnerships with institutional liquidity providers, expanding the feature across more than 210 trading pairs. Internal late‑2025 audit results cited by the exchange report material liquidity gains within a ±0.1% band around mid‑price versus top‑tier exchange averages: BTC/USDT ~2x, ETH/USDT ~5x, SOL/USDT ~5.5x, and the top 12 pairs averaging about 3x. RPI treats eligible retail (non‑API manual) orders as maker orders and routes them to dedicated retail‑maker liquidity while excluding high‑frequency API algorithms, aiming to tighten spreads and deliver price improvement beyond the visible order book. Phemex positions the upgrade as an execution and transparency improvement designed to give retail users closer parity with institutional execution quality across spot and derivatives. The announcement is a company press release and not trading advice.
Bullish
The upgrade is likely bullish for the mentioned tokens (BTC, ETH, SOL) because materially deeper liquidity and tighter spreads within ±0.1% of mid‑price reduce short‑term execution slippage and transaction costs for retail traders. In the short term, improved retail execution can support tighter bid‑ask spreads and lower volatility around order flows on Phemex for these pairs, which may modestly increase buy/sell activity and improve market depth at narrowly defined price bands. Over the medium to long term, sustained institutional liquidity provision and improved retail execution parity could attract more volume to Phemex, enhancing order‑book resilience and reducing price impact for larger trades — a constructive factor for market stability and tradability. Caveats: the claims are based on Phemex’s internal audit and apply to execution on that exchange; cross‑exchange price dynamics and external liquidity providers could differ, so broader on‑chain or multi‑venue liquidity effects may be more muted.