Phemex is a popular derivatives platform that processes over $1.5 billion daily trade volume. In addition, Phemex handles just under $120 million daily on the spot trading side. As for liquidity, Phemex has an average liquidity score of 466 (out of 1,000), which is somewhat low compared to other exchanges. Higher liquidity means there is less risk of slippage and smaller spread fees when placing spot trades. While Bitcoin and Ethereum have sufficient liquidity on the exchange, smaller altcoins may not.