Binance vs Bybit Fees: A Real Cost Comparison
Choosing between Binance and Bybit often comes down to fees, liquidity, and which market you trade most. Both exchanges offer a 20% referral discount to new users, but their base fee structures differ in ways that matter depending on whether you trade spot or futures. This comparison uses only published fee data to show where each platform wins.
Spot trading fees on Binance vs Bybit
Binance charges a flat 0.10% on both maker and taker spot orders. Bybit, by contrast, uses a split structure: 0.02% for makers and 0.055% for takers. On a $1,000 spot trade, a Binance taker pays $1.00, while a Bybit taker pays $0.55 and a Bybit maker pays $0.20.
For liquidity providers who place limit orders that rest on the book, Bybit is significantly cheaper. For market buyers who need immediate execution, the gap narrows but Bybit still holds a slight edge. A 20% referral discount on Binance brings the taker rate down to 0.08%, which closes the gap but does not fully close it.
Futures and derivatives fees
Bybit was built as a derivatives exchange first, and its futures fees reflect that focus. The platform is widely recognised for having the most competitive futures fees among major exchanges. Binance offers a full derivatives suite too, but its futures fee tiers are structured around trading volume thresholds that favour high-frequency professionals.
For a beginner placing occasional leveraged trades, the difference in futures fees between the two platforms is small in dollar terms. For a high-volume trader executing hundreds of contracts daily, Bybit's lower base rates compound into meaningful savings over a month.
How the referral discount changes the math
Both platforms offer a 20% fee discount through their referral programs. On Binance, the code RMCTNB5R applies this discount to spot trading for life. On Bybit, the code BYBIT313 offers a similar percentage off.
The discount does not change the ranking. A 20% reduction on Binance's 0.10% taker fee yields 0.08%. A 20% reduction on Bybit's 0.055% taker fee yields 0.044%. Bybit remains the cheaper option for spot takers even after both discounts are applied. For makers, the gap is even wider.
Liquidity and slippage: the hidden cost
Fees are only part of the cost of trading. Slippage, the difference between the expected price and the filled price, can exceed the fee on large orders. Binance has the deepest liquidity of any exchange, which means large orders fill closer to the quoted price. Bybit's order books are deep on major pairs but can be thinner on mid-cap altcoins.
For a trader moving $50,000 into a mid-cap token, Binance's lower slippage can easily save more than the fee difference. For a retail trader moving $500 in Bitcoin, the fee difference dominates and Bybit wins on cost.
Other cost factors to consider
- Fiat deposit and withdrawal fees vary by payment method and region
- Both platforms charge network fees for crypto withdrawals, which depend on blockchain congestion
- Bybit offers up to $30,000 in staged rewards for new users who meet deposit and volume requirements
- Binance offers up to $100 in bonuses plus the lifetime 20% fee discount
- Copy trading is built into both, but performance fees on copied trades differ
Whichever platform you settle on, apply the referral at registration rather than afterwards. On Binance that means the code RMCTNB5R has to be present in the signup form when you submit it, and the same rule applies to Bybit with BYBIT313. Neither platform can attach a referrer to an account that already exists.
Frequently asked questions
Which exchange is cheaper for a beginner making small trades?
Bybit is cheaper for small spot trades because its base taker fee of 0.055% is lower than Binance's 0.10%. The difference on a $100 trade is $0.045, which is small but consistent.
Does the Binance referral discount make it cheaper than Bybit?
No. Even with the 20% discount, Binance's effective taker fee of 0.08% remains above Bybit's 0.055% base rate. The discount narrows the gap but does not reverse it.
Where does Binance beat Bybit on cost?
Binance wins on slippage for large orders thanks to deeper liquidity. It also offers 350+ spot pairs, giving access to tokens that Bybit may not carry.