Phemex Rolls Out RPI Upgrade Targeting Better Retail Trading Liquidity

The update reflects a broader push by the platform to address long-standing retail trading challenges at a time when liquidity remains uneven across many digital asset markets.

The enhanced RPI framework materially increases available liquidity on major trading pairs, including Bitcoin, Ethereum and Solana, while extending similar improvements across a wide range of additional assets. Rather than concentrating liquidity improvements on a handful of flagship markets, the exchange says the upgrade is designed to lift execution quality more consistently across its entire spot offering.

At the core of the RPI system is a retail-first, maker-only order structure, which allows eligible retail orders to add liquidity to the order book instead of immediately matching against existing quotes. By prioritizing these retail maker orders, Phemex aims to give individual traders better access to tighter spreads and more stable pricing, without placing them in direct competition with speed-driven automated strategies that often dominate exchange order books.

The latest upgrade expands both the scale and effectiveness of this approach. Phemex says order book depth has increased within close price ranges around the mid-market rate, improving price discovery and reducing slippage, particularly on actively traded pairs. For retail traders, this can translate into more predictable execution, especially during periods of heightened market volatility when thin liquidity can quickly distort prices.

Retail liquidity has long been a structural pain point in crypto markets. While headline volumes may suggest deep liquidity, much of that depth is often concentrated among professional participants or restricted to a small number of trading pairs. For everyday traders, this can result in wider spreads and less favorable fills, even in otherwise active markets. Phemex’s RPI model seeks to rebalance this dynamic by ensuring retail-generated liquidity plays a more direct role in shaping market conditions.

Beyond major assets, the upgrade also targets secondary and long-tail trading pairs, where liquidity gaps tend to be more pronounced. By extending RPI coverage across more than 210 markets, Phemex is positioning the upgrade as a platform-wide improvement rather than a feature limited to high-volume tokens. This broader scope is intended to support traders who operate outside the most liquid markets, where execution quality often deteriorates most quickly.

Phemex has framed the RPI upgrade as a refinement of market structure rather than a push for headline trading volume. Improved execution quality, tighter spreads and deeper visible liquidity can help create a more stable trading environment, encouraging sustained participation rather than short-term activity driven by incentives or volatility.

From a market design perspective, the RPI system also reduces certain asymmetries between retail traders and more sophisticated market participants. By separating eligible retail orders from specific forms of automated trading activity, the system limits the extent to which speed and infrastructure advantages can influence execution outcomes. While algorithmic trading remains an essential part of modern markets, exchanges are increasingly exploring ways to balance efficiency with accessibility for a broader user base.

The timing of the upgrade comes as crypto exchanges face growing pressure to differentiate on execution quality and transparency, rather than solely on asset listings or promotional offerings. As traders become more selective about where they deploy capital, the underlying mechanics of liquidity and pricing are playing a larger role in platform choice.

Operating in a competitive exchange landscape, Phemex appears to be positioning itself as a venue that narrows the gap between retail and professional trading conditions, without requiring users to adopt complex tools or advanced infrastructure. The RPI upgrade reinforces that positioning by embedding retail-focused liquidity mechanics directly into the core trading experience.

The scale of the rollout suggests a long-term commitment rather than a limited experiment. Covering more than 210 trading pairs, the upgrade indicates that Phemex views retail liquidity optimization as a foundational element of its platform strategy going forward.

The practical implications are straightforward: deeper order books, tighter spreads and more consistent execution across a wider range of assets. While market conditions will always influence outcomes, liquidity improvements tend to matter most during periods of stress, when execution quality is tested and price swings accelerate.

Phemex’s RPI ecosystem upgrade highlights how exchange infrastructure continues to evolve as crypto markets mature. As competition intensifies, incremental improvements in liquidity design and execution quality may prove just as important as new product launches, shaping where retail traders choose to engage as the market moves into its next phase.