I am just collecting opinions on Bybit vs Phemex in order to decide on which exchange to trade.
Everything information that you need is on the internet and I think you need to have research for this of which pros and cons that suitable for you API that you wanted to build. There's a review of
Bybit and
Phemex exchange platform and both of them has different pros and cons and if you will compare both of them they had the same low profile which is the same result of the review, it's average given 3.5 stars.
3.5 rating is not bad at all, in fact, Binance has the same rating but Coinbase had made it higher at 4.5 based on the site rating.
But if OP is concerned about KYC then Bybit is good for him and that only if he is not a US citizen...
How Bybit works
Bybit does not have any KYC requirements, so you only need a phone number or email address to open an account. You can deposit cryptocurrencies or use a third party app to buy Bitcoin with fiat (traditional) money.
I don't even try both of them but upon reading their cons and pros, I will choose Bybit over Phemex, not only because of the KYC matter but also of the numbers of currencies accepted, unlike Phemex.