The N200 amplitude of the motion-onset VEP evoked by a parafoveal grating of variable speed (0.25–13.5°/s), constant spatial frequency (2 cpd), contrast (4%), and direction (horizontally rightward) was studied before and after adaptation to a stationary or drifting grating (1 or 4°/s). Psychophysical measurements were made simultaneously of the perceived speed. In the unadapted condition the slope of the N200 amplitude versus speed function is positive, but lower for high compared to low speeds. The N200 amplitude increases slightly after stationary adaptation. An increase in perceived speed is also evident after stationary adaptation. This increase is more pronounced for low compared to high speeds. Motion adaptation reduces N200 amplitudes over the entire speed range, whereas perceived speeds change from under-estimation to over-estimation when the speed exceeds 1.8°/s after 1°/s adaptation and 4.5°/s after 4°/s adaptation. The simultaneous evaluation of motion VEP and psychophysical results supports the view that the neurons generating the N200 component are also involved in speed perception. The data suggest the existence of a limited number (three or more) speed channels.