The dependency of the N200 amplitude of the motion-onset VEP evoked by a parafoveal grating of variable speed (0.25 – 13.5 deg/s, corresponding to 0.5 – 27 Hz) and constant contrast (4%) was studied. Additional measurements were made with parafoveally presented gratings of constant speed (2 deg/s, corresponding to 4 Hz) and a variable contrast (0.5 – 64%) before and after adaptation to a stationary or drifting grating. In this latter experiment, simultaneous psychophysical measurements were made of the perceived speed. The amplitude of the N200 wave increased with increasing stimulus speed within the slow speed range up to 1.5 deg/s (corresponding to 3 Hz). Adaptation to a stationary grating had no significant effect on the relationship between the N200 amplitude and stimulus contrast. Contrary to this, adaptation to a slowly drifting grating (1 deg/s, corresponding to 2 Hz) or to a rapidly drifting grating (4 deg/s, corresponding to 8 Hz) reduced the N200 amplitude significantly. Adaptation to a stationary grating slightly reduced the perceived speed of subsequently viewed gratings. Adaptation to a slowly drifting grating increased the perceived speed of the subsequently viewed gratings, whereas adaptation to a rapidly drifting grating decreased the perceived speed. The findings can be best explained by a two-channel model of speed perception. While the motion VEP reflects the sum of both channel activities, the psychophysical measures point to the antagonistic encoding of low and high velocities.