Phoenix
Solana on-chain non-custodial perpetual futures trading protocol
Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$19.96Buyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $19.96 | -- | -- | -- |
| Sep 2026 | $49.59 | -- | -- | -- |
| Aug 2026 | $251.01 | -- | -- | -- |
| Jul 2026 | $988.82 | -- | -- | -- |
| Jun 2026 | $1.95K | -- | -- | -- |
| May 2026 | $5.07K | -- | -- | -- |
Comparison
Developer
Follow Updates
Follow Lists
People
About Phoenix
Phoenix is a decentralized perpetual contract exchange built on Solana, operating as a fully on-chain central limit order book (CLOB). Unlike AMM-based protocols, it matches orders directly on-chain, allowing traders to use limit and market orders similar to centralized exchanges.
Its core value proposition is solving execution efficiency in on-chain derivatives. Market makers face toxic flow and stale price risks, forcing wide spreads. Phoenix addresses this through compute unit (CU) asymmetry: maker quote updates consume ~500 CU while taker orders consume ~150,000 CU, giving makers roughly 300x scheduling priority. It also uses a three-source median mark price (adjusted spot oracle, its own mid-price, and weighted median of major external perp prices) to prevent any single manipulated source from affecting liquidations.
The market pain point is clear: existing on-chain perps suffer from poor liquidity, high slippage, and vulnerability to oracle manipulation. Phoenix keeps full composability on Solana L1—positions can be used as collateral in lending markets, and basis trades execute atomically—while competing with centralized exchanges on execution quality.
In the past six months (2026-03-02 to 2026-09-02), Phoenix was in private beta, with ~$1M open interest and ~$44M monthly volume in March. After the Drift exploit on April 1, Phoenix compensated affected traders up to $5,000. In June, it launched the "Flight Club" incentive program, distributing $420K total ($15K daily) over 28 days based on volume, OI, and referrals. Solana perp DEXs hit a record $183B quarterly volume in Q2. Phoenix remains one of the healthiest perp DEXs on Solana by turnover rate and trade count, though its absolute volume remains small compared to Hyperliquid. No token or points program exists, and all growth is organic.
Phoenix is a decentralized perpetual exchange on Solana, developed by Ellipsis Labs, featuring an on-chain order book combined with an AMM-like market structure. Milestones: In 2023, it completed a $3.3M seed round (led by Electric Capital) and launched. In April 2024, it raised a $20M Series A (led by Haun Ventures) to develop Atlas, a Layer-2 chain based on Solana's tech stack, focusing on verifiable finance. Long-term significance: Expanding from a standalone DEX to an infrastructure layer, Atlas aims to reduce trading costs and enhance transparency. Additionally, according to news, Phoenix plans to become a one-stop AI infrastructure and computing platform for the Neo and Neo X ecosystems, indicating a strategic expansion into multi-ecosystem and multi-domain services. These steps mark its transition from a trading platform to a comprehensive blockchain infrastructure.
Phoenix (PhoenixTrade), a fully on-chain perpetuals DEX on Solana, saw major growth in H1 2026. Key milestones: cumulative perpetuals volume surpassed $1B in late July, and open interest (OI) hit a record $10M+ on July 28, peaking near $11M, driven by the launch of its first incentive program, Flight Club. This 28-day program (July 27–Aug 23) distributed $420K USDC ($15K/day) based on trading volume, OI, referrals, and activity streaks. Product expansion focused on equities perps: starting with GOOGL, TSLA, MU (June 17), then AMD, INTC, MSFT, META, AMZN, SNDK, CRWV (June 23), and CBRS, TSM, QCOM, ARM, ASML (July 28), all with up to 20x leverage. The platform also ran a $25K Frontier Traders campaign with Solana Foundation. Future roadmap centers on scaling its unique order-book-based perp engine (no AMM, no custody) to more RWA perps, deepening liquidity, and expanding the equities catalog, while maintaining zero token incentives for core trading.
Eugene Chen (Co-Founder): Previously worked at Jane Street Capital as a trader intern, Quora as a software engineer intern, and Addepar. He has a background in mathematics from MIT. Twitter: @0xShitTrader.
Jarry Xiao (Co-Founder): Previously worked at Citadel as a software engineer, Solana Labs as an engineer, and Edgehog Trading as a quantitative developer. He studied Electrical Engineering and Computer Science at UC Berkeley. Twitter: @jarxiao.