Phoenix
Phoenix is a non-custodial, fully on-chain central limit order book perpetuals exchange on Solana by Ellipsis Labs.
Phoenix Perpetuals is a fully on-chain CLOB perps DEX on Solana from Ellipsis Labs, the team behind the Phoenix spot order book, announced at Solana Breakpoint in late 2025. It lists crypto, commodity and US equity perp markets with up to 25x leverage.
Phoenix fees
Phoenix charges about n/a maker and n/a taker (a basis point is 0.01%). As with any perp venue, the funding rate often matters more than the headline fee: it is a recurring payment between longs and shorts that can quietly run for or against your position. See how this stacks up on the lowest-fee perp DEX ranking.
Phoenix leverage & markets
Phoenix offers up to 25x leverage across crypto, commodities, stocks markets on Solana. Higher leverage magnifies both gains and liquidation risk, so size positions carefully. For the most aggressive limits, see the highest-leverage perp DEX ranking.
Is Phoenix safe and is there KYC?
Phoenix is non-custodial: your funds stay in your own wallet and you sign each trade, so there is no company holding your balance and typically no KYC. The trade-off is smart-contract and liquidation risk, so prefer venues with a solid track record and verify contracts yourself.
Phoenix airdrop & points
Phoenix has not launched a token, so active trading now may position you for a potential future airdrop. Estimate what your points could be worth with MoonMath, and remember an airdrop is never guaranteed.
Who is behind Phoenix?
Phoenix was built by Eugene Chen (CEO, Ellipsis Labs).
Backers: Paradigm (lead), Electric Capital, Haun Ventures.
Phoenix milestones
- 2024Ellipsis Labs raises a 20M USD Series A led by Paradigm
- 2025Phoenix Perpetuals is announced at Solana Breakpoint
Phoenix FAQ
- What is Phoenix?
- Phoenix is a non-custodial, fully on-chain central limit order book perpetuals exchange on Solana by Ellipsis Labs. It runs on Solana using a orderbook model, offering up to 25x leverage on crypto, commodities, stocks markets.
- What are Phoenix's fees?
- Phoenix charges roughly n/a maker and n/a taker (1 bp = 0.01%). Funding is paid periodically between longs and shorts.
- Does Phoenix require KYC?
- No. Phoenix is a decentralized exchange: you connect a self-custody wallet and trade permissionlessly, with no signup or KYC on the protocol.
- Does Phoenix have a token?
- Not yet. Phoenix has no token, so trading now may position you for a potential future airdrop (never guaranteed).