Two Solana perp venues with different engines: Pacifica’s off-chain matching and billion-dollar volume versus Phoenix’s fully on-chain order book from Ellipsis Labs, with lower fees and far thinner liquidity.
At a glance
Higher 24h volume
PfPacifica
$466.3M
Lower taker fee
PhPhoenix
0.035%
Deeper liquidity (TVL)
Roughly even
$27.0M vs n/a
Longer track record
Roughly even
2025 vs 2025
dexwatch score
PfPacifica
76/100
Full comparison
Every figure is a dated snapshot from public sources (Oct 10, 2026); fields without a verifiable source show n/a. “Best” marks the stronger value in a row — higher volume or liquidity, lower fees, longer track record. Max leverage is shown as information, not a positive.
Phoenix Perpetuals traded first on 18 November 2025 and opened in stages via invite codes; the spot program was audited by OtterSec and MadShield, the perps program has no published audit. SOL collateral was added on 16 September 2026 and the market list has grown to 94.
✓Fast and cheap thanks to Solana, with roughly a billion dollars of daily volume
✓Spot trading and unified spot-plus-perp margin were added in 2026
✓Founded by a former FTX COO and self-funded — no VC unlock overhang
✕One published audit (BlockSec, 2025) and a short track record
✕No token; points are not a promise of an airdrop
PhPhoenix
✓Non-custodial, crankless on-chain order book with gasless retail trading and an open SDK and API
✓Lowest base fees in this group (0.005% / 0.035%) and up to 40× on BTC
✓Serious backers and a Solana-Foundation-run $1M trading season until 11 November 2026
✕Open interest around $27M and roughly 1,300 traders in July — liquidity is thin outside majors
✕No audit published for the perps program; risk, oracle and ADL authorities are admin keys; US users excluded
Pacifica vs Phoenix FAQ
Which has higher trading volume, Pacifica or Phoenix?
Pacifica — about $466.3M in the last 24 hours versus $29.9M on Phoenix. Figures are a dated snapshot (Oct 10, 2026) and move constantly.
Is Pacifica or Phoenix cheaper to trade?
Phoenix lists the lower headline taker fee (0.035% versus 0.04%). Your real cost also depends on network gas, maker rebates, spreads and price impact on the size you trade.
Which offers higher leverage, Pacifica or Phoenix?
Pacifica allows up to 50×, versus 40× on Phoenix. Higher leverage multiplies losses as fast as gains — it is information, not an advantage.
What's the main difference between Pacifica and Phoenix?
Pacifica is a perp dex on Solana, while Phoenix is a perp dex on Solana. Match the venue to the chain and assets you actually use.