← All DEXes

Phoenix

Perp DEX
$— · Founded 2025 · phoenix.trade ↗
No token yetPre-token
Visit Phoenix ↗
★★★★★★★★★★
56/100dexwatch score · Caution

Ellipsis Labs' fully on-chain Solana perp exchange — tight fees, 94 crypto and equity markets, backed by Paradigm and Haun, but still small and without a published audit for the perps program.

ℹ
Status

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.

◆
For beginners

Deposit USDC (SOL only counts at 80%), keep leverage well below the tier maximum, and remember that stock perps trade reduce-only outside US market hours.

Key metrics

24h volume
$29.9M
Total value locked
n/a
Open interest
$27.1M
Share of tracked perp volume
0.2%
Market cap
n/a
Maker / taker fee
0.005% / 0.035%
Max leverage
40×
Trading pairs
94

Snapshot Oct 10, 2026 from public sources (the venue's own market API for volume and open interest, DefiLlama for TVL). Live values refresh in your browser where a source is available. Fields without a verifiable source show n/a.

The honest take

Pros
✓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
Cons
✕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
Made your choice?

Start trading on Phoenix

Non-custodial — connect your wallet and you stay in control of your funds. Leverage is high-risk; only trade what you can afford to lose.

SolanaPerp DEX
Open Phoenix ↗ Visit phoenix.trade Affiliate link · dexwatch may earn a commission at no extra cost to you.

Frequently asked about Phoenix

Is Phoenix safe to use?
There is no published dexwatch security score or audit list for Phoenix in our dataset yet, so we mark that as not available. Like other decentralized exchanges it is non-custodial, meaning you keep control of your funds in your own wallet. Always do your own research before trading.
What are the trading fees on Phoenix?
Phoenix charges a maker fee of 0.005% and a taker fee of 0.035%.
What is the maximum leverage on Phoenix?
Phoenix offers up to 40× leverage on supported markets. High leverage is extremely risky and can liquidate a position quickly — only trade what you can afford to lose.
Which blockchains does Phoenix support?
Phoenix operates on Solana.
Is Phoenix good for beginners?
Deposit USDC (SOL only counts at 80%), keep leverage well below the tier maximum, and remember that stock perps trade reduce-only outside US market hours.
Does Phoenix have a token?
No. Phoenix has no live token at the time of writing, and runs a points programme instead. Points are not a promise of an airdrop. We do not speculate on future token launches.

Head-to-head comparisons

Build your own →
Phoenix vs Pacifica

Compare with similar venues

See full ranking →
Hyperliquid
HYPE
24h vol$2.52B
Taker0.045%
Perp DEX0.98%
Lighter
LIT
24h vol$1.57B
Taker0%
Perp DEX4.68%
Variational Omni
—
24h vol$1.48B
Taker0%
Perp DEX (RFQ)—
trade.xyz
—
24h vol$1.29B
Taker0.09%
Perp DEX (HIP-3)—

Learn before you trade

Open the Academy →
What are perpetuals & perp DEXes?Module 7 · 7 min read → Leverage risk & liquidationModule 7 · 6 min read → The crypto wallet: your key to the DEXModule 2 · 6 min read → Phishing, fake sites & wallet drainersModule 5 · 7 min read →
Key terms
PerpetualsFunding rateLeverageLiquidationMargin
Related guides
Best DEX for beginnersBest perp DEXesBest Solana DEXesHow to choose a DEX

Figures are a dated snapshot from public sources — they move constantly and are for reference only, not financial advice. Updated Oct 10, 2026. Spotted an error? Tell us.