Phoenix Trade
A fully on-chain perpetual futures exchange on Solana from Ellipsis Labs, using a proprietary AMM to deliver CEX-grade pricing and gasless trading.
Overview
Phoenix is a fully on-chain perpetual futures exchange built on Solana by Ellipsis Labs, the team whose on-chain orderbook processed more than 75 billion dollars in spot volume since 2023. Unveiled as Phoenix Perpetuals at Breakpoint 2025 by CEO Eugene Chen, it brings the same focus on speed, precision, and verifiable execution to derivatives, while the original spot exchange continues as Phoenix Legacy.
Phoenix introduces a proprietary AMM-style market structure to perps, letting market makers provide and update liquidity cheaply for tighter spreads, deeper books, and better pricing on large trades. The design targets centralized-exchange-level cost, aiming for around 5 basis points of price impact versus the roughly 15 basis points typical of other on-chain venues, with gasless trading for retail and full on-chain verifiability. The platform is non-custodial and crankless, keeping assets in the trader's control with immediate settlement.
Phoenix suits traders who value deep liquidity, reliable fills, and a refined interface, plus developers who want open program access to build on top. Phoenix Perpetuals is live in a closed private beta with a structured rollout over the coming months. Join the waitlist at phoenix.trade, and review code and integration details on the Ellipsis Labs GitHub.
The Problem
On-chain perpetual venues on Solana have historically charged far more for execution than centralized exchanges, with around 15 basis points of price impact on large trades versus 3 to 5 basis points on a CEX. That cost gap, plus slow or custodial designs, kept serious derivatives flow off-chain.
The Solution
Key Features
Proprietary AMM Market Structure
Phoenix Trade Alternatives
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Pricing
Standard | |
|---|---|
| Price (Monthly) | Free |
| Price (Annual) | Free |
| Messaging | N/A |
| Support | Community support via Discord and GitHub |
| Analytics |
Start Building Now
Reliable RPC, powerful APIs, and zero hassle.
Resources
Phoenix Perpetuals is live in private beta with a waitlist at phoenix.trade. Documentation, open-source code, and audit reports are available via Ellipsis Labs on GitHub, with community support on X and Discord. The original spot exchange continues as Phoenix Legacy.
