What it does
Phoenix puts perpetual trading directly on Solana. Traders post USDC collateral and use an exchange interface built around order placement, position management and an onchain matching engine. Wallet access sits alongside email and Google sign-in, so an existing Solana wallet is one route into the product rather than the only route.
Its distinctive feature is the way liquidity reaches the book. Resting limit orders follow price and time priority, while approved spline providers can express liquidity through compact pricing curves. The engine compares both sources when filling a trade. At an identical price, spline liquidity takes priority. That detail matters to a maker assessing queue position; a displayed limit price alone does not describe the full matching rule.
Which network does Phoenix use?
Execution is on Solana and collateral is USDC. Phoenix Legacy refers to the earlier spot product. Ellipsis Labs also develops Atlas infrastructure; the company’s Atlas funding does not make Phoenix Perpetuals an Atlas deployment.
Where it stands out
- Native Solana execution keeps the exchange within the same ecosystem as Solana wallets and collateral movements; this is not a separate appchain deposit interface.
- Combining limit orders with spline quotes gives liquidity providers two ways to update prices. The design targets efficient quote refreshes, although it does not guarantee depth or a particular fill.
- Ellipsis Labs publishes the matching rules and fee schedule, making it possible to evaluate execution mechanics instead of relying on headline throughput claims.
What you can do
- 01USDC-collateralized perpetual positions and orderbook trading.
- 02Price-time priority for limit orders, with explicitly documented interaction between limit and spline liquidity.
- 03Wallet, email and Google onboarding; gasless trading is part of the Phoenix Perpetuals product design.
Who’s behind it
Phoenix is developed by Ellipsis Labs, the engineering company behind the original Phoenix spot exchange. The company introduced Phoenix Perpetuals in December 2025. Funding announced for Ellipsis Labs supports the broader business and infrastructure work; it should not be described as a separate Phoenix token sale.
Funding and investors
Three disclosed Ellipsis Labs rounds are listed below. These are company financing rounds, not evidence of a Phoenix token allocation. The October 2024 announcement specifically supported Atlas development.
Supporting sources 3
- 2023-08-17$3.3 million
Ellipsis Labs seed
Reported investorsElectric Capital
Electric Capital led the company round.
Supporting sources 1
- 2024-04-04$20 million
Ellipsis Labs Series A
Reported investorsParadigm · Electric Capital
Paradigm led; the announcement also mentions individual industry investors.
Supporting sources 1
- 2024-10-31$21 million
Ellipsis Labs financing
Reported investorsHaun Ventures · Electric Capital · Paradigm · Anatoly Yakovenko
Haun Ventures led. Company funding associated with Atlas development, not a Phoenix-only raise.
Supporting sources 1
Referral benefits and conditions
A referred new trader receives 10% off trading fees on the first $100 million of trading volume. This reduces fees; it is not a cash registration payment.
The account must use a valid referral code under the program rules. Referrers receive separate commissions, and self-referrals or wash trading are prohibited. The standard link currently shown here does not apply an ArbuzDAO code.
Supporting sources 1
Fees & availability
Fees and costs
The published base rate is 0.005% for makers and 0.035% for takers, charged on executed notional. A builder using Phoenix Flight can add a separate fee. Funding and execution price also affect the cost of holding and closing a position.
Supporting sources 1
Eligibility and availability
The official guide excludes users in the United States and sanctioned jurisdictions. Review the applicable interface terms before funding. USDC collateral and leverage remain exposed to liquidation and protocol risk.