Ripening
Go to Phoenix
Phoenix
PerpsWe farm it
Onchain perpetual futures exchange on Solana built by Ellipsis Labs, with USDC and SOL as collateral.
- Non-custodial perp exchange on Solana
- Crypto perps plus commodity perps (gold, silver, copper, oil) and US stock perps
- USDC and native SOL as collateral; SOL counts at up to 80% of its value
- Base fees: 0.5 bps maker, 3.5 bps taker
- FIFO order book combined with spline liquidity from market makers
5.2 of 10
Seven criteria on a scale of 10, the fee and market numbers computed from the data. Compare it with other perp DEXs only. How we score
- Taker
- 0.035%
- Maker
- 0.005%
- Volume a day
- $38M
- Open interest
- $23M
- Rewards 4.0
- No points or token; Frontier Traders prize pool runs to Nov 11
- Taker fee 5.5
- No taker fee is a 10, 0.07% or more is a 1. A venue that earns from the spread tops out at 7.
- Volume 3.7
- Average a day: $5M is a 1, $5B is a 10, on a log scale. Volume past ten times open interest does not count.
- Safety 4.0
- Onchain on Solana, but no public audit of the perps program
- Open interest 5.1
- $1M is a 1, $1B is a 10, on a log scale. Harder to farm than volume.
- Ease 10.0
- One-click via embedded wallet, deposits from EVM chains, stocks and metals
- Access 8.0
- No KYC or invite; closed to the US, UK, Canada and sanctioned places
- Go to phoenix.trade and select Start Trading
- Log in with Google or email, or connect Solflare, Phantom or Backpack
- Withdraw USDC to your wallet on the Solana network
- Select Deposit and confirm
- Select a market and place an order
- How Are Stock Perps Priced When the Stock Market Is Closed?On a weekend a stock perp's price comes from the venue's own book, fenced by bounds. How it is built, why it jumps at the reopen, and what to check first.
- How to Judge a Trading Competition: Phoenix Frontier TradersHow to judge a trading competition that pays stablecoins and lists no token, with Phoenix Frontier Traders Season 1: what counts, what volume costs, KYC, regions.
Solana congestion or outages can delay orders, liquidations and funding, or block access to positions. Smart contract bugs could cause loss of funds. Positions below maintenance margin are liquidated.
No security incidents found in our check of Oct 30, 2026.
