Phoenix

About Phoenix Trade

Phoenix Trade is a fully on-chain perpetual futures exchange built on Solana by Ellipsis Labs, the team behind Phoenix Spot, which has processed over $75 billion in trading volume since its launch in February 2023. Their spot exchange brought on-chain Solana spreads to parity with Binance. Phoenix Perps applies the same infrastructure to derivatives.

The exchange uses a crankless, fully on-chain central limit order book. All orders, fills, and liquidations settle directly on Solana with no off-chain matching layer. Funds are available immediately once orders execute. For retail traders, the platform offers gasless trading. For market makers, a proprietary AMM-style liquidity system reduces the cost of quoting, producing tighter spreads and deeper books. The stated goal: cut perps trading costs by up to two-thirds compared to existing Solana perp platforms, bringing on-chain execution costs to parity with Binance Futures. A live demo at Breakpoint 2025 showed sub-1 bps slippage on trades up to $8 million.

Ellipsis Labs has raised $44.3M across three rounds from Paradigm, Haun Ventures, and Electric Capital. Paradigm, which also incubated Paradex, now a top-10 global perp DEX by volume, led the Series A. No token has been announced.

Project Fundamentals

$44.3M : Total Funding

$75B+ Spot Volume

Sub 1 bps - Slippage

$1B+ : Monthly Spot Volume

How to get Phoenix Trade

Step 1 :

Join the Waitlist

Go to phoenix.trade and join the waitlist. Phoenix Perps is in private beta with a structured rollout, access expands gradually over months. Joining now puts you in the earliest cohort.

Step 2 :

Phoenix Legacy

Phoenix Spot has transitioned to Phoenix Legacy but remains live. Trade on the existing spot orderbook to build on-chain history with the Ellipsis Labs ecosystem before perps access opens.

Step 3 :

Trade Perps

After receiving waitlist access, trade perps consistently across multiple sessions. Volume and session frequency are the primary eligibility signals on every major perp DEX. Consistent weekly activity matters far more than a single large-volume trade.

Step 4 :

Provide Liquidity

Phoenix's architecture is specifically designed to make market making cheaper than competing Solana perp platforms. Providing liquidity builds a deeper on-chain footprint and positions you as a high-value user at a potential TGE.

Why This Airdrop Matters

Paradigm led Ellipsis Labs' Series A, the same Paradigm that incubated Paradex, now a confirmed top-10 global perp DEX by volume with a token launch. Phoenix follows the same investor playbook.
$75B+ spot volume achieved with zero token incentives, no points program, pure product performance. A team that grew without farming infrastructure will design a cleaner token economy.
Phoenix Perps is built as composable infrastructure. Developers can build vaults, options, and trading products on top of the Phoenix liquidity and risk engine, creating a flywheel of volume that drives future token demand.
Solana's average daily perp DEX volume was $1.6B in Q4 2025 with $65.4B in a single record month. Phoenix is targeting the best execution quality in this market at the lowest on-chain cost.

Importent Note

No token or airdrop has been announced. Phoenix is in private beta with no active points program, this is early positioning only.
Phoenix Spot (Legacy) is still live, trade on it now to build on-chain history with the protocol before perps access opens.
All official updates go to @phoenixtrade on X. Monitor for public launch date and any points program announcement.
Ellipsis Labs is also building Atlas, an Ethereum L2 for verifiable finance. A future token may bridge both products, watch for any official announcement connecting the two.

Phoenix Community

Stay connected with the Phoenix project community and get the latest updates:

website

Website

twitter

discord

Discord