What it is
Phoenix is a fully onchain order book with crankless settlement, now focused on perps across crypto, commodities and around 29 equity markets. It also powers native perps inside Solflare.
What you can do
Perps65+ markets including stocks and commodities, up to 25x on SOL.
SOL collateralUse SOL directly as margin, settled in USDC, since September 2026.
MobileFull functionality in mobile browsers.
How to get started
- Open phoenix.trade, or the Perps tab inside Solflare.
- Deposit USDC or SOL as collateral.
- Place market or limit orders; set stops.
Fees
About 0.035% per trade.
Risks to know
- Leverage and liquidation.
- Equity perps track prices outside crypto market hours with thinner liquidity.
- Smart contracts can have bugs. Only deposit what you can afford to lose, and check you're on phoenix.trade before connecting.
Recent updates
Frontier Traders Season 1: over $1M in rewards through Nov 7.
SOL enabled as native collateral.
Integrated natively in Solflare.
Numbers from DefiLlama, snapshot Oct 18, 2026. Facts checked Oct 19, 2026. This page is educational, not financial advice.
