Quick Stats
| Field | Detail |
|---|---|
| Protocol | Phoenix Perpetuals (on-chain perpetual futures DEX on Solana) |
| Built By | Ellipsis Labs (Eugene Chen, Jarry Xiao – ex-HFT) |
| Status | Private beta, invite-only |
| Spot Sibling | Phoenix V1 (live since 2023, $75B+ volume) |
| Backers | Paradigm, Electric Capital, Haun Ventures |
| Total Raised | $41M+ across two rounds ($20M Series A + $21M for Atlas) |
| Price Impact (target) | 3-5 bps on $1M trades (vs ~15 bps on existing Solana perps) |
| Gas | Gasless for retail traders |
| Custody | Non-custodial |
| Token / Airdrop | Not announced |
| Difficulty | Difficult (invite-only access) |
| Cost to Join Beta | Free (waitlist + invite) |
What Is Phoenix Perpetuals?
Phoenix Perpetuals is a fully on-chain, non-custodial perpetual futures exchange on Solana. It’s the second product from Ellipsis Labs, the team behind Phoenix V1, the on-chain spot orderbook that’s been live since 2023 and has done over $75 billion in cumulative volume. So this isn’t a pre-launch promise – the team has already shipped a working orderbook DEX that handles real flow.
The pitch for the perps product is simple: bring the execution quality of a centralized exchange to a fully on-chain, self-custodial venue. Funds stay in your wallet. Orders, matching, and settlement all happen on Solana. There’s no off-chain matching engine pretending to be decentralized.
What makes Phoenix different from Drift, Jupiter Perps and Hyperliquid:
- Crankless execution. Most on-chain DEXs need a “cranker” to settle trades asynchronously. Phoenix matches and settles in a single transaction – no third-party process to keep the book honest.
- Proprietary AMM-style innovations for derivatives. The team has built mechanisms that let market makers post and update liquidity cheaper, which translates into tighter spreads and deeper books at the trade level.
- Sub-1 bps slippage on multimillion-dollar trades in the team’s own demos. That’s a serious claim. Most Solana perps eat 10-15 bps in price impact on a $1M trade today.
- Gasless for retail. End users don’t pay gas – it’s abstracted by the protocol.
- Composable. Other teams can build on top of Phoenix’s liquidity and risk engine. Trading vaults, options products, social trading, gamified trading – the underlying liquidity becomes a primitive other apps can plug into.
The thesis is that none of the existing Solana perp venues are good enough for institutional flow. Drift leads on volume but the matching is still pool-based. Jupiter Perps is LP-based. Hyperliquid is on its own L1, off Solana entirely. Phoenix is going after the slot of “the on-chain perp DEX a market maker would actually use.”
Why This Matters: The Ellipsis Labs Track Record
A lot of “next-gen DEX” launches are vapor. Phoenix Perpetuals isn’t, and the reason matters.
Phoenix V1 (Spot) – Already Live, Already Proven
The same team has been running an on-chain orderbook DEX on Solana since 2023. The numbers:
- $75+ billion in cumulative volume processed on Phoenix V1
- Fifth-largest DEX on Solana by 24h volume (per DefiLlama, varies daily)
- Hundreds of millions in daily trading volume routinely
- Open-source, audited, fully composable
Most teams launching a perps DEX don’t have a working spot DEX with that kind of throughput. Ellipsis Labs does. That changes the credibility of the perps demos.
The Team
- Eugene Chen – CEO, ex-HFT (high-frequency trading)
- Jarry Xiao – CTO, ex-HFT, met Eugene in middle school
The HFT background matters here. Crankless execution, sub-1 bps spreads, and market-maker-friendly mechanics are exactly the kind of details that come from people who used to be on the other side of the trade. They’re not building this for memecoin degens – they’re building it for the type of trader who currently has to use Binance or Bybit because Solana on-chain isn’t tight enough.
Backers
- $20M Series A led by Paradigm with Electric Capital
- $21M from Haun Ventures (for Atlas, the team’s verifiable finance L1)
- $41M+ total raised across both rounds
Paradigm + Haun + Electric is the top of the cap table on this market. These aren’t tourist VCs. The downside protection on execution is real – the team has runway and signal.
Is There a Phoenix Airdrop?
Officially: no token, no airdrop has been announced. I’ll keep saying this every time someone tells me there’s a confirmed Phoenix airdrop – they’re guessing.
That said, the setup is one of the most airdrop-shaped pre-launches on Solana right now. The signals:
- Private beta with invite codes. This is the textbook “early users get a snapshot” structure. Companies that don’t intend to reward early users tend to launch open.
- Structured rollout over months. Time-weighted access = time-weighted contribution = obvious metric to weight any future allocation by.
- Top-tier funding round with token-friendly investors. Paradigm and Haun back companies that issue tokens. They’re not in this for SaaS exits.
- Proven team with a previously un-tokenized product (Phoenix V1). Spot users have been generating volume for two years with no token to show for it. If a token does come, it’s likely retroactive across both products.
- Composable design. A token would naturally fit as the governance / fee-sharing layer for an ecosystem of products built on top.
What this is not:
- A confirmed airdrop with a date
- A “join the waitlist for guaranteed allocation” event
- A points program (none has been announced as of writing)
If a token never lands, the value of being in the beta is access to better fills and an early seat on a serious perps platform. If one does land, you’ll be glad you were active during beta. That’s the whole framing.
How the Tech Actually Works (Why Spreads Are Tighter)
If you’re going to deposit real money, it helps to understand why the execution claim isn’t just marketing.
Crankless Order Books
Most “on-chain orderbooks” on Solana aren’t fully on-chain. They depend on an off-chain matching engine, or they require a separate “cranker” transaction to actually settle matched orders. That’s where settlement risk and latency creep in.
Phoenix’s design is crankless – matching and settlement happen atomically inside the same Solana transaction. There’s no second step, no third-party process, no “settled in 30 seconds” footnote. When you place a market order, you get filled and settled in one transaction.
This matters more for perps than spot, because perps add funding rate calculations, liquidations, and margin updates – all of which need to be deterministic and fast.
Market-Maker-Friendly Mechanics
The proprietary AMM-style mechanism Phoenix added for derivatives lets market makers post and update quotes cheaper than they can on a pure CLOB. Lower posting cost means MMs can keep tighter quotes profitably, which means end users get better prices.
This is the part most retail traders don’t think about. Tight spreads on a DEX aren’t a property of the DEX – they’re a property of how attractive it is for MMs to operate there. Phoenix is engineered to lower the MM tax.
Gasless Retail
You don’t pay gas. Phoenix abstracts the gas cost into the trade. This isn’t a subsidy, it’s a UX decision – the cost is built into the spread or fee, but you don’t get the friction of “do I have enough SOL to pay gas” every time you trade.
For comparison: on Drift today, every trade you place costs SOL gas separately. Small annoyance per trade, big annoyance over hundreds of trades.
What’s Worth Doing Right Now
| Action | Cost | Why |
|---|---|---|
| Join the waitlist | 1 minute | Required for any future access path |
| Follow @PhoenixTrade & @ellipsis_labs | Free | They drop access codes and announcements first |
| Use Phoenix V1 spot if relevant | Trading fees only | Prior usage of the spot DEX is a plausible weighting input if a retroactive token lands |
| Set up a Solana wallet | Free | You’ll need Phantom or Backpack ready when access drops |
| Have USDC ready | Capital | Beta margin is USDC. Pre-funding cuts time-to-trade once you’re in |
Phoenix vs The Existing Solana Perp Stack
| Platform | Architecture | Liquidity Source | Slippage on $1M | Custody | Status |
|---|---|---|---|---|---|
| Phoenix Perpetuals | Crankless on-chain orderbook + MM mechanics | Pro market makers | 3-5 bps (target) | Self-custody | Private beta |
| Drift | Hybrid AMM + orderbook | Cross-margined LP + MM | ~10-15 bps | Self-custody | Live |
| Jupiter Perps | Pool-based perps | LP pool | Variable, can be wide | Self-custody | Live |
| Hyperliquid | Order book on its own L1 | Pro MMs | Tight | Self-custody (own L1) | Live (off Solana) |
| Binance / Bybit | Centralized order book | CEX MMs | Tight | Custodial | Live |
The slot Phoenix is going for: on-chain Solana perps with CEX-equivalent execution at institutional size. Drift is the volume leader but isn’t tight enough at size for serious flow. Hyperliquid is great but it’s not Solana. Phoenix is making a credible case for the missing piece.
Whether they execute is the open question. But the demos and the team’s track record on Phoenix V1 say they’re not bluffing.
The JTX Connection
Per Jito’s announcement of JTX, the new JTX trading platform plans to integrate with Phoenix for its perpetual futures functionality. If both platforms ship as planned:
- JTX users get access to Phoenix’s liquidity engine through the JTX UI
- Phoenix gets a major distribution channel from Jito’s user base
- The on-chain perps stack consolidates around Phoenix as the underlying venue
This is a meaningful tailwind for Phoenix. Even if you never sign up for JTX, the integration validates Phoenix as the on-chain perps primitive other top-tier teams want to build on.
Risks & Honest Trade-offs
I’m bullish on the team. I’m not pretending the launch is risk-free.
- Beta means beta. Smart contract risk on a live perpetuals exchange in early stages is real. Don’t deposit more than you can afford to have stuck or lost in an exploit.
- No token confirmed. If you’re chasing an airdrop and that’s the only reason you’re showing up, you’re speculating. There is no guarantee.
- Liquidation risk. Perps eat undercollateralized positions. Sub-1 bps slippage doesn’t save you from a 10x position going the wrong way.
- Invite-only access. No structured public path means a meaningful chunk of users are locked out at any given time. Your alpha decays the longer it takes you to get in.
- Atlas distraction risk. Ellipsis Labs is also building Atlas, a separate verifiable finance L1. Splitting team focus across two big initiatives is a legitimate execution concern.
- Competition. Drift won’t sit still. Jupiter is huge. Hyperliquid is the volume monster. Phoenix has to actually win flow, not just be technically better on paper.
My rule: beta access is the alpha. Trade real positions you’d take anyway, size accordingly, and don’t farm artificially – it almost always gets filtered.
FAQ
What’s the difference between Phoenix V1 and Phoenix Perpetuals?
Phoenix V1 (live since 2023) is an on-chain spot limit order book DEX on Solana. Phoenix Perpetuals is the new perps exchange announced at Solana Breakpoint, currently in private beta. Same team (Ellipsis Labs), different product, shared underlying tech.
Is there a Phoenix token?
No token has been announced for either Phoenix V1 or Phoenix Perpetuals. The team has not publicly committed to issuing one.
Do I need an invite code to use Phoenix Perpetuals?
Yes – the perps product is in private beta and requires invite-only access. Phoenix V1 (spot) is fully open and has been since 2023.
How is Phoenix different from Drift?
Drift uses a hybrid model with both AMM-style pools and orderbook elements, with shared cross-margin. Phoenix is a pure on-chain crankless orderbook with proprietary MM-friendly mechanics. Drift is live and dominant on volume; Phoenix is positioning to compete at the institutional / market-maker end of the market.
What chain is Phoenix on?
Solana. Both Phoenix V1 and Phoenix Perpetuals are fully on-chain on Solana mainnet. (Note: Ellipsis Labs is also building a separate L1 called Atlas, but Phoenix runs on Solana.)
Who’s behind Phoenix?
Ellipsis Labs, founded in 2022 by Eugene Chen and Jarry Xiao. Both came from high-frequency trading backgrounds. Backed by Paradigm, Electric Capital and Haun Ventures.
How tight are the spreads really?
The team’s demos show sub-1 bps slippage on multi-million-dollar trades. Their public target is 3-5 bps price impact on $1M trades, vs ~15 bps on current Solana perp DEXs. Real production numbers will be visible once the beta opens up.
Is Phoenix custodial?
No. Both Phoenix V1 and Phoenix Perpetuals are non-custodial. Your funds stay in your wallet, and you sign transactions to open/close positions.
Can I farm an airdrop on Phoenix V1 instead?
Phoenix V1 has been live since 2023 with no token. There’s no formal points program. If a retroactive airdrop ever happens, V1 usage history is the most likely on-chain signal the team would weight. But there’s no confirmation.
What about gasless trading?
Retail traders on Phoenix don’t pay separate Solana gas – it’s abstracted into the trade. You still pay trading fees, but the SOL friction goes away.
Is Atlas the same as Phoenix?
No. Atlas is a separate Ellipsis Labs project – a verifiable finance L1 they’re building with the $21M from Haun Ventures. Phoenix runs on Solana. The two are related at the team level but technically distinct.
Verdict
Best for:
– Solana traders who already use Drift or Jupiter Perps and want better execution at size
– Pro / semi-pro traders who care about MM-grade spreads and crankless settlement
– Airdrop position-builders who recognize the pre-launch profile and trade real positions in beta
– Anyone who used Phoenix V1 spot and would benefit from a retroactive snapshot landing across both products
Skip if:
– You only show up for confirmed-token airdrops (none confirmed here)
– You can’t get an invite code right now and aren’t willing to wait
– You’re a memecoin trader who needs every Solana shitter listed (Phoenix is curated)
– You have low risk tolerance for early-stage perpetuals contracts
My take: Phoenix is the most credible “the missing piece on Solana” play I’m tracking. The team has already shipped a $75B-volume orderbook DEX. The new perps product has tier-one backers, real engineering claims, and a private-beta rollout that practically guarantees an early-user advantage if a token ever lands. The downsides – invite gating, no confirmed token, smart contract risk – are real but priced in by the lack of access. If you can get in, get in. Trade real flow, size sensibly, and treat the airdrop possibility as upside, not the thesis.
If I have an invite code available, it’s at the top of the article. Otherwise, the waitlist is the move.
Resources
- Site & waitlist: phoenix.trade
- Docs: docs.phoenix.trade
- Twitter (Phoenix): @PhoenixTrade
- Twitter (Ellipsis Labs): @ellipsis_labs
- Phoenix V1 GitHub: github.com/Ellipsis-Labs/phoenix-v1
- Related: JTX Airdrop Guide
- Related: Best Solana Perp DEX Comparison
- Related: Drift Airdrop Guide
- Related: Hyperliquid Airdrop Guide
- Related: The Ultimate Guide to Solana Airdrops
Disclaimer: This is educational content, not financial advice. Phoenix Perpetuals is in private beta – no token, no airdrop and no public allocation methodology have been confirmed. Perpetual futures are leveraged products that can liquidate your position. Do your own research; nothing here guarantees a token, distribution, or value.
