Solana created an environment where high-performance applications can thrive on-chain.
Perpetual futures have become one of the largest markets in crypto, leaving an opportunity to bring a refined, high-performance perps experience to Solana.
Today, we’re continuing to push the boundaries of what’s possible on-chain.
Building Forward
Ellipsis Labs has spent the last three years building and operating some of the most performant on-chain markets on Solana.
In 2023 we introduced Phoenix, a fully on-chain orderbook that has meaningfully improved prices for users. To date, Phoenix has processed more than $75 billion in volume and reduced realized slippage for large trades. Our work building Phoenix proved proving that on-chain financial infrastructure can deliver performance at scale.
In 2024, we introduced SolFi, a proprietary AMM system that made a step function improvement for active liquidity on-chain. SolFi made on-chain spreads on Solana competitive with major centralized exchanges and showed that high-quality liquidity and execution can exist fully on-chain. To date, SolFi has done hundreds of billions in volume.
This work comes together to create a new, higher standard for perps on Solana.
Introducing Phoenix Perpetuals
Phoenix is our vision for what perpetuals on Solana should feel like: fast, precise, and intentionally crafted. It’s a professional exchange designed to deliver strong liquidity, reliable fills, and the execution traders expect.
The system is built for traders who value speed, deep liquidity, and a refined interface. Phoenix brings fast, predictable execution to Solana markets.
A New Perpetuals Experience on Solana
Built for high performance.
Phoenix perpetuals brings proprietary AMM-style innovations to derivatives. Market makers can provide and update liquidity more cheaply, which supports tighter spreads, deeper books, and more adaptable quoting. This structure is designed to give users better prices, particularly at larger trade sizes.
Retail traders benefit from gasless trading, which keeps the experience simple while preserving the performance of the underlying system. Professional traders benefit from predictable, high-quality execution and an infrastructure layer built to support advanced strategies.
Phoenix Perps combines these elements into a perps system that is native to Solana and built for high performance, quality liquidity, and consistent execution.
What Comes Next
Ellipsis Labs has a proven track record of building reliable, efficient products and infrastructure on Solana. Today, we are furthering our mission of bringing quality markets to Solana with Phoenix, making perps natively accessible to Solana users.
Phoenix is currently in private beta, with a waitlist open for early users. Access will expand gradually over the coming months through a structured rollout.
You can join the waitlist at phoenix.trade.
With this launch, our spot exchange released in 2023 will transition to Phoenix Legacy.
Stay in Touch
All announcements and updates will be shared on X at x.com/phoenixtrade.
Market makers and developers can get in touch with us by directly messaging Ellipsis Labs on X.
