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Phoenix
Ongoing
Medium
DeFi
2026/06/05 11:01
→2026/10/08 16:00
Phoenix is an on-chain perpetuals exchange on Solana, currently live in private beta.
Token:Phoenix
Total Pool:TBA
Per User:Points-Based
0
7 Tasks~44 min
Overview
What is Phoenix?
Phoenix is an on-chain perpetuals exchange on Solana, currently live in private beta. It is built by Ellipsis Labs, the same team behind the original Phoenix spot orderbook DEX. The new product brings perpetual futures trading to a similar on-chain orderbook design, with execution settled directly on Solana rather than through off-chain matching engines.
Ellipsis Labs has raised $44.3M across multiple funding rounds, backed by several well-known crypto venture funds. Their earlier work on the Phoenix spot DEX informs how the perpetuals exchange handles order matching and latency on Solana.
Phoenix Airdrop Details
Phoenix has not announced a token or points program, and the team has publicly said no points system is active. The only confirmed reward right now is a referral program that pays fee rebates in USDC. Perpetual DEXes with this level of funding have a history of running retroactive token distributions for early users, so building volume now is a reasonable hedge if Phoenix moves in that direction.
The referral program is the only confirmed reward mechanism and token airdrop is speculative only. Traders who hit $10,000 in lifetime volume can generate a personal referral code with a custom name.
Participation Requirements7 links
1
Visit the Phoenix platformEasy·~10min
Go to the Phoenix website and review the markets and interface.
2
Connect a Solana walletMedium·~5min
Click “Connect Wallet” and link your wallet. Approve the connection request in your wallet extension.
3
Get USDC for tradingEasy·~2min
Phoenix uses USDC on Solana as the primary collateral. Ensure you have USDC in your wallet. If you don’t have any, you can buy USDC from an exchange like Binance and withdraw directly to your Solana wallet.
4
Deposit USDC on PhoenixEasy·~5min
In the Phoenix app, open the deposit screen and transfer USDC from your wallet into your trading account.
5
Trade perpetual marketsEasy·~10min
Open the markets page and start placing trades on the perpetuals you want exposure to. Spreading activity across several markets and using moderate leverage helps you build volume steadily without taking on liquidation risk that can wipe out the capital you need to keep trading.
6
Unlock your referral codeEasy·~2min
Once you cross $10,000 in lifetime trading volume, the rewards page becomes available and you can generate a personal referral code with a custom name. Codes have usage caps at launch that expand over time.
7
Share your code and claim rewardsEasy·~10min
Share your referral code with other traders to earn 20% of their fees as a direct referrer. Anyone they refer gives you an additional 10% as a second-tier reward. Rewards update weekly and can be claimed once they pass the $1 minimum, depositing directly into your USDC spot balance on Phoenix.
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