Solflare switches on perps in its wallet, routing orders to Phoenix

In Brief:

• Solflare turned on perpetual futures trading inside its wallet, routing orders to Phoenix, the on-chain orderbook built by Ellipsis Labs.
• Traders get more than 65 leveraged markets on mobile, with USDC staying in the self-custody wallet and no bridging step.
• Phoenix set a record open interest of between $10 million and $11 million in late July; Solflare says it manages more than $15 billion in assets for over 4 million active users.

Solflare has turned on perpetual futures trading inside its wallet, routing orders to Phoenix’s on-chain orderbook and putting more than 65 leveraged markets on mobile.

“Solflare Perps are live,” the wallet said in a post. “And they are right where they should be.”

The pitch is that nothing leaves the wallet. USDC stays in Solflare, there’s no bridging, and traders can go long or short on SOL, BTC, ETH and other markets from the app. “Trade price movements on 65+ markets with leverage, without holding the asset,” Solflare said. “You can long SOL or short ETH,”

Solana’s account amplified the launch the same day: “BREAKING: @solflare Perps are live.”

What’s under the hood

Phoenix is the perps venue from Ellipsis Labs. CEO Eugene Chen announced Phoenix Perpetuals at Breakpoint on Dec. 11, 2025, and the firm’s 2023 spot exchange was renamed Phoenix Legacy at that point.

Its design differs from most on-chain venues in one specific way. Where other exchanges rely on a third-party cranker to settle asynchronously, Phoenix matches and settles in a single transaction, with trade confirmations averaging roughly half a second. Retail traders don’t pay gas directly.

The venue offers up to 25x leverage with USDC as collateral, cross-margin by default and isolated margin optional. Funding rates recalculate hourly. Take-profit and stop-loss orders are supported.

Fees run about 0.035% per trade, roughly a third of Hyperliquid’s schedule. Ellipsis has demonstrated sub-one-basis-point price impact on trades up to $8 million notional.

A small book, growing

Phoenix’s numbers are still modest against the wider perps market. Open interest hit a record between $10 million and $11 million in late July, about 25% above the previous high of $8.8 million set in June.

Incentives drove much of that. Phoenix ran a program called Flight Club that distributed $420,000 to users and pushed daily trading volume to $67.1 million.

Across all Solana perpetual venues, open interest reached $500 million in late July, the highest in nine months.

The distribution play

Solflare bills itself as a self-custodial Solana wallet managing more than $15 billion in assets for over 4 million active users, available as a web app, browser extension and mobile app.

Phoenix had already been pushing toward phones before this. It launched mobile web trading that let users place limit orders and settle on-chain from a browser with no app install, connecting through Phantom or Solflare and resuming sessions from desktop.

The Solflare integration removes the connect step entirely for wallet users.

Background

Ellipsis Labs was co-founded by Chen and CTO Jarry Xiao, both of whom came from high-frequency trading. The firm’s original spot orderbook has processed more than $75 billion in cumulative volume since 2023.

Phoenix has also pushed past crypto pairs. It lists commodities including gold, silver and oil, with 24/7 gold and oil perps that went live in May.

Collateral remains a constraint. Phoenix currently accepts only USDC, meaning traders have to convert before they can post margin, though the team has said it plans to add SOL and other tokens as collateral.

One more limit applies regardless of which wallet a trader uses: Phoenix isn’t available in the United States or in sanctioned jurisdictions.