In Brief:
- Perpetual futures trading is now live inside the Solflare wallet, with orders routed to Phoenix, the on-chain orderbook developed by Ellipsis Labs.
- More than 65 leveraged markets are available on mobile, and USDC never leaves the self-custody wallet — no bridging required.
- Late July saw Phoenix hit a record open interest of between $10 million and $11 million; Solflare says it manages more than $15 billion in assets for over 4 million active users.
Perpetual futures are now switched on inside Solflare, with the wallet sending orders to Phoenix’s on-chain orderbook and placing more than 65 leveraged markets in users’ pockets.
“Solflare Perps are live,” the wallet said in a post. “And they are right where they should be.”
BREAKING: @solflare Perps are live
@SolanaView on X ↗
The selling point: funds never have to leave the wallet. USDC sits in Solflare, bridging is off the table, and positions on SOL, BTC, ETH and other markets can be opened long or short straight 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 own account boosted the rollout that same day: “BREAKING: @solflare Perps are live.”
What’s under the hood
Behind the trades sits Phoenix, the perps venue built by Ellipsis Labs. The company’s CEO, Eugene Chen, unveiled Phoenix Perpetuals during Breakpoint on Dec. 11, 2025, at which point its 2023-era spot exchange took on the name Phoenix Legacy.
One architectural choice sets it apart from most on-chain competitors. Rather than leaning on a third-party cranker for asynchronous settlement, Phoenix handles matching and settlement within a single transaction, and trade confirmations land in roughly half a second on average. Gas isn’t paid directly by retail traders.
Leverage tops out at 25x, collateral is USDC, and cross-margin is the default while isolated margin remains an option. Hourly recalculation applies to funding rates. Traders can also set take-profit and stop-loss orders.
Per-trade fees sit at roughly 0.035%, about a third of what Hyperliquid charges. On trades as large as $8 million notional, Ellipsis has shown price impact of under one basis point.
A small book, growing
Set against the broader perps landscape, Phoenix’s figures remain small. Its record open interest of between $10 million and $11 million, reached in late July, came in roughly 25% above the $8.8 million peak recorded in June.
A large share of that came from incentives. Through an initiative dubbed Flight Club, Phoenix handed out $420,000 to users and drove daily trading volume up to $67.1 million.
Open interest across every Solana perpetual venue combined climbed to $500 million in late July — a nine-month high.
The distribution play
Solflare describes itself as a self-custodial Solana wallet overseeing more than $15 billion in assets on behalf of over 4 million active users, offered through a web app, a browser extension and a mobile app.
Phones were already on Phoenix’s roadmap before this deal. The venue rolled out mobile web trading that allowed limit orders and on-chain settlement from a browser without installing anything, with connections handled through Phantom or Solflare and desktop sessions able to be picked back up.
For wallet users, the Solflare tie-up cuts out the connect step altogether.
Background
Chen co-founded Ellipsis Labs alongside CTO Jarry Xiao, with both arriving from high-frequency trading backgrounds. Since 2023, the outfit’s original spot orderbook has handled upwards of $75 billion in cumulative volume.
The venue’s reach now extends beyond crypto pairs, too. Commodities such as gold, silver and oil are listed, and round-the-clock gold and oil perps launched in May.
Collateral is still a sticking point. USDC is the only asset Phoenix accepts today, forcing traders to convert before posting margin, although the team has signalled that SOL and additional tokens are planned.
A further restriction applies no matter which wallet is doing the routing: Phoenix is off-limits in the United States and in sanctioned jurisdictions.