What it does
Phoenix is a Solana perpetual-futures exchange with an order-book terminal, leverage controls and separate order, position and funding histories. Users sign in with a wallet, email or Google. Its terms describe the app as beta and exclude the United States, Canada and United Kingdom.
Read the position as well as the order
Phoenix separates Open Orders, Positions and Funding History. An unfilled instruction belongs in the first view; an executed contract changes the position; periodic funding affects its economics. The terminal also shows mark and index prices, required margin and estimated liquidation price.
Select Market or Limit, choose Long/Buy or Short/Sell, then enter the size and inspect leverage. Reduce Only restricts an order to reducing an existing position. A limit order can execute immediately as a taker if its price crosses the book; post-only is the separate maker-only control.
Access, collateral and costs
From Start Trading, connect a browser wallet or use email or Google to create a wallet through Privy. The USDC onboarding route uses Deposit, an amount and Submit Deposit. The detailed collateral guide also supports native SOL with a discounted margin value; profits, losses, funding and trading fees settle in USDC.
Base fees are 0.005% maker and 0.035% taker on matched notional. The app charges 0.50 USDC per USDC withdrawal, and withdrawals may enter a queue. Leveraged positions can be liquidated. The terms limit access to eligible adults outside restricted jurisdictions and identify the app as beta, so availability and functions can change.
Strengths
- Separate open-order, position and funding histories
- Reduce-only and maker-only order controls
- Wallet, email and Google onboarding options
Watch out for
- Perpetual positions carry funding and liquidation risk
- USDC withdrawals can queue and have an app fee
- Beta app with substantial jurisdiction restrictions
Best for
- Eligible experienced derivatives traders monitoring Solana perpetual positions
Sources
- Phoenix trading terminal and position views (Oct 27, 2026)
- Phoenix sign-in and USDC deposit flow (Oct 27, 2026)
- Phoenix base trading fees (Oct 27, 2026)
- Phoenix collateral and withdrawal fee rules (Oct 27, 2026)
- Phoenix order types and reduce-only controls (Oct 27, 2026)
- Phoenix eligibility and beta terms (Oct 27, 2026)