SOL is live as collateral on Phoenix. Deposit SOL and use it to back perpetual positions directly across crypto, equities, and commodities. No USDC required. Hold SOL. Trade anything.

I'm incredibly excited to support SOL as collateral on @PhoenixTrade: not for what it enables today, but for what it represents for the future of on-chain trading. Getting this feature to work was very technically involved: - We had to properly recognize a new collateral type on Phoenix accounts without breaking existing interfaces and integrations - We added the capability for the on-chain risk engine to value SOL for margin - We directly integrated every current (and any future) spot DEX into Phoenix to allow for atomic spot liquidations and swaps This feature only scratches the surface of what an on-chain exchange can offer when paired with a generalized asset ledger. Solana spot markets already facilitate billions of dollars of daily trading activity across a diverse selection of assets. With multicollateral support just around the corner, any asset with a liquid Solana spot market becomes a candidate for margin. Only possible on @solana

Everything on @Solana, just the way it should be Phoenix is now powering @solflare Perps, bringing the best on-chain perpetuals experience directly to your Solflare wallet. Live on @solflare, powered by @PhoenixTrade, all on @solana

Solana wallets should support Solana perps! Congratulations to the @solflare team for shipping their integration with Phoenix. The goal has always been to build a backend so seamless that users don't even suspect that it's running on a decentralized blockchain.

One of the best and worst lessons that trading teaches you is the 80/20 rule. Understanding that low hanging fruit can yield outsized impact helps you prioritize effectively. But almost all hard things require the remaining 20%. Draw the rest of the fucking owl.

I hate how perps apps show funding. They show the current rate and total funding paid, but not the path to get there. The hourly payment table is too dense to be useful. Hover over a position's cumulative funding on @PhoenixTrade to learn the full story of how it accrued!

The top 4 traders on the Phoenix leaderboard all made over $100k today. The market never sleeps, and @PhoenixTrade is the best place to be when it moves. If you have a @solana wallet with USDC, the top leaderboard spot might be a deposit and a few trades away.

Over the last 4 years, I’ve learned a few brutal truths about business: 1. Running a company is really hard. 2. The best product and best tech does not always win. 3. Success is never 100% in your control, but your micro and macro decisions as a founder can improve your odds. I have a lot of respect for anyone who’s attempted to build a business and a lot of empathy for anyone who folds. Sometimes it’s bad luck, sometimes it’s a skill issue, sometimes it’s timing and usually it’s a combination of all three. If Phoenix fails, it will definitely be all of the above. @0xShitTrader and I have made a lot of unforced errors over the last 4 years. I like to believe that we are still standing because our instances of strong decision making and execution counteracted our mistakes. But all things considered, we have been extremely fortunate. @PhoenixTrade is objectively very far from “winning”. Designing the best microstructure won’t make it win. Solana Foundation shipping supportive tweets definitely won’t magically make it win. Adding incremental new UI features won’t make it win. If Phoenix wins it will be because: • Our near delusional, high conviction investment to put the entire matching engine and margin system on @solana actually ends up making the product meaningfully better • Our team executes well enough to acquire loyal users and find deep PMF • The market environment for perps trading not only recovers but thrives and Phoenix’s (and Solana’s) infrastructure is robust enough to handle the next wave of on-chain traders Building this product and company has been the most challenging accomplishment of my career, but the job is far from over. To the extent that I can control it, I intend to win on my own terms.

first 🇺🇸 market open w/ increased capacity (100M CUs) changing the block limit was easy. keeping slot times (orange line) flat at 400ms took a ton of engineering effort. next, we slash slot times in half to 200ms

Users will soon be able to directly swap their USDC collateral for SOL through @SolFiAMM via @JupiterExchange on @PhoenixTrade. No other DEX can leverage a liquid spot market and instantly settle collateral. Phoenix can do both because it's fully on-chain.

.@PhoenixTrade just crossed $1b in all-time perpetuals volume, all unincentivized. A big milestone, and obviously still a very long way to go. Thanks to all the traders that make Phoenix what it is today. Now it's time to turn on the spigot.

been a minute! new chapter: i’ve joined @ellipsis_labs to run marketing for @PhoenixTrade. yes, an eth native crossing over to solana. i’ve heard the jokes. i’ve made most of them myself already. but perps are eating financial infra, solana is excellent tech for low latency finance, and this team is building the version of perps i’d bet on. for those i haven’t met yet in solana land: i spent nearly two years at Symbiotic, from stealth through series a, leading strategy & comms. ran many launches i’m proud of alongside some of the sharpest people i’ve ever worked with. grateful for all of it. i’m in nyc these days. if you’re building something interesting, want to try out Phoenix, or just want to chat, my DMs are always open and coffee’s on me. back to building!

The lack of mainstream breakout vibecoded apps reveals a truth about building: the first 95% has always been easy. Building apps pre-AI was never bottlenecked by cognition, it was just tedious. The next few years will reveal whether that last 5% is a skill gap or taste gap.

The next major feature upgrade to @PhoenixTrade will finally leverage @solana DeFi's greatest asset: spot liquidity. Traders will soon be able to post SOL and other tokens as collateral for their positions. A few caveats before I dive in: - I hate announcing things before they ship. Talk is cheap, and execution is hard. And nobody cares that the execution is hard. - Phoenix is not the fully on-chain perps venue to have spot collateral. This was one of the best features offered by Drift and Mango. As with everything we build, Phoenix's approach will never be a blind copy-paste of our predecessors. I'm excited about this feature for many reasons. 1. Solana users with SOL and other tokens but no USDC no longer need to sell their assets to deposit and trade on Phoenix. 2. Users and vaults who want to run long spot, short perp basis strategies no longer need to think about manually rebalancing. 3. Sophisticated users who trade both spot and perps can keep their capital on Phoenix and simultaneously trade spot while margining their perps positions. I'll write more about this in a future post. I think it's one of the coolest things that no other perps platform can do. And it is only possible because Phoenix is fully on-chain. There are 2 questions I get asked often that I often find challenging to answer: 1. Why does it matter that Phoenix is fully on-chain? 2. Why should I trade on Phoenix over [X]? Here is my definitive answer. Being on-chain gives Phoenix access to Solana's capital, users, and liquidity in a way no off-chain venue can. Most people think that Phoenix is the exchange and Solana is the infrastructure platform, but they have that backwards. Solana is a programmable exchange, and Phoenix is infrastructure that taps into everything Solana offers. You shouldn't trade on Phoenix; you should trade on Solana, because Solana will be the decentralized protocol that houses the world's financial assets. Phoenix is simply the best window into that on-chain future. This is how the composability thesis will finally play out, a couple of years late.