For trading solana:So11111111111111111111111111111111111111112 perps, Phoenix is already the cheapest venue we measured for $10k and $50k clips. This is full round-trip cost, including taker fees and price impact. As liquidity deepens, helped by maker fees that are multiple times cheaper than Hyperliquid, the same dynamic should start showing up across more perp pairs and larger trade sizes. That creates a positive cycle: lower maker costs attract tighter quoting, tighter quoting improves taker execution, and better execution attracts more flow. Paired with @Solana’s infrastructure roadmap, onchain venues like @PhoenixTrade could start becoming a material share of global perp volume. Excited to see how commodities compare in the coming weeks.