Phoenix offers Solana-based perpetual futures through an interface whose terms name Panama company Solstice Technologies S. de RL. Trading fees are 0.005% for makers and 0.035% for takers at the published base tier. Deposited collateral is subject to margin rules, USDC wrapping and withdrawal controls, so wallet signing does not mean funds remain freely spendable in the wallet while trading.[1][6][2]
Markets & services
Sections ↑Reference table01
Perpetual product model
| Item | Published terms |
|---|---|
| Contract | Derivative with no fixed expirySource 11Source 12Source 4Source 6 |
| Settlement | P&L, funding and trading fees in USDCSource 11Source 12Source 4Source 6 |
| Exposure | Contract price exposure, not delivery of the referenced stock or commoditySource 11Source 12Source 4Source 6 |
| Markets | Crypto and specified real-world-asset perpetualsSource 11Source 12Source 4Source 6 |
Reference table02
Two crypto contract examples
| Item | Published terms |
|---|---|
| BTC | Up to 40x; cross or isolated; 24/7Source 11Source 12 |
| ETH | Up to 25x; cross or isolated; 24/7Source 11Source 12 |
| Shared base fee | Maker 0.005%; taker 0.035%Source 11Source 12 |
| Changing parameters | Leverage and risk settings are market-specific and can changeSource 11Source 12 |
Reference table03
Selected real-world-asset specifications
| Item | Published terms |
|---|---|
| Gold and silver | 25x; isolated margin; 4% closed-period price boundsSource 4 |
| Copper and WTI oil | 20x; isolated; 5% closed-period boundsSource 4 |
| AAPL/NVDA/TSLA examples | 20x; cross margin; 5% closed-period boundsSource 4 |
| QQQ/SPY/TLT examples | 20x; cross margin; 5% boundsSource 4 |
Reference table04
Matching combines two liquidity types
| Item | Published terms |
|---|---|
| FIFO book | Price priority, then arrival time at the same priceSource 3 |
| Spline liquidity | Authorised traders publish price regions materialised into the bookSource 3 |
| Same-price priority | Spline liquidity fills before FIFO liquidity at that priceSource 3 |
| Better price | A worse-priced spline does not jump a better FIFO orderSource 3 |
Reference table05
Maker and taker treatment
| Item | Published terms |
|---|---|
| Maker | Adds resting liquiditySource 2Source 3 |
| Taker | Removes existing liquiditySource 2Source 3 |
| Limit order | Can take liquidity on its crossed portion and make on the resting remainderSource 2Source 3 |
| Execution controls | Order flags, expiry, price bands and self-trade handling affect fillsSource 2Source 3 |
Fees & commercial terms
Sections ↑Reference table06
Base trading fees
Reference table07
Illustrative matched-notional fees
Reference table08
Funding mechanics
| Item | Published terms |
|---|---|
| Mark above index | Longs pay shorts under the documented modelSource 8 |
| Mark below index | Shorts pay longsSource 8 |
| Timing | Accumulates using hourly snapshots and settles hourlySource 8 |
| Account health | Pending funding affects risk before settlementSource 8 |
| Limits | Funding clamps are configured per marketSource 8 |
Reference table09
Published withdrawal charges
| Item | Published terms |
|---|---|
| USDC through Phoenix app | Flat 0.50 USDC per withdrawal, including queued requestsSource 6Source 7 |
| Protocol distinction | The app charge is not a universal protocol feeSource 6Source 7 |
| SOL | No withdrawal fee in current documentationSource 6Source 7 |
| Network/bridge | External transaction and cross-chain costs remain separateSource 6Source 7 |
Deposits, withdrawals & settlement
Sections ↑Reference table10
Collateral assets
| Item | Published terms |
|---|---|
| USDC | Settlement and collateral unitSource 6 |
| Native SOL | Accepted collateral, valued at up to 80% for marginSource 6 |
| SOL haircut | Risk buffer, not a deduction from the number of SOL ownedSource 6 |
| SOL valuation failure | A missing valid index can disable actions that need that valuationSource 6 |
Reference table11
USDC deposit through Ember
| Item | Published terms |
|---|---|
| Wallet asset | Standard Solana USDCSource 6 |
| Wrapper | Ember wraps the same atomic amount 1:1Source 6 |
| Exchange credit | Phoenix credits the exchange-side collateral representationSource 6 |
| Withdrawal | Reverse conversion returns Solana USDCSource 6 |
| Rate distinction | Ember does not itself set an exchange rate or haircutSource 6 |
Reference table12
USDC withdrawal queue
| Item | Published terms |
|---|---|
| Immediate clearance | Queue empty and request within available protocol-wide budgetSource 6 |
| Otherwise | Request queues in FIFO orderSource 6 |
| Processing | No partial filling of a queued requestSource 6 |
| Account deterioration | Request can be dropped if sufficient withdrawable collateral is no longer availableSource 6 |
Reference table13
SOL withdrawal differs
| Item | Published terms |
|---|---|
| Processing | Immediate or fails; never queuedSource 6 |
| Margin | Must preserve the initial-margin requirementSource 6 |
| Capacity | May fail while the global queue/capacity constraint is activeSource 6 |
| Negative realised USDC balance | Blocks both USDC and SOL withdrawal from a cross account until remediedSource 6 |
Reference table14
Cross-chain deposit route
| Item | Published terms |
|---|---|
| Supported source chains in docs | Ethereum, Base, Arbitrum and HyperEVMSource 7 |
| Provider | Relay swaps and bridges to Solana USDCSource 7 |
| Credit path | Solana USDC then passes through EmberSource 7 |
| Quote | Final credit can vary with source-chain gas costsSource 7 |
| Enquiry evidence | Source-chain transaction signatureSource 7 |
Custody & asset handling
Sections ↑Reference table15
Wallet control and collateral are distinct
| Item | Published terms |
|---|---|
| Private-key control | User signs through their walletSource 6Source 1 |
| Committed assets | Collateral has moved into the documented protocol arrangementSource 6Source 1 |
| Effective collateral | Margin value includes discounted SOL, unrealised P&L and pending fundingSource 6Source 1 |
| Withdrawable amount | Can be lower than the portfolio’s displayed market valueSource 6Source 1 |
Reference table16
Mark-price inputs
| Item | Published terms |
|---|---|
| Adjusted oracle | Spot reference adjusted by a smoothed basisSource 9 |
| Book component | Median of best bid, best ask and last tradeSource 9 |
| External component | Weighted median of external perpetual pricesSource 9 |
| Final mark | Median of those components under the published designSource 9 |
Reference table17
Real-world markets when the external venue is closed
| Item | Published terms |
|---|---|
| Reference | Internal impact pricing updates the previous external oracle priceSource 5 |
| Liquidity input | Current documented calculation crosses a 1,000 USD notional against each sideSource 5 |
| Smoothing | Default one-hour EMA time constantSource 5 |
| Bounds | Instrument-specific bounds constrain the internal price; they do not make it an executable external-market priceSource 5 |
Reference table18
Escalating risk controls
| Item | Published terms |
|---|---|
| Below initial margin | Account is at riskSource 10 |
| Below cancellation threshold | Risk-increasing limit orders may be cancelledSource 10 |
| Below maintenance margin | Positions become eligible for market liquidationSource 10 |
| Severe distress | Backstop liquidation and eventually ADL can applySource 10 |
Reference table19
Automatic SOL conversion
| Item | Published terms |
|---|---|
| Separate action | Sells collateral for USDC rather than necessarily closing the perpetualSource 10 |
| Cross-account trigger | Projected USDC debt strictly above 50% of discounted SOL margin value by defaultSource 10 |
| Unrealised loss | Does not itself trigger conversion until it enters the realised USDC balanceSource 10 |
| Isolated account | May be converted below that threshold after its position closesSource 10 |
Reference table20
Liquidation and ADL outcomes
| Item | Published terms |
|---|---|
| Market liquidation | Partial or full risk reduction through available liquiditySource 10 |
| Backstop | Distressed risk transferred to a backstop accountSource 10 |
| ADL | Opposite profitable positions can be reduced or closedSource 10 |
| Consequence | A profitable trader may realise less profit than expectedSource 10 |
Client eligibility & restrictions
Sections ↑Reference table21
Published access restrictions
| Item | Published terms |
|---|---|
| Age | At least 18Source 1 |
| US, Canada and UK | Broad exclusion includes location, residence, citizenship and relevant entity organisationSource 1 |
| Other named territories | Cuba, Iran, North Korea, Syria, Russia, Belarus and specified Ukrainian regionsSource 1 |
| Sanctions | Listed/controlled persons and other restricted jurisdictions excludedSource 1 |
Reference table22
Interface access controls
| Item | Published terms |
|---|---|
| Circumvention | VPN/proxy or comparable evasion prohibitedSource 1 |
| Restrictions | Operator reserves blocking and other compliance/risk actionsSource 1 |
| Open contracts | Technical visibility does not establish permission to use the interfaceSource 1 |
| Derivative eligibility | Local restrictions remain relevant to the actual productSource 1 |
Support & contacts
Sections ↑Reference table23
Official contact and tracing
| Item | Published terms |
|---|---|
| Legal notices | [email protected]Source 1Source 7Source 6 |
| Cross-chain delay | Official Phoenix Discord ticket with source transaction signatureSource 1Source 7Source 6 |
| Trading issue | Market, account, order and transaction recordsSource 1Source 7Source 6 |
| Queue issue | Distinguish queued USDC, failed SOL request and margin-related ineligibilitySource 1Source 7Source 6 |
Authorisations & registrations
Sections ↑Reference table24
What the legal material establishes
Operator & entity scope
Sections ↑Reference table25
Interface versus protocol
| Item | Published terms |
|---|---|
| Company role | Provides website/app services under its termsSource 1Source 7Source 3 |
| Protocol | Implements on-chain perpetual trading and risk mechanismsSource 1Source 7Source 3 |
| Other providers | Wallets, Relay and other infrastructure have separate rolesSource 1Source 7Source 3 |
| Version boundary | Current perpetuals documentation should not be replaced with assumptions from older Phoenix spot softwareSource 1Source 7Source 3 |
- Operator
- Solstice Technologies S. de RL., interface provider
- Exchange model
- Decentralised
- Service scope
- Phoenix is a Solana-linked on-chain perpetual-futures interface showing crypto, equity-referenced and commodity-referenced contracts; it must not be confused with the older Phoenix V1 Solana spot order-book codebase or third-party imitation websites.
- Client types
- Retail clients; Professional clients
- Pricing publication
- Public pricing
- Other names
- Phoenix Perps; Phoenix Trade Solana
- Headquarters
- Panama incorporation stated; operating headquarters not established
- Covered jurisdictions
- Solana protocol; interface geographic restrictions apply
- Pricing scope
- Base maker 0.005% and taker 0.035% of matched notional. Funding, additive builder fees and network/bridge costs are separate. Phoenix app charges 0.50 USDC for a USDC withdrawal; SOL withdrawals have no withdrawal fee in current documentation.
- Funding scope
- USDC and native SOL on Solana; cross-chain deposits from Ethereum, Base, Arbitrum and HyperEVM use Relay to produce Solana USDC. USDC queue and immediate-or-fail SOL withdrawal rules differ.
- Custody and asset handling
- Wallet signs, but USDC moves through Ember into exchange collateral and SOL contributes discounted margin value. Protocol withdrawal controls, liquidation and ADL can affect access and balances.
- Client eligibility
- 18+ and permitted jurisdiction. Terms exclude US, Canadian and UK persons under their broad definition, named sanctioned territories and circumvention.
- Support
- Phoenix documentation and official Discord for transfer tracing; legal notices to [email protected].
- Authorisation and registration scope
- Panama company identified as interface provider in 27 July 2026 terms. No financial-market authorisation for the perpetuals service is established by these technical documents or incorporation.
Exchange metadata checked 27 Oct 2026Source 1Source 2Source 3Source 4Source 5Source 6Source 7Source 8Source 9Source 10Source 11Source 12
Covered contracting entities
Solstice Technologies S. de RL.
- Jurisdiction
- Republic of Panama
- Covered services
- Provider of Phoenix interfaces and app under the published terms
- Client and location scope
- Terms exclude US/Canada/UK persons and other restricted persons.
Additional Information
Sections ↑Phoenix’s most consequential operational limits concern collateral. SOL can support a position at a discount without increasing the USDC withdrawal limit; a protocol-wide queue can delay USDC; and distressed accounts can face collateral conversion, liquidation or ADL. These mechanisms matter alongside the comparatively small headline maker/taker percentages.[6][10][2]
Sources & further reading
- Phoenix Terms of Use and material risk disclosure, revised July 2026 Phoenix · Accessed 27 Oct 2026
- Phoenix base trading fees and additive builder fees Phoenix · Accessed 27 Oct 2026
- Phoenix FIFO and spline liquidity matching rules Phoenix · Accessed 27 Oct 2026
- Phoenix real-world-asset market specifications Phoenix · Accessed 27 Oct 2026
- Phoenix closed-market internal impact pricing Phoenix · Accessed 27 Oct 2026
- Phoenix USDC/SOL collateral, Ember and withdrawal rules Phoenix · Accessed 27 Oct 2026
- Phoenix cross-chain deposits through Relay Phoenix · Accessed 27 Oct 2026
- Phoenix funding-rate calculation and settlement Phoenix · Accessed 27 Oct 2026
- Phoenix mark-price calculation Phoenix · Accessed 27 Oct 2026
- Phoenix risk tiers, SOL conversion, liquidation and ADL Phoenix · Accessed 27 Oct 2026
- Phoenix BTC perpetual contract specification Phoenix · Accessed 27 Oct 2026
- Phoenix ETH perpetual contract specification Phoenix · Accessed 27 Oct 2026
This profile reports dated public information, including exchange-published services and terms. It does not independently test or guarantee trading, custody, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.