Phoenix Trade
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 72 → 91. Problems weighed by who is responsible: concerns that are not fraud −4.4, problems around the subject, caused by others −2.1; legitimacy credit long-running +8, regulated +10, audits +4. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -4.4 |
| Problems around it, caused by others | -2.1 |
| Long-running | +8 |
| Regulated | +10 |
| Audited | +4 |
| Sum | 81 |
Score: 91/100 (kept between 0 and 100)
How scoring works →Summary
Phoenix Trade (phoenix.trade) is a fully on-chain, non-custodial decentralized exchange built on Solana by Ellipsis Labs, offering both spot and perpetual futures trading via a crankless central limit order book (CLOB) architecture. The protocol is backed by prominent venture investors including Paradigm and Haun Ventures, has processed over $75 billion in cumulative spot volume, and has been audited by OtterSec. No regulatory actions, fraud allegations, or confirmed exploits have been identified against the protocol as of September 2026, though the expansion into equity perpetual futures products raises unresolved regulatory questions in the United States.
Connected Entities
5 entities · 60 linked investigations- Phoenix Trade→mentioned with→Solana(80%)
- Phoenix Trade→mentioned with→Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)(80%)
- Phoenix Trade→mentioned with→Ethereum Foundation(80%)
- Solana→mentioned with→Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)(80%)
- Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)→mentioned with→Solana(80%)
- Phoenix Trade→mentioned with→Eigenlayer(60%)
Connected Through
4 shared actors · 377 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Solanaorganization
- □Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)organization
- □Ethereum Foundationorganization
- □Eigenlayerorganization
Timeline(11 events)
1 January 2022
Ellipsis Labs founded by Eugene Chen and Jarry Xiao, both with high-frequency trading backgrounds.
Fintech Global1 February 2023
Phoenix spot DEX launched on Solana, introducing a crankless on-chain central limit order book.
Solana Compass1 April 2024
Ellipsis Labs closes $20 million Series A led by Paradigm, with participation from Electric Capital and Anatoly Yakovenko of Solana Labs, among others.
The Block31 October 2024
Ellipsis Labs raises a further $21 million from Haun Ventures and others to fund Atlas, a layer-2 blockchain for verifiable finance.
CoinDesk1 November 2025
Phoenix Perpetuals announced at Solana Breakpoint 2025 by CEO Eugene Chen; product enters private beta.
Ellipsis Labs Official Blog1 June 2026
CFTC issues policy statement addressing on-chain perpetuals referencing digital commodities; equity-linked perpetuals noted as requiring separate Commission review.
CFTC1 June 2026
Phoenix Trade records 4.7 million transactions in a single day on Solana, a platform high.
Solana Compass28 July 2026
Phoenix Trade launches Flight Club incentive program distributing $420,000; open interest passes $10 million for the first time and daily volume reaches $67.1 million.
Crypto Briefing28 July 2026
Phoenix lists equity perpetuals for CBRS, TSM, QCOM, ARM, and ASML at 10x leverage.
Solana Compass1 August 2026
Builder backlash emerges in Solana community over perceived favoritism from Anatoly Yakovenko and foundation figures endorsing Phoenix over competing perps platforms.
Startup Fortune25 August 2026
Phoenix expands equity perpetuals catalog to approximately 29 markets, adding Netflix, CrowdStrike, and Eli Lilly among others.
Solana CompassDecision Log
- slot 455370469 · hash 6uASuPRcZWYmuJ3JXC9SQdKk2LycAH8yhPF2x7k4S6Bc
- slot 446005517 · hash 36Q3C5MxpCa5TvHhaPR1HZ5VP6Yu85GFBWJpgijYSWhA
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 16 of 17 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 9/10/2026, 11:08:50 PM
last updated: 10/10/2026, 6:50:17 PM
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