Discover Phoenix: a fast, low-fee decentralized exchange on Solana utilizing an on-chain orderbook for instant trades with maximum transparency and security.
About Phoenix
Phoenix is a fully on-chain, non-custodial limit-order-book (CLOB) exchange built for Solana. It lets traders place and match limit and market (swap) orders directly on Solana without handing funds to a centralized intermediary. Orders are matched on-chain using price-time priority, and settlements happen inside the same transaction—so there are no background “cranks” or delayed fills. Phoenix is designed for traders who want deterministic execution, developers who need a composable on-chain venue, and market makers who prefer a CLOB over AMM mechanics.
Phoenix is maintained by Ellipsis Labs and is open-source, audited, and built specifically to leverage Solana’s speed and low fees. Protocol fees on Phoenix markets are advertised as low as 0.02% per trade, while typical Solana network fees are a fraction of a cent, enabling frequent order updates and granular risk control without prohibitive costs.
Key Features
Built-in trading interface
Buy and sell directly from the token’s page within the platform.
Limit Orders
Automatically buy or sell at specific price targets.
Swap
Direct token-to-token trades with DEX routing and slippage control.
Secure and non‑custodial
This tool never accesses private keys—transactions are signed through your wallet.
What makes Phoenix special?
Phoenix is purpose-built to be composable infrastructure: the order book, matches, and state transitions emit rich on-chain events that other programs and indexers can consume reliably. That clean interface simplifies integrations for strategy bots, analytics, and wallets.
Several design choices set Phoenix apart from many AMM-only venues and earlier LOBs:
Crankless design with instant settlement. Fills finalize atomically within the user’s transaction. This helps reduce operational complexity and lets integrators reason cleanly about state after each instruction.
Transparent, deterministic matching. Price-time priority avoids nondeterministic outcomes and aligns with trader expectations from professional order books.
Open-source, audited, and verified. Phoenix is open-source, audited by OtterSec, and ships verified program binaries, which increases confidence for apps that build on top.
Developer-first toolchain. Official SDKs exist in Rust, TypeScript, and Python, making it straightforward to build trading tools, market-making strategies, or analytics pipelines.
Permissionless markets with structured roles. New markets are permissionless to launch; “seats” give makers a safe way to maintain high-frequency quoting without risking user custody or composability.
For traders, these choices translate into fast, low-fee execution with predictable order behavior. For builders, Phoenix behaves like a clean primitive—easy to read, index, and compose with other Solana programs.
Pricing
Discover the pricing options available for Phoenix
Free
Phoenix does not charge a subscription. Trading costs come from two places:
Protocol trading fees: Markets can set fees as low as 0.02%, commonly charged to takers and paid in the quote token. Makers generally pay 0%. Exact fees are per-market parameters; check the specific market you’re trading.
Solana network fees: Typical transaction fees are tiny (shown around $0.0002) and enable active order management without heavy costs. Actual fees vary with network conditions.
Frequently Asked Questions
Get answers to the most common questions about this tool
Is Phoenix non-custodial?
Yes. Orders and settlement occur on-chain; funds remain in your wallet, and there’s no centralized custodian.
What fees will I pay to trade?
Takers pay a small market-defined fee (often quoted as low as 0.02%); makers typically pay 0%. You’ll also pay standard Solana network fees for each transaction. Check the market widget for the current fee before trading.
Which order types are supported?
Limit orders, PostOnly, and IOC (swap) are supported via Phoenix’s instruction set. These cover passive liquidity provision and immediate execution.
Can anyone list a new market?
Market creation is permissionless. The market authority (initially the creator) can manage seats and certain parameters such as the fee destination.
Where can developers find documentation and SDKs?
Phoenix provides SDKs (Rust, TypeScript, Python) and clear docs that describe program accounts, events, instructions, and units. Start with the Developer Overview and SDK repository.
