PhoenixTrade, a perpetual futures DEX built on Solana by Ellipsis Labs, has surpassed $10 million in open interest for the first time, peaking at $11 million, representing a roughly 25% jump from its previous all-time high of $8.8 million set in June 2026. This milestone follows the launch of the Flight Club incentive program on July 27, which allocates $420,000 in USDC rewards over 28 days. According to DeFiLlama data, PhoenixTrade’s cumulative perpetual volume stands at approximately $917 million, with about $163 million in 30-day volume and $67 million in 24-hour volume. The platform differentiates itself through its crankless fully on-chain order book architecture with transaction fees of roughly 0.005%. PhoenixTrade will need to demonstrate that this growth is structural rather than a temporary reward-driven spike once the incentive program concludes.
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