Solana’s on-chain perpetuals exchange. Live in beta.
You can now go long or short a perpetual referencing Anthropic on Phoenix.
You no longer have to sell your SOL to trade on Phoenix.
Welcome back to State of the Market, a weekly recap of the biggest news in the assets that trade on Phoenix, and how they traded on Phoenix itself.
Week of August 17 – 23, 2026
Week of August 10 - 16, 2026
Week of August 3 - 9, 2026
Week of July 27 - August 2, 2026
Week of July 20–26, 2026
4 weeks. 420,000 USDC to Phoenix traders.
Week of July 13-19, 2026
Toxic flow is present on almost every trading venue. Most users don't realize it—they just get a slightly worse price on every trade. This piece explains what toxic flow is, why it costs you money, …
