Phoenix’s cumulative trading volume has topped $5 billion as it adds foreign-exchange perpetuals on Solana, Kabeer, the platform’s head of business development, said during a Nov. 11 discussion.
Kabeer made the remarks on Decrypt’s X account. He said Phoenix has more than 100 perpetual-futures markets spanning equities, crypto and foreign exchange. The foreign-exchange offering began Nov. 10.
Phoenix’s order book runs on Solana, where the platform records trades, cancellations and market-maker order changes, Kabeer said. He added that improvements in the network’s performance have made it more practical to handle those functions entirely on-chain.
Kabeer put daily active usage in the thousands against a total user base in the tens of thousands. He said market makers provide liquidity for Phoenix’s equity, foreign-exchange and crypto markets. Round-the-clock trading, he said, gives users a way to respond to news when traditional markets are closed, including on weekends.
The team’s earlier work includes operating a proprietary automated market maker that handled about $400 billion in spot trading volume, Kabeer said. The group has spent about four years building on Solana. Kabeer said Phoenix launched its mainnet earlier in 2026 and expanded onboarding in March’s final days. He also acknowledged that a summer marketing push aimed at larger competitors moved ahead of product development.
Phoenix plans to let users pledge tokenized equity holdings as collateral while keeping those holdings, Kabeer said. He said the feature could support short-term trades without users selling their spot assets, as well as basis trades that seek to use price differences between spot and futures markets. He previewed further collateral announcements at Breakpoint and said tokenized-equity support would be available soon, without specifying a launch date.
