Phoenix Enables SOL as Collateral for Perpetual Futures Trading
New York, New York, September 16th, 2026, Chainwire
Traders on the Solana perpetuals exchange can now margin any position with SOL.
Today, SOL has been enabled as collateral on Phoenix, the perpetual futures exchange on Solana. Traders can now post SOL as margin, alongside USDC, for positions on any of the 80+ Phoenix markets from crypto to equities and commodities.
Until now, a SOL holder who wanted to trade perpetuals on Phoenix was required to sell their SOL for stablecoins. With SOL collateral, the SOL is able to stay in the account and back the position directly.
“Traders on Solana today should not have to make the tradeoff between holding spot and trading perpetuals,” said Eugene Chen, CEO of Ellipsis Labs, the development team behind Phoenix. “SOL collateral solves this tradeoff. A trader can stay long SOL, post it as margin, and run a basis trade or take a position in any Phoenix market without touching USDC.”
Margin and Collateral Overview
Positions are margined against available collateral. USDC counts at 100% of its value and SOL is currently set to 80%. Available margin moves with the price of SOL. Cross-margining and settlement are unchanged, with profit and loss continuing to settle in USDC. If an account falls below its maintenance threshold, the risk engine automatically reduces positions first and sells only the SOL required to cover any USDC shortfall.
Planned Enhancements
SOL is the first asset added under Phoenix’s multicollateral system, which is designed to support additional collateral types over time. Each collateral asset carries its own oracle, weight, and liquidation parameters. Ellipsis Labs expects to enable further assets as the platform grows, informed by user demand. Collateral weights, margin parameters, and liquidation thresholds are subject to change and are published at docs.phoenix.trade.
About Phoenix
Phoenix is a non-custodial perpetual futures exchange developed on Solana by Ellipsis Labs. It offers perpetuals on crypto, equities, and commodities, tradable with leverage, 24 hours a day, on a fully on-chain orderbook. Every order, fill, and liquidation is executed on the Solana blockchain, so execution is publicly verifiable and trader funds are held in on-chain program accounts governed by open-source smart contract logic, not by any centralized entity. Ellipsis Labs has built on-chain markets on Solana since 2023, beginning with the original Phoenix orderbook, which processed more than $75 billion in spot volume. Phoenix is available at phoenix.trade. Not available in the U.S. or other prohibited jurisdictions.