Ryan Connor | RockawayX 🇺🇸

The key thing about @PhoenixTrade isn't whether fees are cheaper to trade. It's the engineering feat they're pulling off. Phoenix is a fully onchain orderbook DEX running on a general-purpose VM. That design lets it compose atomically with arbitrary smart contracts, which means DeFi can plug into it in a far more seamless way than @HyperliquidX's appchain + general VM sidecar model can. That composability is the whole point. Phoenix isn't just a venue, it's infrastructure the rest of Solana DeFi can build on directly. And that's exactly why it maps so cleanly onto the @solana thesis more broadly: one general-purpose chain where execution and composability live in the same place. On this BTC example, Phoenix already tracks Binance materially tighter than Drift, holding 76% of hourly observations within ±5 bps versus Drift's 57%, while also avoiding sharp dispersions that weighed on Drift's performance. Based on this analysis, Phoenix still carries a small positive basis, but the gap is much narrower and impressively close to app-specific venues like Hyperliquid and @pacifica_fi. That convergence is the signal to watch: if Phoenix's execution continues to tighten, it strengthens the case that Solana-native perps can approach the quality of more centralized or app-specific venues. And note that we are still early. This is before @anza_xyz's Alpenglow and MCP, and before @jito_sol's BAM perp plugins. I've always believed the chain that combines a general-purpose environment with application-specific execution quality will ultimately see runaway network effects. Phoenix is the player to watch on this thesis right now: if Solana can support high-quality native @perps, it becomes much easier to imagine the same architecture extending into other latency-sensitive markets, from prediction markets to more exotic onchain derivatives.

In collaboration with @OnRefinance, the Exponent ONyc-10SEP26 market is incentivized over the next week across yield trading activity → 0% swap fees on PT-ONyc for 48 hours → 8x OnRe Points Multiplier for 7 days

The OnRe Market is now live on Loops 2.0. For ONyc users, that means better execution and more efficient paths to access leveraged reinsurance yield across ONyc looping pairs on @Loopscale. Loop it.

In collaboration with @OnRefinance, the Exponent ONyc-10SEP26 market is incentivized over the next week across yield trading activity → 0% swap fees on PT-ONyc for 48 hours → 8x OnRe Points Multiplier for 7 days

For trading solana:So11111111111111111111111111111111111111112 perps, Phoenix is already the cheapest venue we measured for $10k and $50k clips. This is full round-trip cost, including taker fees and price impact. As liquidity deepens, helped by maker fees that are multiple times cheaper than Hyperliquid, the same dynamic should start showing up across more perp pairs and larger trade sizes. That creates a positive cycle: lower maker costs attract tighter quoting, tighter quoting improves taker execution, and better execution attracts more flow. Paired with @Solana’s infrastructure roadmap, onchain venues like @PhoenixTrade could start becoming a material share of global perp volume. Excited to see how commodities compare in the coming weeks.