Phoenix listed seven equity perpetual futures contracts on August 25, adding CrowdStrike, Moderna, Eli Lilly, Cloudflare, Netflix, Marvell Technology, and Iris Energy to its on-chain order book on Solana. All seven markets launched at 10x leverage, confirmed in an official announcement from the Phoenix Trade account.
The additions take the Phoenix equity perp catalog to approximately 29 markets, up from 22 at the time of the most recent expansion in late July.
Equity Perpetuals vs Tokenized Stocks: How Phoenix Markets Work
Phoenix equity perpetuals are derivative contracts that track the price of publicly listed stocks. They do not represent share ownership and carry no claim on the underlying company. Traders take long or short positions with up to 10x leverage using crypto collateral, with positions settling on-chain through the Phoenix limit order book at approximately 0.035% in fees.
The distinction is material: Backpack Securities issues actual tokenized shares backed by real equities held in custody; Phoenix equity markets are synthetic, leveraged perpetual contracts with no expiration date. Both products are live on Solana, but the mechanics, risk profiles, and regulatory categories differ.
Seven New Markets at 10x Leverage: CRWD, MRNA, LLY, NET, NFLX, MRVL, IREN
The August 25 batch spans healthcare, technology, and energy. On the pharmaceutical side, Eli Lilly (LLY) and Moderna (MRNA) have each become prominent equity-market names: LLY on the back of the GLP-1 drug pipeline, MRNA as the firm behind the widely followed mRNA COVID-19 vaccine. In technology, CrowdStrike (CRWD), Cloudflare (NET), and Marvell Technology (MRVL) cover cybersecurity, network infrastructure, and AI-adjacent semiconductors, respectively. Netflix (NFLX) brings streaming into the catalog; Iris Energy (IREN) adds exposure to Bitcoin mining and AI compute.
Each market is priced off real-time oracle feeds tracking the underlying stock price, with funding rates that periodically adjust to keep the perpetual anchored to its reference index.
From 22 to ~29: Phoenix Equity Catalog Growth Since June
Phoenix began listing equity perps in mid-June, initially covering names including AMD, Intel, Microsoft, Meta, Amazon, and CoreWeave. A late-July expansion added five semiconductor and AI-adjacent stocks (Cerebras Systems, TSMC, Qualcomm, Arm Holdings, and ASML) during earnings week for two of the five. That brought the count to 22. The August 25 seven-market addition brings the total to approximately 29 equity perp markets.
Open interest across the Phoenix equity perp catalog reached an $8.8 million all-time high in June, when the platform also crossed $1 billion in unincentivized perpetuals volume and launched the Flight Club program distributing $420,000 USDC over 28 days.
Phoenix CLOB Architecture and 0.035% Fee Structure
Phoenix is built by Ellipsis Labs on a crankless central limit order book: trades settle atomically inside a single transaction, funds clear immediately after a fill, and no external bots are needed to process settlements. Ellipsis Labs describes its approach to perpetuals as combining proprietary AMM-style liquidity provisioning with the CLOB model, enabling market makers to supply and adjust positions more cost-effectively, targeting tighter spreads for larger trades. The platform's contracts are audited by OtterSec and retail access is gasless.
Phoenix is also now accessible natively within the Solflare wallet interface, following an integration that went live on August 24, the day before this equity expansion.
