Phoenix Trade Hits $8.8M Open Interest All-Time High on DeFiLlama, Up ~5,000x in One Month

Phoenix has hit an $8.8 million open interest all-time high on DeFiLlama as of June 19, up roughly 5,000x from where it stood one month ago.

Anatoly Yakovenko, co-founder of Solana, added his own comment to the milestone: "5000x a month ago. Progress!!!"

The ATH lands one day after Phoenix Trade expanded its on-chain equities markets to include leveraged perpetuals on Google, Tesla, and Micron. That launch offered up to 20x leverage via Phoenix's on-chain central limit order book, and the platform's equity perp markets are drawing concentrated open positions from traders seeking US stock exposure through Solana's settlement layer.

Stock Perps OI Hits $7M ATH, SPCX Dominant

Within the broader Phoenix Trade open interest figure, the stock perps segment has tracked its own milestone. According to data cited by SolanaFloor, Solana stock perpetuals open interest reached a $7 million all-time high as of June 19, up 700% over the prior week. SPCX (SpaceX, issued by Backpack Securities) accounted for 81% of that stock perps OI, with SKYHINX adding another 7%.

SPCX's dominance reflects the structural setup that drove its early adoption: when SpaceX listed on the Nasdaq last month, Backpack Securities launched the token on the same day as the IPO, with shares held 1:1 and redeemable via ACATS/DTCC. That backing gave traders confidence to hold leveraged positions rather than just spot exposure. The result is an outsized share of total stock perps OI despite the token being less than a month old.

Phoenix Trade's On-Chain CLOB Architecture and Equity Perps Roster

Phoenix Trade, developed by Ellipsis Labs, runs a fully on-chain central limit order book on Solana for perpetual futures, distinguishing it from AMM-based perp venues. Each trade executes against resting orders rather than pooled liquidity, which Ellipsis Labs argues provides better price discovery and capital efficiency. The platform announced the transition to Phoenix Trade-branded perpetuals at Solana Breakpoint 2025.

The June 18 expansion to GOOGL, TSLA, and MU added three of the most liquid US equities to Phoenix's on-chain book. Those markets joined SpaceX (SPCX) as the platform's equity perp offerings, with leverage ranging from 15x on MU to 20x on GOOGL and TSLA. The concentrated open interest in SPCX is notable given that GOOGL and TSLA are considerably more liquid in traditional markets; the tokenized equity's redemption pathway and Backpack Securities backing appear to have made it a preferred vehicle for on-chain traders taking directional positions.

Timing the Surge: Phoenix Trade's June 18 Equity Expansion and the OI Peak

Phoenix Trade's $8.8M figure is a product-specific reading, not an aggregate of all Solana perps. Hyperliquid carried $9.67 billion in open interest as of June 19 per DeFiLlama, making the gap to the market leader plain. What makes the Phoenix milestone meaningful is the trajectory: Solayer launched its Margin Trade product to mainnet in June, adding crypto perps alongside synthetic equity exposure through an SVM-based venue, and Phoenix itself expanded its equities roster just 24 hours before the SolanaFloor data was published.

That timing is central to the stock perps segment's 700% weekly growth rate: GOOGL, TSLA, and MU went live on June 18, and their combined OI alongside the existing SPCX book produced the June 19 peak. SPCX's dominance within that total reflects both its head start and its structural backing as a same-day IPO tokenization with a direct redemption pathway to ACATS/DTCC.