Phoenix Trade Lists Cerebras Systems, TSMC, Qualcomm, Arm Holdings, and ASML as Equity Perps During Big Tech Earnings Week

Phoenix (built by Ellipsis Labs) added five equity perpetual futures markets to its on-chain order book on July 28, listing Cerebras Systems (CBRS), Taiwan Semiconductor Manufacturing (TSMon), Qualcomm (QCOM), Arm Holdings (ARM), and ASML Holding (ASML), each at 10x leverage. The listing landed the night before two of the five report earnings: Qualcomm releases its fiscal Q3 2026 results today after the close, and Arm Holdings reports Q1 fiscal 2027 on the same day.

Five Semiconductor and AI Stocks, Two Reporting Today

The selection spans the semiconductor and AI infrastructure sector at a moment when earnings from foundries, chip designers, and equipment makers are setting the tone for the second half of the year.

Cerebras Systems is an AI compute company whose wafer-scale processors are built for large AI training and inference workloads; it trades on Nasdaq as CBRS. Taiwan Semiconductor Manufacturing, the world's largest chip foundry, reported Q2 2026 revenue up 36% year-on-year, with net income up 77.4%, when it filed results on July 16. ASML Holding, the Dutch maker of EUV lithography machines that supply the foundry industry, raised its full-year 2026 sales guidance to a range of €36 billion to €40 billion when it reported on July 15. Qualcomm and Arm Holdings report today.

How Phoenix Equity Perps Work

Phoenix equity perps are perpetual futures contracts that track underlying stock prices without conferring any share ownership. Traders go long or short with up to 10x leverage, 24/7, settling on-chain on Solana with self-custody throughout. The mark price uses a median-based oracle construction for stable index tracking.

The mechanism differs from tokenized spot equity programs, where tokens are issued against actual shares held in custody. Backpack's Sunrise platform, for instance, issues tokens that are redeemable 1:1 for real shares. Phoenix perps carry no ownership interest and settle against a price feed only; positions can be opened or closed at any time without a share redemption step.

$25,000 Frontier Traders Leaderboard, Powered by Torque Protocol

The Solana Foundation's Frontier Traders program launched a $25,000 prize pool for equity perps traders on Phoenix, administered by Torque. Its campaign runs two parallel leaderboards across 22 eligible equity perpetuals on the platform, including TSM, QCOM, ARM, and ASML: total PnL and trading volume.

Volume leaderboard prizes start at $1,950 for first place, $1,500 for second, and $900 for third, with tiered payouts scaling down through 34 or more ranked positions at $70 each. All Frontier Traders members who complete sign-up and join the campaign are eligible. The campaign closes August 6 at 4:00 PM EDT, with claims opening August 28.

The $25,000 pool is structured as additional to the ongoing Flight Club daily distributions. Phoenix confirmed: "Frontier Traders members are eligible for an additional $25,000 prize pool on top of existing Flight Club daily rewards."

Flight Club Day 1: 1,167 Traders Share 15,000 USDC

The five new listings arrive one day after Phoenix's Flight Club reward program completed its first full day of distributions. Phoenix reported that 1,167 traders who participated on Day 1 received a share of 15,000 USDC, with Day 2 now underway. Flight Club runs for 28 days and distributes $420,000 USDC total at 15,000 USDC per day.

Solana Compass program data for the Phoenix perps program shows the same launch-day spike in on-chain activity.

Phoenix has built its equity catalog steadily since listing its first stock pairs in mid-June, then expanding to ten equity pairs within a week to cover AMD, Intel, Microsoft, Meta, Amazon, SanDisk, and CoreWeave. Open interest across Phoenix equity pairs reached an $8.8 million all-time high in June. With the Frontier Traders competition and Flight Club running concurrently this week, traders active in equity perps are eligible for both the daily distribution and the leaderboard pool at the same time.