Phoenix

Phoenix is an on-chain perpetuals DEX on Solana. You trade from your own wallet — no email, no KYC, no custody. USDC settles directly on-chain, and every order is a signed Solana transaction submitted by the terminal.

Why Phoenix is different

• Fully on-chain — orders, fills and margin all live on Solana; your wallet always holds the keys.
• Isolated margin per market — each market (BTC, ETH, …) gets its own subaccount, funded automatically on the first trade.
• USDC settles directly — withdraw back to your wallet at any time.
• No API key — sign-in is one signed message per session (no gas); orders are signed transactions.

Two balances to know

1. Wallet USDC — what sits in your Phantom/Solflare (or terminal) wallet; this is what you can deposit.
2. Subaccount USDC — what trades actually use as margin. Each market's subaccount is created and funded on the first trade, or top it up from the Phoenix card in Settings.

Connecting

Open Settings → Trading Accounts → Phoenix.

Option A — Phantom or Solflare

1. Pick the wallet in the Signer dropdown
2. Click Connect Phoenix — the wallet prompts to connect, then to sign one sign-in message (no gas)
3. Deposit USDC to your subaccount, or include it with your first trade

Option B — Solana terminal wallet

Select a terminal wallet as the signer instead — sign-in and every transaction then sign silently with no popups at all.

Costs

• Gas — ~0.0001 SOL per transaction (about a cent). Keep a small SOL balance alongside your USDC.
• Fees — standard Phoenix taker/maker fees. CubeTerminal collects 5 bps via Phoenix's builder program on liquidity-removing fills — the same fee you'd pay trading Phoenix anywhere, at no extra cost to you.

Managing funds

The Phoenix card in Settings shows your wallet balance, subaccount balance and a per-market subaccount breakdown, with deposit / withdraw / sweep controls. Withdrawals return USDC to your connected wallet.