Phoenix Fronts $420K in Rewards as Solana Records All-Time High in Quarterly Perps Volume

Phoenix Trade, a popular Solana-native perpetual exchange, has launched Flight Club, an incentive campaign promising to distribute $420k among active traders.

After trailing in one of crypto’s strongest growth verticals, Solana’s perps scene is starting to gain momentum, recording a new all-time high in quarterly volume.

Competition is flaring in Solana’s perp race, which is expected to see several new venues launch in the coming months.

Phoenix Launches Flight Club

Phoenix Trade continues to reward its traders. After distributing up to $5k to Drift traders who lost funds in its April 1st exploit, airdropping $ANSEM to Black Bull traders, and recently hosting a $10k equities trading competition, Phoenix has unveiled its biggest rewards campaign yet.

Over the next 28 days, Phoenix Flight Club promises to pay out $420k, or $15k per day, among traders. While the specific methodology behind how rewards are distributed remains undisclosed, Phoenix has indicated that payouts are calculated based on volume, open interest, and referral volume, with a bonus given to traders who build an activity streak over time.

While Phoenix’s trading volume has tapered off in recent weeks following its highs in early June, the venue maintains one of the healthiest turnover rates, and highest trade counts, among all Solana perps DEXs. 

Phoenix’s low turnover rate suggests that the platform’s traders hold their positions open for longer, allowing their theses time to play out rather than optimizing for volume, which could indicate a higher concentration of organic activity.

Solana Perps Sector Hits All-Time High in Quarterly Volume

While Solana’s footprint is still comparatively small in the face of giants like Hyperliquid, the network’s budding perps sector is starting to gain momentum. According to Blockworks Data, Solana perpetual futures DEXs have recorded a new all-time high in quarterly volume, notching over $183B in Q2.

Outside of crypto majors, FX pairs remain the largest asset class among Solana perps traders, surpassing other popular RWAs like commodities and equities. 

However, while high volumes in FX pairs could suggest strong demand for these markets, it’s worth mentioning that the vast majority of these volumes come through GMTrade, which offers 500x leverage on these pairs.

Jupiter’s GUM Expands Perps Asset List

Elsewhere in Solana’s emerging perps race, Jupiter is finally addressing one of the biggest criticisms of its perpetual futures product. Since launch, Jupiter perpetuals have relied entirely on the $JLP token, which served as a counterparty to traders expressing their opinion on $BTC, $ETH, and $SOL.

As a result of its design, these majors were the only listed assets on Jupiter’s perps platform, a constraint that frustrated many of its users.

Since the launch of its newest product, GUM (Global Unified Market), Jupiter has enabled perpetual futures trading of additional assets like $JUP and $SPCX. Currently, GUM is operating in an invite-only beta period, resulting in lower volume and open interest than its existing perps venue.

However, while a broadening range of tradable assets with a Jupiter-based trading product is encouraging for users, GUM perpetuals are settled on a dedicated settlement layer, meaning that it doesn’t route economic or transactional activity over the Solana Layer-1.

Read More on SolanaFloor

Tensions ease in the Middle East

Market Breathes Sigh of Relief as US, Iran Pause Strikes

What Happens if CLARITY Fails?