What are the pros of Ellipsis Labs?

True on-chain order book with tight execution. Very low price impact even on large trades. Non-custodial trading. Proven volume track record.

What are the cons of Ellipsis Labs?

Order-book model is more complex than simple swaps. Perps carry high leverage and liquidation risk. Best suited to active/professional traders.

How much does Ellipsis Labs cost?

Ellipsis Labs is completely free to use.

Ellipsis Labs Review | Honest Verdict (2026)

Ellipsis Labs is the team behind Phoenix, a fully on-chain, non-custodial order book on Solana, and Phoenix Perpetuals, its futures exchange. Its focus is true central-limit-order-book trading on-chain rather than AMM swaps. Phoenix Perpetuals handles trades up to $8M with less than one basis point of price impact, while the Phoenix spot order book has processed over $75B in volume since launch. The order-book design appeals to traders who want limit orders and tight execution rather than pool-based pricing. It targets active and professional traders who prefer on-chain order-book mechanics with deep liquidity and low impact, as advanced DeFi infrastructure where the order-book model differs from the AMM venues most Solana traders use.

Ellipsis Labs

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