Phoenix Perpetuals Adds SOL as Collateral Option

Traders on Solana's Phoenix perpetual futures exchange can now use SOL as collateral for their positions, marking an important milestone for the platform. As of September 16th, 2026, SOL holders can post it alongside USDC to margin any position on one of the 80+ markets offered by Phoenix.

This change eliminates the need for traders to sell their SOL for stablecoins before trading perpetuals, a requirement that previously forced them to make a tradeoff between holding spot and engaging in futures trading.

'Traders on Solana today should not have to make the tradeoff between holding spot and trading perpetuals,' said Eugene Chen, CEO of Ellipsis Labs. 'SOL collateral solves this tradeoff. A trader can stay long SOL, post it as margin, and run a basis trade or take a position in any Phoenix market without touching USDC.'

The addition of SOL as collateral is the first step in Phoenix's multicollateral system, which aims to support multiple collateral types over time. Each asset will have its own oracle, weight, and liquidation parameters, with the ability for users to enable further assets based on demand.