PhoenixTrade Surpasses $10M Open Interest Milestone

PhoenixTrade's open interest has surpassed $10 million for the first time, reaching as high as $11 million. This represents a roughly 25% jump from its previous all-time high of $8.8 million set in June 2026.

The milestone came just two days after PhoenixTrade launched its 'Flight Club' incentive program on July 27-28, which allocates $420K in USDC rewards over 28 days to traders who participate in trading volume, open interest held, and referrals.

PhoenixTrade's technical advantage lies in its 'crankless' fully on-chain order book, eliminating the need for external actors, called cranks, to process orders. This results in gasless trading and transaction fees of roughly 0.005%.