Phoenix added seven equity perpetual futures markets on August 25 for CrowdStrike, Moderna, Eli Lilly, Cloudflare, Netflix, Marvell Technology and Iris Energy, expanding its Solana-based catalog from 22 to approximately 29 markets. Each launched with up to 10x leverage. The contracts track stock prices without conveying ownership of the underlying shares, allowing traders to take leveraged long or short positions using crypto collateral. Positions settle on Phoenix’s on-chain limit order book, with fees of approximately 0.035%. The products differ from tokenized shares issued by Backpack Securities, which are backed by real equities held in custody. Phoenix’s markets use real-time oracle feeds and periodic funding-rate adjustments to keep prices aligned with their reference stocks. Built by Ellipsis Labs, Phoenix uses a crankless central limit order book in which trades settle atomically and funds clear immediately after fills. The platform’s contracts are audited by OtterSec, retail access is gasless, and Phoenix became available natively through the Solflare wallet interface on August 24.