Solana’s native token SOL has been enabled as collateral on Phoenix, a non-custodial perpetual futures exchange developed by Ellipsis Labs on Solana, according to an announcement dated September 16, 2026. The integration lets traders post SOL as margin alongside USDC for positions on any of the 80+ Phoenix markets spanning crypto, equities, and commodities.
Previously, SOL holders who wanted to trade perpetuals on Phoenix had to sell their SOL for stablecoins. With the new multicollateral system, SOL can remain in the account and directly back positions. SOL is valued at 80% of its market value for collateral purposes, while USDC counts at 100%. Profit and loss continues to settle in USDC. If an account falls below its maintenance threshold, Phoenix’s risk engine automatically reduces positions first and sells only the SOL required to cover any USDC shortfall.
Eugene Chen, CEO of Ellipsis Labs, said: “Traders on Solana today should not have to make the tradeoff between holding spot and trading perpetuals. 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.”
SOL is the first asset added under Phoenix’s multicollateral framework, which is designed to support additional collateral types over time. Each collateral asset will carry its own oracle, weight, and liquidation parameters. Phoenix is a fully on-chain orderbook where every order, fill, and liquidation executes on the Solana blockchain, and trader funds are held in on-chain program accounts governed by open-source smart contract logic.
The move expands SOL’s utility beyond simple spot holding and could increase demand for the token among traders seeking leveraged exposure across multiple markets. It also highlights a broader trend of integrating crypto assets into traditional-style trading venues. Phoenix is not available in the U.S. or other prohibited jurisdictions.
