PhoenixTrade Lists BONK With Up to 10x Leverage on Solana Perpetuals Platform
The listing adds BONK to PhoenixTrade’s perpetual futures platform, where users can trade contracts tied to the Solana-based memecoin. BSCN identified PhoenixTrade as a Solana-based perps exchange and reported the maximum leverage available for BONK at 10x.
BONK Added to PhoenixTrade
The listing was announced as PhoenixTrade expanded the assets available on its perpetuals platform. The exchange operates on Solana, while BONK is a memecoin associated with the network.
The availability of up to 10x leverage allows traders to take positions larger than the capital they provide as collateral. However, the source post does not provide further details about the specific BONK contract, including funding rates, margin requirements or liquidation parameters.
The listing therefore represents an expansion of BONK’s availability within PhoenixTrade’s derivatives market, without additional details in the source regarding trading conditions beyond the stated leverage limit.
PhoenixTrade Reports $3.2 Billion in Volume
BSCN also pointed to strong trading activity on PhoenixTrade since its launch. The platform has recorded more than $3.2 billion in trading volume in less than a year, according to the figures shared in the post.
More recently, PhoenixTrade recorded approximately $274 million in volume over the past week alone. The weekly figure represents a portion of the platform’s reported overall volume and provides a snapshot of its recent trading activity.
The source does not specify whether the reported figures refer exclusively to perpetuals trading or include other activity on the platform.
BONK Joins Solana Perpetuals Market
The addition places BONK within PhoenixTrade’s leveraged derivatives offering alongside the platform’s existing markets. Unlike spot trading, perpetual contracts allow traders to establish positions without directly holding the underlying asset, while leverage can increase both potential gains and losses.
For BONK, the listing provides access to a perpetuals market with a stated leverage ceiling of 10x. The source does not provide information on trading volume for the newly listed BONK market or how it has performed since becoming available.
BSCN’s report also places the listing within a period of rapid growth for PhoenixTrade, with the platform having surpassed $3.2 billion in volume in less than a year and recording $274 million in volume during the past week.
writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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