How Bluefin and Phoenix differ on chain, volume, fees and model.
| Bluefin | Phoenix | |
|---|---|---|
| Type | Sui CLOB DEX | Solana spot orderbook |
| Chain | Sui | Solana |
| How it works | A next-generation CLOB on Sui (after starting on Polkadot and Arbitrum), offering perps and spot with features like sub-accounts, zkLogin, account abstraction and read-only tokens. | Phoenix is a fully on-chain, atomic-settlement spot limit order book on Solana that needs no off-chain crank, offering CEX-like spot trading with on-chain transparency. |
| Scale* | Sui leader | Solana spot |
| Max leverage | high | — |
| Best for | CLOB trading on Sui | On-chain spot order books on Solana |
Pick Bluefin for clob trading on sui; pick Phoenix for on-chain spot order books on solana.
* Volume/TVL = dated snapshot (DefiLlama + venue reports, 2026).