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Orderly Network vs Phoenix

How Orderly Network and Phoenix differ on chain, volume, fees and model.

Orderly NetworkPhoenix
TypeOmnichain CLOB infraSolana spot orderbook
ChainOmnichainSolana
How it worksOrderly provides a high-speed, shared-liquidity CLOB settled on-chain, deployed across leading chains, so builders launch a perp/spot DEX on top of one unified order book instead of bootstrapping their own.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*Builder infraSolana spot
Max leverage——
Best forBuilders launching a CLOB DEXOn-chain spot order books on Solana

Orderly Network

  • Omnichain shared-liquidity CLOB
  • Build a DEX without bootstrapping liquidity
  • CEX-grade performance, on-chain settlement
  • Infrastructure, not a consumer venue
  • You build the front-end

Phoenix

  • Fully on-chain spot order book
  • No off-chain crank (atomic settlement)
  • Composable Solana liquidity
  • Spot only (no perps)
  • Solana-only

Bottom line

Pick Orderly Network for builders launching a clob dex; pick Phoenix for on-chain spot order books on solana.

* Volume/TVL = dated snapshot (DefiLlama + venue reports, 2026).