How Phoenix and Bluefin differ on chain, volume, fees and model.
| Phoenix | Bluefin | |
|---|---|---|
| Type | Solana spot orderbook | Sui CLOB DEX |
| Chain | Solana | Sui |
| How it works | 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. | 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. |
| Scale* | Solana spot | Sui leader |
| Max leverage | — | high |
| Best for | On-chain spot order books on Solana | CLOB trading on Sui |
Pick Phoenix for on-chain spot order books on solana; pick Bluefin for clob trading on sui.
* Volume/TVL = dated snapshot (DefiLlama + venue reports, 2026).