How Phoenix and Injective differ on chain, volume, fees and model.
| Phoenix | Injective | |
|---|---|---|
| Type | Solana spot orderbook | Orderbook L1 |
| Chain | Solana | Injective L1 |
| 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. | Injective’s on-chain CLOB supports precise limit orders and advanced order types; Frequent Batch Auctions (FBA) aggregate orders into batches that clear at one price, eliminating front-running and MEV. |
| Scale* | Solana spot | Orderbook L1 |
| Max leverage | — | — |
| Best for | On-chain spot order books on Solana | MEV-resistant on-chain order books |
Pick Phoenix for on-chain spot order books on solana; pick Injective for mev-resistant on-chain order books.
* Volume/TVL = dated snapshot (DefiLlama + venue reports, 2026).