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Phoenix vs Orderly Network

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

PhoenixOrderly Network
TypeSolana spot orderbookOmnichain CLOB infra
ChainSolanaOmnichain
How it worksPhoenix 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.Orderly 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.
Scale*Solana spotBuilder infra
Max leverage——
Best forOn-chain spot order books on SolanaBuilders launching a CLOB DEX

Phoenix

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

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

Bottom line

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

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