Collateral

Phoenix perps settle PnL, funding, and trading fees in USDC. Phoenix supports both USDC and native SOL as collateral. SOL contributes a risk-adjusted USDC value to your account health. You can deposit, withdraw, and transfer both assets through the Phoenix app.

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Collateral assets

Phoenix supports USDC and native SOL as collateral. Other collateral assets may be added in the future. Solana USDC is deposited through the Ember contract first before it reaches the Phoenix exchange. Ember wraps Solana USDC 1:1 into Phoenix’s exchange-side collateral representation. Withdrawals perform the reverse conversion.

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Ember

Ember is the proxy contract between standard Solana USDC and Phoenix collateral. Deposits:

1. USDC moves from your wallet token account into Ember.
2. Ember wraps the same atomic amount 1:1.
3. Phoenix credits the collateral to your trader account.

Withdrawals:

1. Phoenix withdraws collateral from your trader account.
2. Ember unwraps the same atomic amount 1:1.
3. USDC returns to your wallet.

Ember does not set exchange rates, apply haircuts, or introduce another collateral asset. The amount transferred into Ember is the amount credited through the wrapper. The amount burned on withdrawal is the amount released back as Solana USDC.

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Account collateral and effective collateral

deposited_collateral is the USDC collateral balance credited to a Phoenix trader account. effective_collateral is the collateral value Phoenix uses for risk checks. It includes deposited USDC, the risk-adjusted value of SOL collateral, unsettled funding, and unrealized PnL: $$C_{\text{effective}} = C_{\text{deposited}} + V_{\text{SOL, margin}} + U + F_{\text{unsettled}}$$ Effective collateral is not a separate balance or token. It is the margin value used for health checks, liquidations, and withdrawal eligibility.

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SOL margin value

Phoenix counts up to 80% of your SOL’s value at the SOL index price toward margin. If Phoenix cannot obtain a valid SOL index price, actions that depend on SOL collateral valuation may be unavailable until valid pricing resumes. Let:

• $B$ be your SOL collateral balance
• $P_{\text{SOL}}$ be the SOL index price in USDC
• $w_{\text{SOL}}$ be the current SOL collateral weight, up to 0.80

The undiscounted value is: $$N_{\text{SOL}} = B \times P_{\text{SOL}}$$ The value that contributes to margin is: $$V_{\text{SOL, margin}} = N_{\text{SOL}} \times w_{\text{SOL}}$$ At the maximum 80% collateral weight, the remaining 20% is a risk-management buffer for SOL price changes and execution slippage if the collateral must be sold for USDC. It is not a fee: your SOL balance does not change, and portfolio value still uses the full index-price value. Phoenix may limit or temporarily disable SOL deposits as risk conditions change. The app shows whether SOL deposits are currently available.

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Withdrawals

Phoenix rate-limits protocol-wide collateral outflows with a global withdraw queue. The queue applies to exchange-wide withdrawals, not just activity on one account.

• A withdrawal clears immediately if the queue is empty and the request fits within the current withdrawal budget.
• Otherwise, the withdrawal is queued.
• Queued withdrawals are processed in FIFO order as budget replenishes over time.
• Queued withdrawals are not partially filled.
• If the account no longer has enough withdrawable collateral when the request reaches the front of the queue, the request can be dropped instead of processed.

The Phoenix app charges a flat 0.50 USDC fee for each USDC withdrawal, including withdrawals that enter the queue. This fee is specific to the app and is not charged protocol-wide. Negative unrealized PnL on an open position does not independently block withdrawals. Phoenix already includes that loss in its margin checks. Phoenix blocks both USDC and SOL withdrawals from a cross account when a realized loss leaves its USDC balance negative. To unblock withdrawals, deposit enough USDC to restore a nonnegative balance or sell SOL collateral for USDC.

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SOL withdrawals

SOL withdrawals have no withdrawal fee. They must leave your account at or above its initial margin requirement. SOL withdrawals are processed immediately or fail; they are never queued. A withdrawal may fail while the withdrawal queue is active or when protocol-wide withdrawal capacity is unavailable.

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Using SOL collateral

SOL contributes to margin for orders and open positions. However, it does not increase your USDC withdrawal limit. For a USDC withdrawal, Phoenix evaluates your account without the margin value of SOL: $$C_{\text{USDC withdrawal}} = C_{\text{deposited}} + U_{\text{withdrawal-discounted}} + F_{\text{unsettled}}$$ If your projected USDC balance becomes sufficiently negative relative to your SOL margin value, Phoenix may automatically convert some SOL to USDC. See Automatic SOL conversion for the trigger and sizing math.

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Reference

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Contract and mint addresses

• Ember program id: EMBERpYNE6ehWmXymZZS2skiFmCa9V5dp14e1iduM5qy
• Wallet USDC mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
• Phoenix USDC mint: PhUsd11YkbjSaWjFncfAAmatntsjx3MgDR9B6g1ks3A

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Current withdraw parameters

Snapshot verified from live mainnet exchange accounts on 2026-04-20:

• max_budget: 2,000,000 Phoenix USDC
• replenish_amount_per_slot: 450 Phoenix USDC per slot
• withdrawal_fee: 0 Phoenix USDC
• SOL withdrawal fee: 0
• enqueueing_fee: 0
• deposit_cooldown_period_in_slots: 0