Venue profile: Phoenix (phoenix), v0

Phoenix runs two kinds of market on Solana, each its own program: perpetual futures with cross-margin trader accounts, and spot order books (Phoenix v1, program PhoeNiXZ8ByJGLkxNfZRnkUfjvmuYqLR89jjFHGqdXY).

1. Instruments

Named spot markets:

2. Perpetual markets

2.1. Account

The account is the agent authority's Phoenix cross-margin trader account at PDA index 0, subaccount 0, together with the authority's wallet USDC.

2.2. Measurements

• Position. The trader's base_lots in the market, from Hawkeye's view_margin_for_asset, converted to base units with the market's lot size from the /exchange metadata.
• Universe. Hawkeye's view_margin reports position_count, the number of markets in which the trader holds a position or open orders. An account is outside its universe when position_count exceeds the number of universe markets that view_margin_for_asset reports as holding a position or orders (has_position_or_orders).
• Value. Collateral plus unrealized PnL at the mark, from view_margin, plus the authority's wallet USDC. Unsettled funding is not counted. USDC withdrawn from Phoenix to the wallet keeps its value, so withdrawing can't hide a drawdown.

3. Spot markets

3.1. Account

On each spot market in the universe, the account is the agent authority's seat on that market: its TraderState in the market account, which the program keeps for every trader with a seat, together with the authority's wallet token accounts for the market's base and quote mints.

The wallet matters for trading too: a Swap order trades straight from the wallet's token accounts, without a seat.

3.2. Measurements

For a market with base lot size BL and quote lot size QL, the trader's TraderState holds:

• Base: (base_lots_free + base_lots_locked) × BL, in base atoms.
• Quote: (quote_lots_free + quote_lots_locked) × QL, in quote atoms.

From them:

• Position. The base held in the wallet, plus the trader state's base, in base units. For SOL, the wallet's holding is its wrapped SOL token account; native SOL is not counted, since the authority spends it on transaction fees.
• Fills. Each match is a Fill event in the instruction's audit log, with the maker (maker_id), the maker order's order_sequence_number, the price (price_in_ticks) and the size (base_lots_filled). The sequence number gives the maker's side (Side::from_order_sequence_number), and the taker's is the opposite; the log's header names the taker, as signer. Phoenix settles both sides of a match in the same instruction, so the position never lags a fill.
• Open orders. An order resting in the market's book whose trader index is the authority's seat.
• Value. Base and quote holdings, wallet and trader state together, with the base at the Pyth price feed for it (for SOL, the SOL/USD feed ef0d8b6fda2ceba41da15d4095d1da392a0d2f8ed0c6c7bc0f4cfac8c280b56d) and USDC at $1.

Wallet balances that both Phoenix and another venue in the universe count, such as the authority's USDC, are counted once, as the mandate requires.

4. The benchmark's enforcer

mtx grade audits every rule for the perpetual markets:

• It measures the account twice a second while the bot runs, and once more at the term's last slot.
• It reports the peak position, the most markets held outside the universe, and the deepest drawdown, and disqualifies the session on any breach.
• It hands the bot its copy of the mandate in MTX_MANDATE, with the term set to the session's last slot.

No benchmark task enforces the spot markets yet.

Separately, the benchmark gates the RPC methods a bot may call. That is a rule of the benchmark's sandbox, not part of the mandate.