Most Solana Telegram bots buy and sell. This one also lets you put up SOL as margin and take a position larger than your balance, on a memecoin, without leaving the chat. That is a different kind of risk from a spot buy, so this page says plainly who fronts the extra SOL, what has to pass before a position opens, what it costs, and the arithmetic that closes it against you.
This is the question worth asking of any leveraged product, and the answer here is unusually short: Phoenix fronts it, from a treasury wallet you can look at.
You post margin. Phoenix adds the leveraged portion from its own treasury and buys the token with the total. There is no lending pool, no counterparty taking the other side of your trade, and no borrowing against a basket of collateral that can be liquidated out from under you by somebody else's position. The treasury balance is a real account on mainnet, it is linked from the homepage, and the size of it is the hard limit on how much the platform can have fronted at any one time.
That structure is also the reason the leverage is capped where it is. A treasury that fronts real SOL against memecoin depth cannot safely offer the numbers a perpetuals venue can offer against BTC, and pretending otherwise just moves the loss onto the platform and eventually onto everyone using it.
See the treasury and every open position →The screens run before anything moves, and they fail closed: if a data source is missing or unreachable, the trade is refused rather than allowed through on a guess.
The performance fee only ever applies to gains, so a losing position is never charged twice. Holding a position costs nothing per hour, which is the part that most often surprises people arriving from perpetuals.
The least fun section, and the one worth reading twice.
A position closes against you once the loss reaches 85% of your margin. Phoenix monitors the price continuously rather than waiting for you to open the chat, and the trigger tightens further when the exit itself looks expensive: on a pair where getting out would move the price, the position is closed earlier, because a liquidation that cannot execute is not a liquidation. Every position card shows its own trigger before you confirm it.
Your downside is your margin. The fronted portion is the platform's risk, not a debt you carry, so a position cannot leave you owing more than you put in. That is a deliberate property of the treasury-fronted structure rather than a promotional promise.
Read the liquidation model →Yes. Phoenix opens leveraged longs on Solana memecoins at up to 3x from inside Telegram, with the leveraged portion fronted from its own treasury. Most Solana Telegram bots are spot only, which is why the question comes up.
No. A custodial wallet is created for you the first time you use the bot, keys are encrypted per user, and everything settles on Solana. There is no bridge and no external wallet to connect.
0.05 SOL of margin. At 3x that is a 0.15 SOL position.
No. The fronted portion is the platform's risk rather than a debt you carry, so the most a position can cost you is the margin you posted plus the fees on it.
No. There is a 1% fee on margin when a position opens and 5% of profit when it closes at a gain. Holding costs nothing per hour.
They fund the treasury that fronts the leverage, and a share of net trading profit is paid to PHNX holders weekly, pro rata to their holdings, with no claim step. Only profitable weeks pay out.