Phoenix has launched Phoenix Flight Club, a four-week rewards program that will distribute 420,000 USDC to traders over 28 days as onchain derivatives venues compete for liquidity, activity and market share.
The campaign runs from July 27 through Aug. 23, with 15,000 USDC distributed each day. Rewards are calculated daily and paid to users’ Phoenix accounts within 24 hours after each activity window closes at 19:00 UTC.
Users can earn by trading, maintaining open positions, generating referral volume and staying active on the platform. Rewards are claimable through the Phoenix app with no vesting schedule, lockup or end-of-season cliff.
Flight Club ties rewards to several forms of user activity on Phoenix, a Solana-based perpetual futures exchange. Traders receive a share of each day’s USDC pool based on their trading activity, open positions and referred users’ volume.
Phoenix is also weighting position-holding in the rewards formula. By rewarding users for keeping positions open rather than only entering and exiting trades, the structure appears designed to discourage pure volume churn and place more emphasis on sustained market participation.
The referral component operates separately from Phoenix’s existing referral program. Referred traders receive a fee discount, while referrers earn Flight Club credit based on the trading activity they bring to the platform.