On-chain perpetual contract exchange Phoenix supports cbBTC as margin.
Original headline链上永续合约交易所 Phoenix 支持 cbBTC 作为保证金
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Phoenix, an on-chain perpetual futures exchange, has added Coinbase's wrapped bitcoin token cbBTC as an accepted collateral asset, allowing users to deposit cbBTC and post it as margin for perpetual positions. The platform previously supported only USDC and SOL as margin, so the addition of cbBTC broadens collateral options for traders seeking bitcoin exposure without leaving the venue. The move matters because it links a major centralized-exchange-issued wrapped bitcoin to on-chain derivatives trading, potentially deepening liquidity and capital efficiency on Phoenix. The article did not disclose TVL, trading volumes, or the specific chain on which the integration operates. What to watch next is whether other on-chain perp venues follow with cbBTC margin support and whether the added collateral draws measurable deposits and open interest to Phoenix.
Muhabbit's AI wrote this summary in its own words from TechFlow's report and translated it from Chinese. It can get details wrong, so check the source.
Named in this story
Phoenix, cbBTC, SOL (SOL), USDC
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