diff --git a/openapi.yaml b/openapi.yaml
index 6dffdbac..03542d62 100644
--- a/openapi.yaml
+++ b/openapi.yaml
@@ -396,6 +396,8 @@ paths:
                           type: number
                         fee_bp:
                           type: integer
+                        venue:
+                          type: string
                         timestamp:
                           type: string
                           format: date-time
@@ -2601,3 +2603,4 @@ components:
             properties:
               message:
                 type: string
+
diff --git a/src/api/rest.ts b/src/api/rest.ts
index ceb505ac..21307476 100644
--- a/src/api/rest.ts
+++ b/src/api/rest.ts
@@ -240,7 +240,7 @@ export async function registerRESTRoutes(app: FastifyInstance) {
           WHERE ids.pool_id IS NOT NULL
        )
        SELECT l.pool_id, l.asset_a, l.asset_b,
-              l.reserve_a::float, l.reserve_b::float, l.spot_price::float, l.fee_bp, l.timestamp
+              l.reserve_a::float, l.reserve_b::float, l.spot_price::float, l.fee_bp, l.timestamp, l.venue
          FROM ids
         CROSS JOIN LATERAL (
               SELECT * FROM pool_snapshots s
@@ -281,3 +281,4 @@ export async function registerRESTRoutes(app: FastifyInstance) {
     }
   )
 }
+
diff --git a/src/api/schemas.ts b/src/api/schemas.ts
index dceedc4b..b7159fd4 100644
--- a/src/api/schemas.ts
+++ b/src/api/schemas.ts
@@ -705,3 +705,4 @@ export function installResponseValidation(app: FastifyInstance): void {
     }
   })
 }
+
diff --git a/src/ingest/venues/index.ts b/src/ingest/venues/index.ts
index 0ea72a28..ef032935 100644
--- a/src/ingest/venues/index.ts
+++ b/src/ingest/venues/index.ts
@@ -2,6 +2,7 @@ import { sdexAdapter } from './sdex'
 import { ammAdapter } from './amm'
 import { soroswapAdapter } from './soroswap'
 import { aquariusAdapter } from './aquarius'
+import { phoenixAdapter } from './phoenix'
 import type { VenueAdapter } from './types'
 
 export * from './types'
@@ -10,6 +11,7 @@ export { sdexAdapter, startSDEXIngester } from './sdex'
 export { ammAdapter, startAMMIngester } from './amm'
 export { soroswapAdapter, startSoroswapIngester } from './soroswap'
 export { aquariusAdapter, startAquariusIngester } from './aquarius'
+export { phoenixAdapter, startPhoenixIngester } from './phoenix'
 
 /**
  * Registry of all available venue adapters.
@@ -22,3 +24,4 @@ export const venueAdapters: VenueAdapter[] = [
   soroswapAdapter,
   aquariusAdapter,
 ]
+
diff --git a/src/ingest/venues/phoenix.ts b/src/ingest/venues/phoenix.ts
new file mode 100644
index 00000000..d5ad526a
--- /dev/null
+++ b/src/ingest/venues/phoenix.ts
@@ -0,0 +1,153 @@
+// TODO: Phoenix contract addresses not verified; using TODO placeholder discovery
+/**
+ * Phoenix AMM Venue Adapter
+ *
+ * Indexes Phoenix liquidity pool (Stellar classic) reserves via the
+ * Phoenix AMM API, calculates spot prices from constant-product invariants,
+ * and stores them in price_points with source = 'Phoenix_amm'.
+ *
+ * Issue: #103, #218
+ */
+
+import { config, activeNetwork, getNetworkConfig, type NetworkName } from '../../config'
+import { createLogger } from '../../logger'
+import type { WatchedPair } from '../../types'
+import type { VenueAdapter, VenuePricePoint } from './types'
+import {
+  getLastPrice,
+  resetLastPrice,
+  writeVenuePricePoints,
+  startVenueAdapter,
+} from './runner'
+import { fetchWithTimeout } from '../../fetch'
+
+const log = createLogger('ingester:Phoenix')
+
+export function _resetLastPrice(): void {
+  resetLastPrice('Phoenix')
+}
+
+export function _getLastPrice(network: NetworkName, pairKey: string): number | undefined {
+  return getLastPrice('Phoenix', network, pairKey)
+}
+
+export interface PhoenixPool {
+  pool_hash: string
+  reserves: string[]
+  total_shares: string
+}
+
+export interface PhoenixListResponse {
+  results?: PhoenixPool[]
+}
+
+export async function fetchPhoenixPools(
+  pair: WatchedPair,
+  apiUrl: string = config.Phoenix.apiUrl
+): Promise<PhoenixPool[]> {
+  try {
+    const assetAStr = pair.assetA.issuer
+      ? `${pair.assetA.code}:${pair.assetA.issuer}`
+      : 'native'
+    const assetBStr = pair.assetB.issuer
+      ? `${pair.assetB.code}:${pair.assetB.issuer}`
+      : 'native'
+
+    const params = new URLSearchParams()
+    params.append('assets[]', assetAStr)
+    params.append('assets[]', assetBStr)
+
+    const res = await fetchWithTimeout(`${apiUrl}?${params.toString()}`)
+    if (!res.ok) return []
+    const data = (await res.json()) as PhoenixListResponse
+    return data.results ?? []
+  } catch (err) {
+    log.error({ pair: pair.pairKey, err }, 'failed to fetch pools')
+    return []
+  }
+}
+
+export function derivePhoenixPricePoints(
+  pools: PhoenixPool[],
+  pair: WatchedPair
+): VenuePricePoint[] {
+  return pools.flatMap((pool) => {
+    const [r0Str, r1Str] = pool.reserves
+    if (!r0Str || !r1Str) return []
+
+    const r0 = parseFloat(r0Str)
+    const r1 = parseFloat(r1Str)
+    if (r0 <= 0 || r1 <= 0) return []
+
+    return [
+      {
+        assetA: pair.assetA.code,
+        assetB: pair.assetB.code,
+        pairKey: pair.pairKey,
+        source: 'Phoenix_amm',
+        poolId: pool.pool_hash,
+        price: r1 / r0,
+        baseVolume: 0,
+        counterVolume: 0,
+        ledger: 0,
+        timestamp: new Date(),
+      },
+    ]
+  })
+}
+
+export async function ingestPhoenixPair(
+  pair: WatchedPair,
+  network: NetworkName = activeNetwork
+): Promise<void> {
+  const pools = await fetchPhoenixPools(pair, getNetworkConfig(network).Phoenix.apiUrl)
+  if (pools.length === 0) return
+
+  const points = derivePhoenixPricePoints(pools, pair)
+  if (points.length === 0) return
+
+  await writeVenuePricePoints('Phoenix', points, pair, network)
+}
+
+export const PhoenixAdapter: VenueAdapter<PhoenixPool[], PhoenixPool[]> = {
+  name: 'Phoenix',
+  kind: 'amm',
+  source: 'Phoenix_amm',
+
+  isEnabled(network: NetworkName): boolean {
+    return getNetworkConfig(network).Phoenix.enabled
+  },
+
+  getPollIntervalMs(_network: NetworkName): number {
+    return config.indexer.pollIntervalMs
+  },
+
+  async discover(pair: WatchedPair, network: NetworkName): Promise<PhoenixPool[][]> {
+    const pools = await fetchPhoenixPools(pair, getNetworkConfig(network).Phoenix.apiUrl)
+    return pools.length > 0 ? [pools] : []
+  },
+
+  async read(target: PhoenixPool[], _pair: WatchedPair, _network: NetworkName): Promise<PhoenixPool[] | null> {
+    return target
+  },
+
+  derive(raw: PhoenixPool[], _target: PhoenixPool[], pair: WatchedPair, _network: NetworkName): VenuePricePoint[] {
+    return derivePhoenixPricePoints(raw, pair)
+  },
+
+  async write(points: VenuePricePoint[], _target: PhoenixPool[], pair: WatchedPair, network: NetworkName): Promise<void> {
+    await writeVenuePricePoints('Phoenix', points, pair, network)
+  },
+
+  async ingestPair(pair: WatchedPair, network: NetworkName): Promise<void> {
+    await ingestPhoenixPair(pair, network)
+  },
+
+  _resetLastPrice,
+  _getLastPrice,
+}
+
+export async function startPhoenixIngester(network: NetworkName = activeNetwork): Promise<void> {
+  await startVenueAdapter(PhoenixAdapter, network)
+}
+