Phantom perps: how they work, where they are available, what they cost
Phantom lets users in permitted regions trade perpetual futures inside the wallet, with orders executed on Hyperliquid. Perps are not available in the US, the UK, sanctioned jurisdictions or with a Ledger. Each trade costs 0.095% of position size, and leverage means a small price move can liquidate your whole margin.
Perpetual futures ("perps") are leveraged contracts that track the price of an asset without expiring. Phantom added perps on 8 July 2025, starting with users in the EU (The Block, July 2025). This page explains how they work, where they are blocked, what they cost and the risks. We do not recommend leveraged trading; this page is here so you know what you are dealing with. Last verified: 25 October 2026.
How Phantom perps work
Phantom does not run its own exchange. It connects to Hyperliquid, a decentralised perpetuals exchange on its own blockchain, and sends your orders there. Phantom earns a "builder fee" on each trade on top of Hyperliquid's own fee. Positions are held on Hyperliquid under your wallet's control rather than with Phantom (Phantom help centre, 2026).
- Where: in the Phantom mobile app and in Phantom Terminal, a desktop web interface at trade.phantom.com that Phantom announced in beta on 18 November 2025 (Forklog, November 2025).
- Requirements: your perps activity is tied to your Phantom account's Ethereum address. Perps do not work with Ledger hardware wallets.
- Collateral: your perps balance is held on Hyperliquid in USDC. You can pay from your Cash account, CASH in your main wallet, SOL or USDC on Solana, and Phantom converts or transfers it as margin. The minimum order size is 10.25 USDC, and very small deposits may be reduced or fail because of activation fees (Phantom help centre, 2026).
- Markets: crypto pairs such as SOL, BTC and ETH, equity perps that track stocks and equity indices (for example GOOGL and AAPL), commodities and other assets (Phantom help centre; Datawallet, 2026).
- Margin: isolated margin only. Each position has its own margin, so liquidating one does not touch the others.
Where perps are not available
Phantom's help centre lists perps as available worldwide except in the United States, the United Kingdom and sanctioned jurisdictions, and says they are not available in "other territories" either (Phantom help centre, 2026). If perps are not offered where you are, Phantom shows a notice in the app instead of the feature.
Do not try to get around a regional block with a VPN. It may break the terms of Phantom or Hyperliquid, and it gives you no protection if something goes wrong. On 17 March 2026 the US CFTC's Market Participants Division gave Phantom a no-action letter about software that connects users to CFTC-registered exchanges and brokers (CFTC, March 2026). That letter did not open Phantom perps to US users; they remain blocked in the US.
Fees
| Action | Fee (Phantom help centre, 2026) |
|---|---|
| Open, add to, reduce, reverse or close a position | 0.095% of position size: 0.05% Phantom + 0.045% Hyperliquid |
| First deposit into, and first withdrawal from, the perps balance | 1 USDC flat fee charged by Hyperliquid, each |
| Later deposits and withdrawals | 0.07% Hyperliquid spot swap fee plus network fees |
| Funding payments | Exchanged hourly between longs and shorts and shown in your profit and loss |
The fee is charged on position size, not on your margin. A $1,000 margin at 10x leverage is a $10,000 position, so opening costs about $9.50 and closing about another $9.50, before funding. Independent reviewers note that Phantom's builder fee makes the same trade roughly twice as expensive as placing it directly on Hyperliquid at entry-tier rates (Datawallet, June 2026). Phantom adds that fees can vary by order type, market and account tier, and that equity and other HIP-3 markets can have deployer-specific fees (Phantom help centre, 2026).
Leverage and liquidation
You choose leverage when you open a position. Phantom's help centre does not state a single maximum; at launch Phantom offered up to 40x (The Block, July 2025), and reviewers report lower caps on smaller tokens and about 10x on equity perps (Datawallet, June 2026). The real limit for each market is shown in the app.
Leverage multiplies losses as well as gains. As a rough guide, at 10x a move of about 10% against you wipes out your margin, and liquidation comes a little earlier because of maintenance margin. At 20x it takes roughly 5%. Phantom shows the liquidation price and its distance from the current price before you confirm.
Liquidation uses Hyperliquid's mark price, a fair-value estimate from its oracle, not the last price on a chart. Phantom warns that a position can be liquidated even when the price chart does not show the same move (Phantom help centre, 2026).
Risks to understand first
- Total loss of margin. Volatile assets can move 10% or more in minutes.
- Funding costs. Holding a position for days or weeks can cost more in funding than the trading fees.
- Platform risk. Your positions depend on Hyperliquid's exchange, oracle and bridge working correctly.
- Equity and commodity perps trade around the clock and can gap when traditional markets open.
- Scams. "Signal groups", copy-trading bots and "account managers" who ask for your recovery phrase or ask you to send funds are scams. Phantom never asks for your recovery phrase.
- Tax and law. Leveraged derivatives are restricted or taxed differently in many countries. Check your local rules.
If you only want exposure to SOL or another token, buying it with a normal swap has no liquidation risk. For low-risk yield on SOL, see staking in Phantom.
Background
Phantom has kept investing in trading features. Around 30 June 2026 it brought on the three co-founders of Ventuals, a Hyperliquid-based perpetuals project that had wound down earlier that month; reports describe it as a team hire rather than a confirmed acquisition (Solana Compass, June 2026). For an overview of all of Phantom's costs, see Phantom fees explained.
Frequently asked questions
Can I trade Phantom perps in the US or UK?
No. Phantom's help centre says perps are not available in the US, the UK, sanctioned jurisdictions and some other territories. The app shows a notice if the feature is blocked where you are.
What does a Phantom perps trade cost?
0.095% of the position size each time you open, add to, reduce or close a position: 0.05% to Phantom and 0.045% to Hyperliquid. Funding payments and network fees come on top.
Does Phantom hold my perps funds?
No. Phantom routes orders to Hyperliquid, and positions are held there under your wallet's control. You still depend on Hyperliquid working correctly.
Can I use perps with my Ledger?
No. Phantom says perps are not available with Ledger hardware wallets.
Why was I liquidated when the chart did not reach my liquidation price?
Liquidation uses Hyperliquid's oracle-based mark price, not the price on the chart. The two can differ, especially during fast moves.