Phantom, the leading Solana wallet with over 10 million monthly active users, has revolutionized mobile crypto trading by launching perpetual futures trading directly within its app, offering leverage up to 40x across more than 100 markets.
The feature, dubbed "Phantom Perps," marks a significant shift in how retail traders access derivative products, bringing institutional-grade trading capabilities to the fingertips of millions without requiring them to leave their wallet interface.
Powered by Hyperliquid Infrastructure
The integration leverages Hyperliquid's Layer 2 decentralized trading protocol, which processes over $1.6 trillion in annual volume. Hyperliquid's infrastructure enables zero gas fees and ultra-low latency execution, crucial for the high-frequency nature of perpetual futures trading.
"We're bringing finance onchain," said Jeff Yan, CEO and co-founder of Hyperliquid, praising Phantom's implementation. "Innovative user interfaces are a huge milestone. I'm excited to see Phantom and Hyperliquid scale and grow together."
Comprehensive Market Coverage
Phantom Perps launches with an extensive selection of trading pairs:
- Major cryptocurrencies: BTC-USD, ETH-USD, SOL-USD
- Layer 1 and Layer 2 tokens: AVAX, ARB, LINK
- High-volatility meme coins: DOGE, PEPE, BONK
- Over 100 total markets available at launch
Users deposit SOL, which is automatically converted to USDC behind the scenes for seamless trading execution.
Mobile-First Design Philosophy
The implementation represents a departure from traditional perpetual futures platforms, which typically feature complex interfaces designed for desktop trading. Phantom's mobile-first approach simplifies the experience while maintaining professional-grade functionality.
Key features include:
- One-tap long or short positioning
- Built-in stop-loss and take-profit orders
- Clear display of funding rates and liquidation thresholds
- Isolated margin to prevent cross-position liquidation
- Real-time profit/loss tracking
Risk Management and User Protection
Recognizing the inherent risks of leveraged trading, Phantom has implemented multiple safeguards:
Opt-in Requirement: Users must explicitly consent to enable perpetual futures trading, acknowledging the risks involved.
Educational Resources: The platform provides warnings, educational pop-ups, and clear risk disclaimers before users can open positions.
Position Management: Isolated margin ensures that losses in one position cannot affect other wallet holdings, protecting users from total account liquidation.
Transparent Metrics: Funding rates, open interest, and liquidation prices are prominently displayed for each position.
Phased Global Rollout
The service initially launched for European Union users on July 8, 2025, with plans for broader geographic expansion. The phased approach allows Phantom to refine the product based on user feedback while ensuring regulatory compliance across jurisdictions.
Notably, the service is not available in certain regions, including the United Kingdom, due to local regulatory restrictions on leveraged crypto derivatives.
Market Impact and Industry Implications
Phantom's entry into perpetual futures trading could significantly impact the broader DeFi ecosystem:
Accessibility: By integrating perps directly into a popular wallet, Phantom removes the friction of moving funds between wallets and exchanges.
User Retention: The feature encourages users to keep assets within the Phantom ecosystem rather than transferring to centralized exchanges.
Competition: The move challenges both centralized exchanges and dedicated DeFi perpetual platforms, potentially accelerating innovation across the sector.
Technical Architecture
Under the hood, Phantom Perps benefits from Hyperliquid's advanced infrastructure:
- Sub-second order execution
- Deep liquidity pools aggregated from multiple sources
- Decentralized order matching preventing front-running
- Automatic position management and liquidation engines
Looking Ahead
The launch of Phantom Perps represents a broader trend of wallet providers expanding beyond basic asset storage to become comprehensive financial platforms. As the lines between wallets, exchanges, and trading platforms continue to blur, users benefit from increased functionality without sacrificing the self-custody ethos of DeFi.
With perpetual futures representing over 75% of total crypto derivatives volume, Phantom's timing appears strategic. The integration could onboard millions of new users to leveraged trading while maintaining the decentralized principles that attracted them to crypto in the first place.
As the feature rolls out globally, market observers will watch closely to see if other major wallets follow suit, potentially ushering in a new era of in-wallet financial services that rival traditional centralized platforms.