We’re launching support for perpetual futures (perps) to help democratize access to some of crypto’s most liquid and popular markets.
Most perps platforms today are designed for pros with complex trading features, which can be hard to navigate for beginners. But with Phantom’s intuitive, mobile-first design, you can easily open, close, and manage positions directly within your wallet. No extra apps, no confusing interfaces, and no compromises on speed, control, or performance.
Learn more about how we’re making perps simple—so anyone can trade like pro.
Why use perps?
With perpetual contracts, you’re not just trading tokens, you’re betting on what you think will happen next. Unlike traditional futures, perps have no expiration date—you can hold them as long as you want.
With perps, you can:
- Speculate: Bet on the future price movements of tokens without having to own the underlying token.
- Go short: Think the price of an asset is going down? With perps you can short an asset unlike in spot trading, which only allows traders to go long.
- Use leverage: Control larger positions with less upfront capital, allowing you to amplify potential gains (or losses).
- Hedge your bets: If you hold a token in spot, and believe it might see a short-term price decline, you can open a short position to offset potential losses.
Why trade perps in Phantom?
Here’s everything to love:
- 100+ markets: Go long or short on the biggest tokens, like BTC, SOL, and ETH, as well as the hottest memes like PEPE, FARTCOIN, and DOGE.
- One wallet for everything: No need for multiple apps. Open, close, and manage your positions directly in Phantom's Home tab, right alongside your tokens and collectibles.
- Perps in your pocket: Trade anywhere, anytime. Go long or short in just a few taps—no need for a desktop computer and clunky trading interfaces.
- Stay in control: Automate your exit strategy with stop loss and take profit, and stay informed on your positions with real-time alerts.
- Powered by Hyperliquid: Benefit from Hyperliquid’s deep liquidity, speedy transaction settlement, and proven reliability.
Getting started
You can get started with perps in just a few taps.
Fund your perps balance
Before you open a position, you’ll need to fund your perps balance with SOL. It takes less than a minute and your SOL will automatically be converted to USDC on Hyperliquid.
Open a position
- Choose from more than 100 perps contract options, and decide to go long (if you think the price will go up) or short (if you think the price will go down).
- Input the amount you’d like to trade with, use the slider to adjust your leverage, and set stop loss and take profit to limit losses and lock in gains.
- Finalize your order details, review your position, and open it. Remember—you can easily manage positions right from the Home tab, with real-time data at your fingertips.
Understanding and managing risks
Perps are a powerful trading tool. But they are not without risks.
- Greater potential losses with leverage: Leverage lets you control a larger position with a smaller amount of capital. While leverage can amplify potential returns, it can also amplify your potential losses.
- Liquidation risks: Liquidation is when a trader is forced to sell their position because asset prices moved too far against their position. Higher leverage increases the risk of liquidation.
- Funding rate costs: Perpetual futures use a mechanism called funding rates to keep prices in line with the spot market. Traders who hold positions for long periods will have to periodically pay funding fees, which reduce profitability, especially when using higher leverage.
Here are some friendly reminders to help you manage risks:
- Be cautious with leverage: Start small, and don’t leverage more than you’re willing to lose.
- Always set a stop loss: Protect yourself from market volatility by setting price levels at which you’ll automatically close your position. This helps prevent liquidation, and protects your capital.
Looking ahead
Our goal is to make Phantom the simplest and most convenient way to trade perps on your phone. We’re beginning to roll out perps to some users today, and will expand access in the coming weeks. And we’ll be moving to constantly add new features and functionality.
If you don’t have access yet—it’s coming soon! And if you do, tag us on X and let us know what you think.
Resources
We’ve worked hard to make perps easy for everyone. If you have any questions about how perps work in Phantom or want to brush up on the basics, check out the following articles:
Note: Phantom Perps aren't available everywhere. Trading perps involves significant risk and may not be suitable for all users. This post is not intended for UK audiences.
