Perpetual futures, also called perps, let you trade the price movement of assets such as crypto, commodities, stocks, and indices without owning the underlying asset. Perps in Phantom are powered by Hyperliquid.

You can trade perps in the Phantom mobile app or in Phantom Terminal at trade.phantom.com. Positions opened on one platform appear on the other when you’re signed in to the same account.

Perps aren't available in the US, UK, and other territories. See Feature availability by region.

Before you trade #

• You may need a small amount of the network's native token (such as SOL) to cover network fees, unless your swap is gasless. For more information, see Understanding network fees.
• You need a multi-chain Phantom account with the Ethereum network enabled under Settings > Active Networks.

Fund your perps balance #

Funding your perps balance is optional. You can open positions directly using your Cash account, SOL, or another Solana token. If you trade frequently, funding in advance can make trading faster and simplify margin management.

The minimum funding amount is $5.

1. On the Home tab, tap Perps.
2. Under Available funds, tap Add.
3. Choose your funding source and enter the amount.
4. Tap Add Funds.

Your chosen asset is converted to USDC and bridged to Hyperliquid. Network fees apply, so the amount credited will be slightly less than the amount you funded.

Because the credited amount is slightly less than what you funded, and both the funding and withdrawal minimums are $5, funding exactly $5 can leave your balance just under $5, below the withdrawal minimum. If you want to be able to withdraw your balance later without trading it, fund a little more than $5.

Find a market #

Browse hundreds of crypto and equity perp markets.

• From the Explore tab: Find trending perps, earnings, and market news.
• From the Home tab: Tap Perps to browse by categories, recent market news, earnings, sector mindshare, top weekly traders, and trending perps.
• From the Trade tab: Tap Perps to browse and filter perp markets.
• From an asset page: If an asset has a perp market, tap Trade > Long or Trade > Short directly on the page.

Open long or short #

Open a long position if you think the price will rise, or a short position if you think it will fall.

When you open a position, the payment method you selected (Cash account, SOL, or another token) is converted to USDC and committed as margin. Leverage is applied on top, which determines your total position size.

The minimum order size is shown before you confirm.

1. Open a market, then tap Trade > Long or Trade > Short.
2. Enter the amount and choose your funding source. Your Cash account is the default funding source.
3. Tap Leverage and set your leverage. You'll see the liquidation price and distance from the current price.
4. Tap the manage icon in the upper right, then tap Order Type, then choose Market Order or Limit Order.
5. For a market order, tap Add Auto Close and add a stop-loss order or take-profit order based on percentage, USDC amount, or market price.
6. Review your payment method and fees.
7. Tap Confirm.

Market orders execute immediately. Limit orders execute when the asset reaches the target price.

Find your positions and orders #

Your open positions appear directly on the Home tab, under Perps. You can also find your position on the corresponding asset page, under Your Positions.

Stop-loss orders and take-profit orders appear on the corresponding asset page, under Active Orders.

To view your limit orders, on the Home tab, tap Perps, then tap the Orders tab.

Manage your positions #

Tap an open position to manage it:

• To set a stop-loss or take-profit order, tap a position, scroll down, then tap Stop loss or Take profit, and then enter the amount. Use P&L, mark price, or USD amount as a price trigger. Market close is not supported as a price trigger.
• To add to a position, tap it, then tap Modify > Add to Position.
• To reduce a position, tap it, then tap Modify > Reduce Position.
• To flip to long or short, tap it, then tap Modify > Flip Position.
• To adjust the margin, tap an open position, scroll down to Margin, then Add Margin or Reduce Margin.

Close your positions and orders #

If you set stop-loss or take-profit, your position closes automatically when the selected price trigger is reached.

To close an open position manually, tap it, then tap Close. When you close a position, its corresponding stop-loss and take-profit orders, if any, also close. 

When your position is closed, the funds funds remain in your perps balance on Hyperliquid until you withdraw them.

To close all open positions at once, on the Home tab, tap Perps, then tap the three-dot icon in the upper right of the Positions tab, then tap Close All Positions.

To cancel an order (limit order, stop-loss, or take-profit), on the Home tab, tap Perps, then tap Orders, then tap an open order, and then tap Cancel Order. To close all orders at once, tap the three-dot icon in the upper right of the Orders tab, then tap Cancel All Orders.

Withdraw from your perps balance #

Withdraw funds from your perps balance back to your Phantom wallet, either to your Cash account or to a Solana token of your choice. Hyperliquid charges a flat 1 USDC fee on your first withdrawal.

The minimum withdrawal amount is $5.

1. On the Home tab, tap Perps.
2. Under Available funds, tap Withdraw.
3. Enter the amount and choose the token to receive.
4. Tap Withdraw to confirm.

Your USDC is bridged back, swapped to the token you selected, and deposited into your wallet.

Fees #

The following fees may apply when funding, trading, or withdrawing from your perps balance.

FAQ #

Where can I trade perps in Phantom? #

You can trade perps in the Phantom mobile app or in Phantom Terminal (trade.phantom.com).

What kind of markets are available? #

What's the difference between perps and spot trading? #

Spot trading and perp trading work differently:

• Spot trading: You buy and sell actual tokens. You own the asset.
• Perp trading: You speculate on price direction without holding the token. You can go long if you think the price will rise or short if you think it will fall. Perps do not expire and are cash-settled in USDC.

What order types are supported? #

Order type availability depends on the platform:

• Phantom mobile app: Market orders, limit orders
• Phantom Terminal (trade.phantom.com): Market orders

Where are perps available? #

Perps aren't available in the US, UK, and other territories. See Feature availability by region.

Can I trade perps on desktop? #

Yes. Connect your Phantom browser extension to Phantom Terminal (trade.phantom.com). You can trade perps on desktop and on mobile using the same account.

Can I use a Ledger hardware wallet? #

No. Perps are not available when using Ledger wallets.

Where are my funds? #

Perps activity is tied to the Ethereum address in the Phantom account you use for trading. If you previously traded perps on Hyperliquid with that address, those positions automatically appear in Phantom.

To verify your balances independently, follow these steps:

1. Choose the account you use to trade perps.
2. Get your receive address on Ethereum. See Find your wallet address in Phantom.
3. Go to hypurrscan.io.
4. Paste your Ethereum address.
5. Review the Overview section for your perps and spot balances.

Why was my position liquidated when the chart didn't show a price drop? #

Liquidations use the mark price, not the price shown on the chart. The mark price is a fair-value estimate from Hyperliquid's oracle that factors in funding payments, volatility, and network latency.

The mark price can temporarily differ from spot prices displayed on TradingView charts. This means a liquidation may happen even if the chart does not show the same price movement.

What kind of margin is used? #

Phantom perps use isolated margin only. Each position has its own dedicated margin. If one position is liquidated, your other positions are not affected.

Can I connect Phantom to Hyperliquid? #

Yes. You can connect your Phantom wallet to Hyperliquid at app.hyperliquid.xyz. 

Troubleshoot perp trading issues #

I can't place a limit order #

You may see this error: "Limit order placement failed. Insufficient margin to place order."

This can happen when your available margin is tied up in open positions, reserved for other pending orders, or in transit during a deposit or conversion.

Wait for pending deposits to complete, cancel unused limit orders to free up margin, or add more funds to your perps balance.

My deposit didn't reach my perps balance #

If you closed Phantom while a deposit was processing, funds may be stuck in transit.

1. On the Home tab, tap Perps.
2. Scroll all the way to the bottom, then tap Having issues with a deposit or withdrawal?
3. Tap Transfer all to Perps.

This moves funds from your Hyperliquid spot account to your perps balance. It does not close or affect any open positions.

My deposit failed before it started #

If the deposit failed due to a network error before bridging began, your funds are still in your Solana wallet. Check your wallet balance and try the deposit again.

I can't withdraw from my perps balance #

Withdrawals require a minimum of $5. If you funded the $5 minimum, the network fees taken at funding may have left your balance slightly below $5, so it no longer meets the withdrawal minimum.

To withdraw, add funds to bring your perps balance to at least $5.

My withdrawal didn't reach my wallet #

If you closed Phantom during a withdrawal or experienced connectivity issues, the transfer may not have completed.

1. On the Home tab, tap Perps.
2. Scroll all the way to the bottom, then tap Having issues with a deposit or withdrawal?
3. Tap Transfer all to Perps, then tap Withdraw again.

This moves funds from your Hyperliquid spot account to your perps balance. It does not close or affect any open positions.

My withdrawal is taking longer than expected #

Withdrawals typically take 4 to 10 minutes. If it takes longer, check the status at hypurrscan.io using your Ethereum address or transaction ID.

If the withdrawal shows as complete but funds haven't arrived, use the recovery steps above or contact Phantom Support.

Small leftover balance after deposit or withdrawal #

A small amount, also called dust, may remain in your Hyperliquid spot account after a swap operation. This is normal and doesn't affect your trading.

1. On the Home tab, tap Perps.
2. Scroll all the way to the bottom, then tap Having issues with a deposit or withdrawal?
3. Tap Transfer all to Perps.

This moves funds from your Hyperliquid spot account to your perps balance. It does not close or affect any open positions.

Received less than expected after closing my position #

Trading fees apply when you open and close a position. The P&L shown on an open position doesn't include the closing fee, so your realized amount may be lower.

My closing fee seems too high #

Closing fees are calculated as a percentage of your total position size, not your margin. On large or highly leveraged positions, this can result in a significant dollar amount even though the percentage is small.

A few factors can contribute to a higher than expected total:

• Position size: The closing fee is 0.095% of your total position value. On a $10,000 position, that is $9.50. On a $100,000 position, that is $95.
• Leverage: Higher leverage increases your position size relative to your margin, which increases the fee in dollar terms. For example, $1,000 margin at 50x leverage gives you a $50,000 position, and fees are calculated on the $50,000.
• Funding rate: If your position was open for an extended period, hourly funding payments can accumulate and are reflected in your P&L.

To review the estimated fee before closing, check the trade value and size shown on the position screen.

See also #

• Understanding perp trading in Phantom
• Understanding equity perps in Phantom
• Trade tokens and perps in Phantom Terminal