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. For more information, see Understanding network fees.
• You need a multi-chain Phantom account with the Ethereum network enabled under Settings > Active Networks.

Open a long or short position #

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

You can pay with your Cash account, SOL, another supported Solana token, or add funds to your perps balance first. The minimum order size is 10.25 USDC. The amount is shown before you confirm.

These steps place a market order at the best available price.

1. Open a perp market, then tap Trade > Long or Trade > Short.
2. Choose your funding source, enter the amount, and set your leverage.
3. Tap Review.
4. Review the liquidation price and distance from the current price when shown.
5. To add a take-profit or stop-loss order, tap Add Auto Close.
6. Review your quote and fees.
7. Tap Confirm.

Once the position opens, it appears under Your Positions on the asset page and in Perps on the Home tab.

Place a limit order #

A limit order lets you choose the price at which you want to open a long or short position. Limit orders are available in the Phantom mobile app.

1. Open a perp market, then tap Long or Short.
2. Choose your funding source, enter the amount, and set your leverage.
3. Tap the settings icon (sliders) in the upper right, then tap Order Type.
4. Select Limit Order.
5. Tap Limit Price and enter your price, then confirm.
6. Review your quote and fees.
7. Tap Confirm.

Your pending order appears under Active Orders on the asset page and under Orders in Perps. Placing an order doesn't mean a position has opened. The order must fill first.

To add a take-profit or stop-loss order after the limit order fills, open the position and tap Auto Close.

Manage your perps balance #

You can add funds before trading or withdraw available funds after trading. Funds committed to positions or reserved for pending orders may not be available to withdraw. For how the balance works, see Perps balance.

Fund your perps balance #

Funding your perps balance is optional. If you trade frequently, funding in advance can make trading faster and simplify margin management. Otherwise, you can use Cash or SOL to open positions.

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

Your chosen asset is converted to USDC and bridged to Hyperliquid.

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. Review the withdrawal fee before confirming.

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.

Manage your positions #

Tap an open position to manage it:

• To add or update a stop-loss or take-profit order, tap Auto Close. Choose how to enter the trigger under Use, enter your settings, then tap Set.
• To add to a position, tap it, then tap Manage > Add to Position.
• To reduce a position, tap it, then tap Manage > Reduce Position.
• To flip to long or short, tap it, then tap Manage > 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, an order to close your position is triggered when the selected price is reached. The fill price can differ from the trigger price, and execution is not guaranteed.

To close an open position manually, tap it, then tap Close Long or Close Short, depending on the direction. When you close a position, its corresponding stop-loss and take-profit orders, if any, also close.

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), open the asset page, tap the order under Active Orders, then tap Cancel Order. You can also find orders from the Home tab under Perps > Orders. To cancel all orders at once, tap the three-dot icon in the upper right of Orders, then tap Cancel All Orders.

Fees #

Check the fee breakdown before confirming a trade, deposit, or withdrawal.

Fees can vary by order type, market, and account tier. Equity and other HIP-3 markets can also have deployer-specific fees.

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 order types are supported? #

Order type availability depends on the platform:

• Phantom mobile app: Market orders, limit orders
• Phantom Terminal at 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 at trade.phantom.com. You can trade perps on desktop and on mobile using the same account.

Can I trade perps using a Ledger hardware wallet? #

No. Perps are not available when using Ledger wallets.

Where are my funds located when I trade perps? #

Your perp trading activity is tied to your Ethereum address. The funds are located in your separate perps balance. In the Phantom mobile app, on the Home tab, tap Perps, then look for Available funds at the top.

To verify your balances independently, follow these steps:

1. Get your Ethereum address in Phantom. See Find your wallet address in Phantom.
2. Go to hypurrscan.io.
3. Paste your Ethereum address.
4. Review the Overview section for your perps and spot balances.

Where are my funds after I close a position? #

Closed positions are settled in USDC and returned to your perps balance, not to your Solana wallet or Cash account. You will not receive the token you traded, because perps are cash-settled. To move the funds to your wallet, withdraw from your perps balance. See Withdraw from your perps balance.

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

Liquidations use the mark price, which can differ from the price shown on your chart. A position can be liquidated even if the chart does not show the same movement. See Liquidation for details.

Can I connect Phantom to Hyperliquid directly? #

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.

If you have other unused limit orders, cancel them to free up margin, or add more funds to your perps balance.

My order is stuck on Processing, or nothing happens when I place it #

When you pay with SOL or your Cash account, those funds are first converted to USDC and bridged to Hyperliquid before the position opens. During this step the funds can briefly leave your wallet without yet appearing in your perps balance or on hypurrscan.

To check what happened, follow these steps:

1. Wait a short time and refresh, then look for the position under Perps on the Home tab.
2. Verify your balances on hypurrscan.io using your Ethereum address. See Where are my funds located when I trade perps?
3. Check the status of the bridging transaction on Relay using your Ethereum address. This is where the funds pass through before reaching Hyperliquid, and it will show whether the transaction is still pending, completed, or failed.
4. If the funds left your wallet but no position opened and nothing appears in your perps balance, on hypurrscan, or on Relay after a few minutes, contact Phantom Support and include your app logs.
   You can also place the order in Phantom Terminal on desktop at trade.phantom.com using the same account. See Trade tokens and perps in Phantom Terminal.

The mobile app won't open or close a position #

If the mobile app is unresponsive when opening or closing a position, or an action does not go through, try the same account in Phantom Terminal at trade.phantom.com. Positions and balances are shared across mobile and Terminal, so you can manage or close the same position from either one. See Trade tokens and perps in Phantom Terminal.

I 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