Use Phantom Terminal to buy and sell Solana tokens on spot markets and trade leveraged long or short positions in Hyperliquid perpetual futures (perps) from your desktop. Use TradingView charts, real-time market data, Quick Buy, wallet tracking, and TP/SL controls to manage your trades.

Spot trades are token swaps: you buy or sell the actual token in your wallet. Perp trades give you price exposure through a contract, with margin and P&L in USDC. Your perp positions and balance appear in Phantom on the same account.

Spot and perp trading in Phantom Terminal support market orders only. For limit orders, use the Phantom mobile app. All trades are onchain and non-custodial.

Before you trade #

• You 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 account in Phantom, and have the Ethereum network set as active in Settings > Active Networks.

Connect your wallet #

1. Go to trade.phantom.com.
2. Click Login and choose a connection option:
   • Continue with Phantom or Connect with extension wallet: Uses the account you have currently selected in the browser extension. Enables automatic approval by the use of the Auto-Confirm feature.
   • Continue with Google or Continue with Apple: Connects with your Google or Apple account, bypassing the browser extension if it's installed. If you have a wallet created with this Google or Apple account, that's the wallet that will be connected.

Manage your balances #

Phantom Terminal uses two balances: your Solana wallet balance for spot token swaps and your USDC perps balance on Hyperliquid for perp positions. These are balances associated with your connected Phantom account, rather than two separate Phantom accounts. Click the profile icon to access your balances.

Each multi-chain account in your Phantom wallet has its own set of addresses. If you switch accounts in the extension, you will see different SOL and ETH balances depending on what you hold in the connected account.

Fund your spot balance #

1. Click your profile icon in the upper right.
2. Click Add Funds.
3. Choose Deposit (copy address or scan QR) or Buy (purchase SOL with card).

Withdraw from your spot balance #

1. Click your profile icon in the upper right.
2. Click Withdraw.
3. Enter the recipient's Solana address and amount.
4. Click Withdraw.

Fund your perps balance #

To trade perps, you can use the existing SOL balance in your account, or transfer SOL to the perps balance for faster trades. Your Cash account is not accessible in Phantom Terminal.

If you plan to trade frequently or open multiple positions, funding in advance can make trading faster and simplify margin management.

1. Click your profile icon in the upper right.
2. Click Tokens ↔ Perps.
3. Set the direction to From Tokens To Perps.
4. Enter the amount in SOL and click Transfer.

Funding converts your SOL to USDC and bridges it to Hyperliquid, so a small amount goes to network fees. The USDC credited to your perps balance will be slightly less than the amount you funded.

Withdraw from your perps balance #

When you close a position, your funds stay in your perps balance on Hyperliquid until you withdraw them. You can withdraw as SOL to your token trading balance. Hyperliquid charges a flat 1 USDC fee on your first withdrawal.

1. Click your profile icon in the upper right.
2. Click Tokens ↔ Perps.
3. Set the direction to From Perps To Tokens.
4. Enter the amount in USDC and click Transfer.

Your USDC is bridged back from Hyperliquid and deposited as SOL into your wallet.

Trade spot tokens on Solana #

Use TradingView charts and real-time market data to buy and sell Solana tokens, including memecoins. Spot trades exchange tokens in your wallet; they do not open leveraged perp positions.

Use Quick Buy #

Enter a SOL amount next to the lightning icon at the top of the page, then click the lightning icon next to any token to buy instantly.

Trade on token pages #

1. Search for a token.
2. Enter the amount in SOL or use the preset buttons.
3. Click Buy or Sell.

Your positions appear in the Positions section and your portfolio.

Discover new tokens #

Go to Discover > Launches to find newly launched tokens:

• New: Newest token pairs.
• Migrating: Close to listing on DEXs like Raydium.
• Migrated: Already listed on a DEX.

Go to Discover → Trending for tokens trending among Phantom users.

Watch tokens and perps #

Select a token or perp, then click Follow next to the ticker. The asset appears in the Follows tab on the left.

View token information #

Each token shows metrics including top holder %, dev holdings %, LP burned %, and flags for mutable, mintable, or freezable tokens.

Trade perps #

Phantom Terminal integrates with Hyperliquid for perp trading and supports market orders only. To place limit orders, use the Phantom mobile app. See Understanding perps in Phantom for more information about how perps work.

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

Open a long or short perp position #

1. Select a market and choose Long or Short.
2. Choose your funding source: SOL balance or the perps balance.
3. Enter the amount and set leverage.
4. Optionally, set stop-loss or take-profit under Auto Close.
5. Click Long or Short.

Minimum order size is 10.25 USDC.

Manage perp positions #

• Set take-profit (TP) or stop-loss (SL): In Positions, click the pencil icon in the TP/SL column.
• Add to position: Click position > Add tab > enter amount.
• Close: Click Close next to the position, or use the Close tab for a partial close.
• Reverse: Click the position > Reverse tab > Reverse.

View trade history #

• Positions: Shows P&L, liquidation levels, TP and SL settings.
• Trades: Record of executed trades.
• Funding: Funding payments for open positions.
• Order History: All open, filled, canceled, and rejected orders.

Perps in the Phantom browser extension #

You can find the Perps section on the Home tab in the Phantom browser extension.

Track a wallet #

Track other wallets to monitor their trades in real time. View their activity, see their buys and sells on charts, and receive notifications.

To track a wallet, follow these steps:

1. Click Track in the upper left.
2. In the Tracking column, click the + button.
3. Enter the wallet's details and click Track Wallet.

Tracked trades appear in the Monitor section and as indicators on charts.

Portfolio #

The Portfolio page shows your trading activity across tokens and perps. Track P&L, close positions, review history, and identify top gainers and losers.

Trading presets #

Double-click preset buttons 1, 2, 3 to configure slippage, priority fees, MEV protection, and buy/sell amounts.

• Auto slippage (20%): Recommended for most trades.
• Priority fee: Speeds up transactions by paying above base gas cost.
• MEV protection: Prevents transaction manipulation (may slow execution).

Settings #

Click Settings (the gear icon) in the lower right to access these:

• Auto-Confirm: Execute trades with or without manual approval of each transaction. Applies when you connect to Phantom Terminal using the Login > Continue with Phantom > Existing Account option.
• Tracker: To mute notifications when a wallet you track executes a trade, toggle Show notifications and Play sound.
• Privacy: Choose which cookies you consent to.

Disconnect your wallet #

To disconnect your wallet, click your profile icon in the upper right, then select Disconnect.

To revoke permissions, go to Settings > Connected Apps > trade.phantom.com > Disconnect in your Phantom app.

See also #

Understanding perp trading in Phantom