Understand equity perps in Phantom
Equity perps track the price of stocks and equity indices without giving you ownership of shares. Their pricing depends on oracle data, the market’s deployer, and whether the underlying equity market is open.
For leverage, margin, liquidation, and funding, see Understand perp trading in Phantom.
Warning: Equity perps carry the same risks as all perpetual futures, including leverage and liquidation. They also have additional pricing risks because they track traditional markets using oracle data and third-party deployers.
How equity perps work #
Equity perps in Phantom use Hyperliquid’s HIP-3 framework, which allows third-party deployers to create perpetual futures markets. You trade a synthetic contract that uses oracle feeds to track a stock or index, rather than buying shares through a broker.
Phantom doesn’t issue or manage these contracts.
Who sets the market rules #
Phantom supports equity perps deployed by Trade[XYZ]. The deployer sets the market’s oracle feeds, pricing logic, and contract rules. These settings can differ between deployers and aren’t controlled by Phantom.
Before trading, review the deployer’s documentation to understand how its markets are priced, including outside equity market hours.
Why prices can differ from stock prices #
Equity perps can trade 24/7, while the underlying stock market has trading hours. The perp price can differ from the price on a stock exchange or charting platform because it reflects a separate market, not a trade in the stock itself.
When the equity market is open #
Oracle feeds use live market data during the trading sessions supported by the deployer. Perp prices can still differ from stock exchange prices because of liquidity, funding imbalances, and the timing of oracle updates.
When the equity market is closed #
When the underlying market is closed, there is no live stock price from that market to track. Perp prices can continue moving in response to news, trader expectations, available liquidity, and the deployer’s pricing models.
Deployers may use guardrails to limit deviations from the last known equity price. These don’t guarantee that the perp price will match the stock’s last closing price or its next opening price.
Your position can gain or lose value and be liquidated while the stock market is closed. Review the perp market’s price and your liquidation buffer rather than relying only on a stock chart.