How to trade perps in Phantom

Perpetual futures, also called perps, let you trade the price of a token or equity with leverage, without owning the token or the underlying company share.

You can trade perps in the Phantom mobile app and in Phantom Terminal at trade.phantom.com. Positions opened on one platform automatically appear on the other when you’re signed in to the same account. Limit orders are available only in the mobile app and aren’t supported in Phantom Terminal.

This guide focuses on the mobile experience. For terminal trading, refer to How to trade tokens and perps in Phantom Terminal. To learn more about equity perps, see About trading equity perps in Phantom.

Before you begin

To trade perps, you'll need the following:

• A multi-chain Phantom wallet created with a recovery phrase or Apple/Google account.
• The Ethereum network turned on (see How to manage active networks in Phantom).
• A basic understanding of perp trading, leverage, and liquidation (see About perp trading in Phantom).
• Regional availability: perps aren’t available in the US and UK.

Warning: Trading perpetual contracts involves significant risk, including the potential for sudden and total loss of your investment and collateral due to high leverage and market volatility, and may not be suitable for all users. Prices may be influenced by funding rates and liquidity and you may be subject to automatic liquidations without notice. Market data provided by Hyperliquid.

Funding and withdrawing

Fund your perps balance

Adding funds to your perps balance is optional. You can open a position directly using SOL, PSOL, or another token on Solana in your portfolio. If you plan to trade frequently or open multiple positions, adding funds in advance makes trading faster and simplifies margin management.

1. Tap Perps.
2. Tap Add Funds.
3. Choose a token and enter the amount (minimum $5).
4. Tap Add Funds to confirm.

Your deposit bridges and converts to USDC on Hyperliquid’s spot layer, then appears as your perps balance.

Note: If your deposit fails, it’s automatically resubmitted. If the issue isn’t resolved after a few attempts, you can retry manually. A failure doesn’t mean your funds are lost.

Withdraw funds from your perps balance

You can withdraw funds from your perps balance back to your Phantom wallet. Hyperliquid charges a flat 1 USDC fee on your first withdrawal.

1. Tap Perps.
2. Tap Withdraw.
3. Enter the amount.
4. Tap Withdraw to confirm.

Your USDC is bridged back, swapped to SOL, and deposited into your wallet.

Note: If your withdrawal fails, it’s automatically resubmitted. If the issue isn’t resolved after a few attempts, you can retry manually. A failure doesn’t mean your funds are lost.

Trading

You can open a perp position instantly at the current market price (called a market order) or set a specific entry price using a limit order. Both order types let you trade long or short with leverage, using either your perps balance or Solana-based tokens in your portfolio as the funding source.

To open a position, you need a minimum position size of 10.25 USDC. For example, if your margin is 5.15 USDC and you use 2× leverage, your position size is 10.30 USDC, which meets the minimum.

Place a market order

A market order opens a position immediately at the best available price.

1. Tap Perps.
2. Select a perp contract, such as:
   • Crypto perp like BTC or HYPE.
   • Equity perp like NVDA or XYZ100.
   • Browse markets under Explore Perps and Trending Perps.
3. Choose a direction: Long or Short.
4. Choose your funding source. By default, Phantom uses your perps balance. To use a different asset, tap Perps Balance and select a Solana-based token from your portfolio.
5. Enter the amount you want to use.
6. Set your leverage. Leverage limits may differ between crypto perps and equity perps.
7. Under Auto Close, set stop-loss and take-profit triggers. These are order types that automatically execute and close your position when your unrealized PnL reaches the specified gain or loss from your entry price.
8. Tap Open Long or Open Short to place the order.

After you place the order, your funds are automatically bridged and converted to USDC on Hyperliquid’s spot layer. Your open position appears under Positions in the Perps section. Any stop-loss or take-profit triggers appear under Orders.

You can also view and manage this position in Phantom Terminal at trade.phantom.com when signed in with the same account.

Place a limit order

A limit order opens a position only if the market reaches your chosen price.

1. Tap Perps.
2. Select a perp contract, such as:
   • Crypto perp like BTC or HYPE.
   • Equity perp like NVDA or XYZ100.
   • Or browse markets under Explore Perps and Trending Perps.
3. Choose your direction: Long or Short.
4. Tap Market in the upper-right corner, then tap Limit.
5. Choose your funding source: tap the Pay button on the left-hand side, then choose a Solana-based token in your portfolio, or your perps balance.
6. Enter the target price at which you want the order to execute.
7. Enter the amount you want to use.
8. Set your leverage. Leverage limits may differ between crypto perps and equity perps.
9. Tap Place Order to confirm.

Your limit order appears under Orders in the Perps section until it fills or you cancel it. When the order fills, your position appears under Positions.

Cancel a limit order

1. Tap Perps.
2. Open the Orders tab.
3. Tap the order you want to cancel.
4. Tap Cancel Order.

Once canceled, the order is removed from Orders, and any reserved funds are returned to your perps balance.

To cancel all limit orders, tap the three-dot icon in the upper-right corner of the Orders tab, then tap Cancel all orders.

Managing positions

After opening a position, you can adjust stop-loss and take-profit orders, add or remove funds from a position, adjust margin, or reverse the direction of the position (long to short or short to long).

You can also view and manage your positions in Phantom Terminal at trade.phantom.com when signed in with the same account.

Set stop-loss and take-profit

Stop-loss and take-profit are order types that automatically close your position when your unrealized PnL reaches a specified loss or profit level. You can set these triggers based on the following criteria:

• A percentage gain or loss relative to your entry price.
• A profit or loss amount in USDC.
• A specific market price.

To place stop-loss or take-profit orders, take these steps

1. Tap Perps.
2. Tap the position.
3. Under Your Orders, tap Set take profit and stop loss.
4. Choose how you want to define the trigger: PnL percentage, PnL amount, or price.
5. Enter a value for Take profit, Stop loss, or both.
6. Tap Set to confirm.

You can also adjust existing stop-loss and take-profit orders by dragging them directly on the perp chart.

Add to a position

Increase the size of an open position to gain more exposure at the current market price.

1. Tap Perps.
2. Tap the position.
3. Tap Modify, then tap Add to Position.
4. Enter the amount to add from your perps balance.
5. Tap Add to Short or Add to Long to confirm.

Reduce a position

Close part of your position while keeping the rest open. The realized PnL from the closed portion is returned to your perps balance.

1. Tap Perps.
2. Tap the position.
3. Tap Modify, then tap Reduce Position.
4. Enter the amount to return to your perps balance.
5. Tap Reduce Short or Reduce Long to confirm.

Note: The PnL shown while a position is open doesn’t include trading fees. When you reduce a position, the realized PnL for the portion you close reflects any fees paid.

Add or reduce margin

You can adjust the margin of an open position without changing its size. Adding margin lowers the risk of liquidation by giving your position more buffer. Removing margin returns some funds to your perps balance but brings the liquidation price closer.

1. Tap Perps.
2. Tap the position.
3. Under Your Position, tap Margin (Isolated).
4. Adjust your margin:
   • To add: tap Add Margin, enter the amount from your perps balance, then tap Add Margin to confirm.
   • To reduce, tap Remove Margin, enter the amount to return to your perps balance, then tap Reduce Margin to confirm.

Switch from long to short (or short to long)

1. Tap Perps.
2. Tap the position.
3. Tap Modify, then tap Reverse Position.
4. Tap Reverse to confirm.

Closing positions

Close a single position

1. Tap Perps.
2. Tap the position.
3. Tap Close Long or Close Short.

Note: The PnL shown while a position is open doesn’t include trading fees. Your realized PnL after closing reflects any fees paid to open and close the position.

Close all positions

1. Tap Perps.
2. Tap the three-dot icon in the upper-right corner of the Positions section.
3. Tap Close All Positions.
4. Tap Close All Positions to confirm.

Fees

The following fees apply when trading perps:

Troubleshooting

See Fix issues when trading Phantom perps.

FAQ

See Phantom perps FAQ.