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 automatically appear on the other when you're signed in to the same account.
Warning: Perps involve leverage and can result in liquidation. Price changes, funding rates, and trading fees can affect your balance. Only trade with funds you are prepared to lose.
Perps aren't available in the US, UK, and other territories. See Feature availability by region.
Before you start
- You need a small amount of the network's native token (such as SOL) to cover network fees. For more information, see About network fees.
- You need a multi-chain account in Phantom, and have the Ethereum network set as active in Settings → Active Networks.
Note: Limit orders are available in the mobile app. Phantom Terminal supports market orders only.
How perps work
When you open a position, you enter a contract with another trader who takes the opposite side. One trader goes long and the other goes short. You do not take custody of the underlying asset, and your profit or loss is settled in USDC.
Perps balance
Your perps balance is held on Hyperliquid and is tied to the Ethereum address in your Phantom account. It is denominated in USDC and used to open and manage positions.
You don't need to fund your perps balance in advance. You can open a position directly from SOL, another token on Solana, or your Cash account. Phantom converts the funds and commits them as margin when you place the trade.
When you close a position, funds return to your perps balance on Hyperliquid. They stay there until you open a new position or withdraw them to your wallet.
If you previously traded perps on Hyperliquid, your existing positions and balances appear automatically in Phantom.
Network fees
Your perps balance lives on Hyperliquid and is denominated in USDC, but the funds start and end in your Phantom wallet on Solana or Ethereum. Any time funds cross that boundary, the move happens as an on-chain transaction, so it needs a small amount of the network's native token (such as SOL) to cover the network fee.
This applies whether you fund your perps balance in advance, open a position directly from SOL or another token, or withdraw back to your wallet. Each of these also converts between your asset and USDC, so the amount that lands is slightly less than the amount you moved. Because of this, keep a little of the native token in your wallet so funding, opening, and withdrawing don't fail for lack of fees.
Long vs short
Choose a direction based on whether you think the market will move up or down.
- Long: You profit if the price rises.
- Short: You profit if the price falls.
Market vs limit orders
Phantom supports market and limit orders depending on the platform.
- Market order: Executes immediately at the current market price. Available on mobile and Phantom Terminal.
- Limit order: Executes only if the market reaches your target price. Available on mobile only.
Leverage and margin
Margin is the USDC you post as collateral. Leverage multiplies your exposure, letting you control a larger position with less capital.
For example:
- You use 100 USDC as margin.
- You use 5x leverage to open a $500 long position.
- If the price rises 1%, your gain is $5 before fees and funding.
- If the price falls 20%, your margin is wiped out and the position is liquidated.
Phantom uses isolated margin. Only the funds assigned to a specific position are at risk. Your other funds aren't affected.
Leverage limits vary by market. Equity perps typically support lower maximum leverage than crypto perps.
Liquidation
Liquidation occurs when your margin can no longer cover potential losses. The system automatically closes your position to cap losses at your committed margin.
For example:
- At 3x leverage, a price move of about 33% against you can trigger liquidation.
- At 20x leverage, a price move of about 5% against you can trigger liquidation.
Funding rate
The funding rate helps keep perp prices aligned with spot prices. It is a small, hourly payment exchanged between longs and shorts.
- Positive rate: Longs pay shorts.
- Negative rate: Shorts pay longs.
For example:
- Position size: $100,000
- Funding rate: +0.00125% per hour
- Duration: 4 hours
- You are long, so you pay $5 over 4 hours.
Funding payments are reflected in your P&L, not as separate transactions.
Take-profit and stop-loss
Take profit (TP) and stop-loss (SL) are automatic triggers that close your position when the market reaches a price you set in advance.
- Take profit: Closes your position when the price reaches your target gain.
- Stop-loss: Closes your position when the price reaches your maximum acceptable loss.
When a TP or SL trigger fires, your position closes automatically. Your funds return to your perps balance.
Fund your perps balance
Funding your perps balance is optional. You can open a position directly using funds from your Cash account, SOL, or another token on Solana.
If you plan to trade frequently or open multiple positions, funding in advance can make trading faster and simplify margin management.
The minimum funding amount is $5.
- On the Home tab, tap Perps.
- Under Available funds, tap Add.
- Choose your funding source and enter the amount.
- Tap Add Funds.
Funding converts your chosen asset 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.
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
You can choose from hundreds of markets, including crypto perps and equity perps.
- 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 search: Tap the search bar at the bottom of the screen and search by name or ticker.
- From a token page: If a token has a perp market, tap Long or Short directly on the token page.
Open long or short
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 position is live as soon as the order executes.
Minimum order size is shown on the screen when you open a position.
- Open a market, then tap Long or Short.
- Enter the amount. This expands the options for your position.
- Set your leverage to increase your position size. You'll see the liquidation price and distance from the current price.
- Tap Market or Limit.
- Tap Add Auto Close and set a stop-loss or take-profit.
- Review your payment method and fees.
- Confirm.
Manage your position
Select your open position to learn how it's performing: live P&L, ROI, funding payments, liquidation price, and margin. You can also manage risk or adjust the position from the position details.
Your open positions appear on the Home tab, under Perps.
- Set a stop-loss or take-profit order: Under Your Orders, tap Auto Close to set triggers based on percentage, USDC amount, or market price.
- Add to position: Tap Modify → Add to Position.
- Reduce position: Tap Modify → Reduce Position.
- Adjust margin: Under Your Position, tap Margin (Isolated).
- Flip to long or short: Tap Modify → Reverse Position.
- Cancel a limit order: Go to the Orders tab, tap the order, and cancel.
If you have a position and a stop-loss or take-profit order on it, then on the Perps tab you can manage the order separately from the position. Tap the Orders tab. Your limit orders, if placed, also appear there.
Close a position
When you close a position, funds stay in your perps balance on Hyperliquid. They do not automatically return to your Phantom wallet. From your perps balance, you can open a new position or withdraw to your wallet.
- Tap your open position.
- Tap Close Long or Close Short.
To close all positions at once, open Perps, tap the three-dot icon in the upper right of the Positions section, then tap Close All Positions.
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 to your Cash account, or as SOL, USDC, or other tokens available in the swapper. Hyperliquid charges a flat 1 USDC fee on your first withdrawal.
The minimum withdrawal amount is $5.
If your balance is below $5 after funding fees, add funds to bring it to at least $5 before withdrawing.
- Tap Perps.
- Tap Withdraw.
- Enter the amount and choose the token to receive.
- Tap Withdraw to confirm.
Your USDC is bridged back, swapped to the token you selected, and deposited into your wallet.
Position metrics
These terms can help you understand an open position.
| Metric | Description |
|---|---|
| P&L | Profit and loss in USDC |
| ROI | Profit and loss as a percentage of margin |
| Size | Total position value, based on margin and leverage |
| Margin (Isolated) | USDC collateral backing this position |
| Direction | Long or short, with leverage |
| Entry Price | Price when opened, or average price if you added to the position |
| Liquidation Price | Price at which the position can automatically close |
| Funding | Current hourly funding rate |
| Funding Payments | Total funding paid or received |
Equity perps
Equity perps are perpetual futures that track US equities and market indices. Available assets include stocks, commodities, and foreign exchange markets. Trading an equity perp gives you exposure to a stock's price movement, but not ownership of actual shares.
Equity perps in Phantom are deployed by trade.xyz. Phantom does not issue or control these contracts. For more details, see About trading equity perps in Phantom.
Pricing
Equity perp pricing can vary depending on whether traditional markets are open.
- During market hours: Equity perps track stock prices using real-time oracle feeds. Small price differences may occur due to liquidity and funding rate imbalances.
- After hours: When equity markets are closed, the perp price reflects expected movement rather than real trades and may deviate from traditional exchange prices.
Risks and how to manage them
Review these risks before opening or holding a position.
Price volatility
Perp markets move quickly, and leverage magnifies those moves.
To manage this risk, consider using lower leverage and setting a stop-loss.
Liquidation
Higher leverage brings the liquidation price closer to your entry price.
To manage this risk, monitor your liquidation price, add margin for buffer, and set a stop-loss.
Funding rates
Funding payments happen hourly and can add up over time.
To manage this risk, check the current rate, watch cumulative payments, and reduce or close the position if funding becomes costly.
After-hours pricing for equity perps
Equity perp prices can deviate from traditional exchange prices when markets are closed.
To manage this risk, be aware that after-hours pricing reflects expected movement, not actual trades. Consider this before opening or holding positions outside market hours.
Fees
Fees can apply when you trade, fund, or withdraw from your perps balance.
| Action | Fee |
|---|---|
| Open a position, add to a position, reverse a position, close a position, or reduce a position | 0.095% (0.05% Phantom + 0.045% Hyperliquid) |
| Fund the perps balance or withdraw from the perps balance | 0.07% Hyperliquid spot swap fee + network fee |
| First withdrawal from the perps balance | 1 USDC flat fee from Hyperliquid |
Common 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.
- Tap Perps.
- Tap Having issues with a deposit or withdrawal? at the bottom.
- 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.
My withdrawal didn't reach my wallet
If you closed Phantom during a withdrawal or experienced connectivity issues, the transfer may not have completed.
- Tap Perps.
- Tap Having issues with a deposit or withdrawal? at the bottom.
- 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.
I can't withdraw 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.
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.
- Tap Perps.
- Tap Having issues with a deposit or withdrawal? at the bottom.
- 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.
Closed position received less than expected
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 slightly 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.