Trade perpetual futures in the Phantom mobile app. Positions sync automatically with Phantom Terminal when using the same account.
For background on how perps work, risks, and concepts, see About perp trading in Phantom. For desktop trading, see Trade tokens and perps in Phantom Terminal.
Perps aren't available in the US or UK. See Feature availability by region.
Requirements
- Phantom mobile app
- Multi-chain wallet (recovery phrase or Apple/Google)
- Ethereum network enabled in Settings → Active Networks.
Fund your perps balance
- Tap Perps.
- Tap Add.
- Select a token and enter the amount (minimum $5). You can also add funds directly from your Cash account.
- Tap Add Funds.
Your funds are bridged to USDC on Hyperliquid. This may take a few moments.
Place an order
You can place a market or limit order. Minimum order size is 10.25 USDC. To place an order, follow these steps:
- Tap Perps.
- Select a contract (crypto like BTC, or equity like NVDA).
- Choose Long or Short.
- Select Market (executes immediately) or Limit (executes at your target price).
- Select a funding source (perps balance or tokens in your portfolio).
- Enter the amount and set leverage.
- Optionally, set stop-loss or take-profit under Auto Close.
- Confirm.
Manage your position
Tap Perps, then tap your position to access these options:
- Set stop-loss or take-profit: Under Your Orders, 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).
- Reverse position: Tap Modify → Reverse Position to flip long to short or vice versa.
- Cancel a limit order: Go to the Orders tab, tap the order, and cancel.
Close a position
- Tap Perps.
- Tap your position.
- Tap Close Long or Close Short.
To close all positions at once, tap the three-dot icon in the Positions section and select Close All Positions.
Withdraw from your perps balance
Withdrawals arrive as SOL in your Phantom wallet (USDC is swapped to SOL during the bridge back).
To withdraw, follow these steps:
- Tap Perps.
- Tap Withdraw.
- Enter the amount and confirm.
Hyperliquid charges a flat 1 USDC fee on your first withdrawal.
Fees
| Action | Fee |
|---|---|
| Open a position, add to a position, reverse a position, close a position, reduce a position | 0.095% (0.05% Phantom + 0.045% Hyperliquid) |
| Fund the perps balance, withdraw from the perps balance | 0.07% Hyperliquid (spot swap) + network fee |
| First withdrawal from the perps balance | 1 USDC flat fee (Hyperliquid) |
Common issues
A limit order won’t place
Error: "Limit order placement failed. Insufficient margin to place order"
This happens 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.
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.
My withdrawal is taking longer than expected
Withdrawals typically take 4–10 minutes. If it's taking 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.
Small leftover balance after deposit or withdrawal
A small amount (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.
Closed position received less than expected
Trading fees apply when you open and close a position. The PnL shown on an open position doesn't include the closing fee, so your realized amount may be slightly lower.