Trade perps in Phantom

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. For more information, see Feature availability by region.

Before you trade

Make sure your wallet and platform are ready before you open a position.

• Use the Phantom mobile app or connect the Phantom browser extension to Phantom Terminal.
• Use a multi-chain account created with a Google account, Apple account, or Secret Recovery Phrase.
• Enable Ethereum in Settings → Active Networks.

Note: Limit orders are available in the mobile app only. Phantom Terminal currently 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.

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 on Hyperliquid.

Fund your perps balance

Funding your perps balance is optional. You can open a position directly using SOL, another Solana token, or your Cash account. If you plan to trade frequently or open multiple positions, funding in advance can make trading faster and simplify margin management.

Mobile app

The minimum funding amount is $5.

1. On the Home tab, tap Perps.
2. Tap Add.
3. Select a funding source and enter the amount.
4. Tap Add Funds.

Your funds are bridged to USDC on Hyperliquid and added to your perps balance.

Phantom Terminal

1. Connect your Phantom browser extension to Phantom Terminal.
2. Click your profile icon → Tokens to Perps.
3. Make sure the direction is set to From Tokens to Perps.
4. Enter the amount in SOL and click Transfer.

Your funds are bridged to USDC on Hyperliquid and added to your perps balance.

Find a market

You can choose from 200+ markets, including crypto perps and equity perps.

Mobile app

1. On the Home tab, tap Perps.
2. Search or browse for a market.

Phantom Terminal

1. Connect your Phantom browser extension to Phantom Terminal.
2. Click Perps at the top.
3. Search or browse for a market.

Open a position

A market order opens a position immediately at the best available price. A limit order opens a position only if the market reaches your chosen price.

When you place an order, your chosen funds are 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.

Mobile app

1. Open a market, then choose Long or Short.
2. Tap Market or Limit.
3. Choose a funding source, such as your perps balance or tokens in your portfolio.
4. Enter the amount and set leverage.
5. Optionally, set a stop-loss or take-profit under Auto Close.
6. Review the details and confirm.

Phantom Terminal

1. Connect your Phantom browser extension to Phantom Terminal.
2. Open a market, then choose Long or Short.
3. Enter the amount and set leverage.
4. Optionally, set a stop-loss or take-profit under Auto Close.
5. Click Long or Short to confirm.

Phantom Terminal supports market orders only. To place limit orders, use the mobile app.

Watch and manage your position

Tap or click your position to review live P&L, ROI, funding payments, liquidation price, and margin. You can also manage risk or adjust the position from the position details.

Mobile app

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.
• Cancel a limit order: Go to the Orders tab, tap the order, and cancel.

Phantom Terminal

In the Positions section, use these options:

• Set TP/SL: Click the pencil icon in the TP/SL column.
• Add to position: Click your position → Add, then enter the amount.
• Reduce or close: Click Close next to the position, or use the Close tab for a partial close.
• Reverse position: Click your position → Reverse → Reverse.

To review history, use the Trades, Funding, and Order History tabs.

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.

Mobile app

1. Tap Perps.
2. Tap your position.
3. 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.

Phantom Terminal

Click Close next to your position in the Positions section. For a partial close, click your position and use the Close tab.

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, 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.

Mobile app

1. Tap Perps.
2. Tap Withdraw.
3. Enter the amount and choose the token to receive.
4. Tap Withdraw to confirm.

Your USDC is bridged back, swapped to the token you selected, and deposited into your wallet.

Phantom Terminal

1. Click your profile icon → Tokens to Perps.
2. Switch the direction to From Perps to Tokens.
3. Enter the amount in USDC and click Transfer.

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

Position metrics

These terms can help you understand an open position.

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.

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.

1. Tap Perps.
2. Tap Having issues with a deposit or withdrawal? at the bottom.
3. Tap Transfer all to Perps.

Transfer all to Perps 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.

1. Tap Perps.
2. Tap Having issues with a deposit or withdrawal? at the bottom.
3. Tap Transfer all to Perps, then tap Withdraw again.

Transfer all to Perps 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.

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.

1. Tap Perps.
2. Tap Having issues with a deposit or withdrawal? at the bottom.
3. Tap Transfer all to Perps.

Transfer all to Perps 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.

See also

• Perps FAQ
• About trading equity perps in Phantom
• Trade in Phantom Terminal