Trade perps in Phantom

Perpetual futures, also called perps, let you trade the price of assets such as crypto, commodities, stocks, and indices, without owning the underlying asset. Phantom perps are powered by Hyperliquid.

Perps are available 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 on mobile only.

Perps aren't available everywhere. For more information, see Feature availability by region.

Requirements

• Phantom mobile app
• Phantom browser extension
• Multi-chain wallet (created with a recovery phrase or Apple/Google login)
• Ethereum network enabled in Settings → Active Networks

How perps work

When you open a position, you're entering a contract with another trader who takes the opposite side. One trader goes long, the other goes short. You never take custody of the underlying asset. 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's denominated in USDC and is used as the source of funds for opening and managing positions. Your funds remain connected to your Phantom wallet, even when bridged to Hyperliquid.

You don't need to fund it in advance. You can open a position directly from SOL, another Solana token, or your Cash account and the funds are converted and committed as margin at the time of the trade. When you close a position, your funds return to your perps balance on Hyperliquid, where they stay until you withdraw them back to your wallet.

If you previously traded perps on Hyperliquid, your existing positions and balances appear automatically in Phantom.

Long vs short

• Long: You profit if the price rises.
• Short: You profit if the price falls.

Market vs limit orders

• Market order: Executes immediately at the current price. Available on mobile and Phantom Terminal.
• Limit order: Executes when the price reaches your target. Available on mobile only.

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, where they stay until you open a new position or withdraw to your wallet.

Leverage and margin

Margin is the USDC you post as collateral. Leverage multiplies your exposure, letting you control a larger position with less capital.

Example:

• You deposit 100 USDC as margin.
• You use 5x leverage to open a $500 long position.
• If the price rises 1%, your gain is $5 (5% return on margin).
• 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.

Example:

• At 3x leverage, a ~33% price move against you triggers liquidation.
• At 20x leverage, a ~5% move triggers liquidation.

Funding rate

The funding rate keeps perp prices aligned with spot prices. It's a small, hourly payment exchanged between longs and shorts.

• Positive rate: Longs pay shorts (most traders are long).
• Negative rate: Shorts pay longs (most traders are short).

Example:

• Position size: $100,000
• Funding rate: +0.00125% per hour
• Duration: 4 hours
• You're long, so you pay $5 over 4 hours.

Funding payments are reflected in your P&L (profit and loss), not as separate transactions.

Fund your perps balance

Adding funds to 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, consider adding funds in advance. It makes trading faster and simplifies margin management.

Mobile app

1. Tap Perps.
2. Tap Add.
3. Select a funding source and enter the amount (minimum $5).
4. Tap Add Funds.

Your funds are bridged to USDC on Hyperliquid.

Phantom Terminal

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

Your funds are bridged to USDC on Hyperliquid.

Find a market

Choose from 200+ markets, including crypto, memes, and equity perps.

Mobile app

1. On the Home tab, tap Perps.
2. Browse or search for a contract (crypto like BTC, or equity like NVDA).
3. To browse curated lists, tap Lists on the Perps screen.

Phantom Terminal

1. Click Perps in the upper left.
2. Browse or search for a contract.

Open a position

You can place a market order or limit order. 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, determining your total position size. The position is live as soon as the order executes.

Minimum order size is 10.25 USDC.

Mobile app

1. Select a contract (crypto like BTC, or equity like NVDA) and choose Long or Short.
2. Select Market (executes immediately) or Limit (executes at your target price).
3. Select a funding source (perps balance or tokens in your portfolio).
4. Enter the amount and set leverage.
5. Optionally, set stop-loss or take-profit under Auto Close.
6. Confirm.

Phantom Terminal

1. Select a contract and choose Long or Short.
2. Enter the amount and set leverage.
3. Optionally, set stop-loss or take-profit under Auto Close.
4. Click Long or Short to confirm.

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

Watch your position

Track performance, manage risk, and act fast from one place. Tap or click your position to see live PnL, ROI, funding payments, liquidation price, and margin.

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 to flip long to short or vice versa.
• Cancel a limit order: Go to the Orders tab, tap the order, and cancel.

Phantom Terminal

In the Positions section:

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

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

Close a position

When you close a position, your funds remain in your perps balance on Hyperliquid. They don't automatically return to your Phantom wallet. From there, you can open new positions 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 any token, such as your Cash account, USDC, or other tokens available in the swapper. Hyperliquid charges a flat 1 USDC fee on your first withdrawal.

Mobile app

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

Your USDC is bridged back, swapped to the token of your choice, 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

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

• 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

Price volatility

Perp markets move quickly, and leverage magnifies those moves.

Manage it: Use lower leverage and set a stop-loss.

Liquidation

Higher leverage brings liquidation closer to your entry price.

Manage it: Monitor your liquidation price, add margin for buffer, and set a stop-loss.

Funding rates

Funding payments flow hourly and can add up over time.

Manage it: Check the current rate, watch cumulative payments, and reduce or close if funding becomes costly.

After-hours pricing (equity perps)

Equity perp prices can deviate from traditional exchange prices when markets are closed.

Manage it: Be aware that after-hours pricing reflects expected movement, not actual trades. Consider this when opening or holding positions outside market hours.

Fees

Common issues

I can't place a limit order

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.

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

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.

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.

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

My closing fee seems too high

• Position size: The closing fee is 0.095% of your total position value. On a $10,000 position that's $9.50, but on a $100,000 position it's $95.
• Leverage: Higher leverage increases your position size relative to your margin, which increases the fee in dollar terms. A $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 accumulate and are reflected in your PnL. On large positions, these can add up significantly over time.

See also

• Trade tokens and perps in Phantom Terminal
• About trading equity perps in Phantom
• Feature availability by region