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 appear on the other when you’re signed in to the same account.
Perps aren't available in the US, UK, and other territories. See Feature availability by region.
Warning: Trading perpetual contracts involves significant risk, including the potential for sudden and total loss of your investment and collateral due to high leverage, market volatility, and liquidation. Prices may be affected by funding rates, liquidity, oracle data, and third-party deployer rules. Market data provided by Hyperliquid.
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.
Fund your perps balance
Note: If what you're seeing in your Phantom mobile app looks different from what's described here, you may be on a newer version. An update is rolling out gradually.
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.
To learn more about leverage, liquidation, and funding rates, see Understanding perps in Phantom.
- 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.
Fees
The following fees may apply when funding, trading, or withdrawing 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.
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.
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.
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.