Open a long or short perp position in the Phantom mobile app using funds already in your wallet. Then follow its performance, set your exit orders, and adjust or close the position as your view of the market changes.

You don’t need to add funds to a perps balance before your first trade. You can pay with your Cash account, CASH in your main wallet, SOL, or USDC on Solana.

Perps involve leverage, and you can lose all the margin committed to a position. Start with a small amount and low leverage while you learn. For the basics, see Understanding perp trading in Phantom.

Perps aren't available in the United States, United Kingdom, and other territories. See Feature availability by region.

Open a long or short position #

Choose a market and use its chart to review price movements over time. Open a long if you expect the price to rise, or a short if you expect it to fall. Past price movements don’t predict what happens next.

These steps place a market order at the best available price. Your fill price can differ from the quote. The minimum order size is 10.25 USDC.

1. Open a perp market, then tap Trade > Long or Trade > Short.
2. Choose your payment source, enter a small amount, and set your leverage. Check the total leveraged position size as well as the amount you’re committing.
3. Tap Review. Check the amount you’re committing and the total leveraged position size.
4. Check the liquidation price and distance from the current price when shown. This is how far the price can move against you before the position may be liquidated.
5. Tap Add Auto Close to set a take-profit and stop-loss. Choose how to enter the triggers under Use, enter your settings, then tap Set.
6. 6. Review your exit settings, payment method, quote, and fees.
7. Tap Confirm.

A stop-loss aims to limit losses; a take-profit aims to close at a profit. Neither guarantees execution at the trigger price.

Once the position opens, find it under Your Positions on the asset page and in Perps on the Home tab.

Open a position from Live Trades #

You can also open a position by copying another trader’s perp trade in Live Trades.

1. Open the Trade tab, then tap Live Trades.
2. Open a perp trade, then tap Copy. The market, direction, auto-close triggers, and leverage are filled in for you.
3. Enter your amount and choose your payment source.
4. Tap Review. Check the leverage, liquidation price, stop-loss, take-profit, payment method, and fees. Adjust the settings to suit your trade before confirming.
5. Tap Confirm to open your position.

For more details, see Use copy trading in Phantom.

Watch your position #

Tap an open position to follow its chart, profit or loss, and liquidation price.

• For a long, a rising price moves in your favor; a falling price moves against you.
• For a short, a falling price moves in your favor; a rising price moves against you.

Profit or loss changes while the position is open. Closing all or part of it realizes the result on the amount closed. Fees and funding payments also affect your final result.

The health score below the chart helps you monitor liquidation risk. Tap the score card to view your liquidation buffer and stop-loss and take-profit settings. If the buffer narrows or the score falls, review your options under Manage your position. Reducing or closing lowers your exposure. Adding margin can create more room before liquidation, but commits more funds to the position.

Position health doesn’t guarantee safety. See Understand position health in Phantom.

Manage your position #

Use your exit plan and current market view to decide whether to hold, reduce, or close a position. You don’t need to change it after every price movement.

If the price moves in your favor #

You can close the position to realize the result, or reduce it to realize part of the result while keeping the rest open. For example, if you’re long and the asset rises, reducing the position leaves less exposure to a later price drop.

To reduce a position, open it, then tap Manage > Reduce Position. Review the amount and fees before confirming.

If you keep the position open, review your take-profit and stop-loss. To add or update either order, tap Auto Close, choose how to enter the triggers under Use, enter your settings, then tap Set. Unrealized gains can decrease or turn into losses before you close.

If the price moves against you #

If you’re long and the price falls, or short and the price rises, review your loss, liquidation buffer, and original exit plan. You can reduce the position to lower your exposure, or close it to end that exposure. You don’t have to wait for liquidation or a stop-loss to act.

To reduce it, tap Manage > Reduce Position. To close it, tap Close Long or Close Short.

If you need more room before liquidation #

Adding margin adds collateral to the existing position without increasing its size. It can move liquidation further away, but puts more funds at risk and doesn’t reverse an existing loss.

To adjust collateral, scroll down then tap Margin, and tap Add Margin or Reduce Margin. Reducing margin removes collateral and can bring liquidation closer. Review the updated liquidation price before confirming.

If you want more exposure #

Adding to a position increases its size, amplifying the effect of future price movements. It is different from adding margin. A recent gain or loss alone doesn’t mean increasing the position will improve your result.

To increase the position, tap Manage > Add to Position. Review the added amount, total exposure, liquidation price, and fees before confirming.

If your market view changes #

Flipping closes your current position and opens one in the opposite direction. For example, if you’re long but now expect the price to fall, flipping changes your exposure from long to short. It realizes the result of the old position and creates new exposure; it doesn’t undo a loss.

To change direction, open the position, then tap Manage > Flip Position. Review the new direction, size, leverage, liquidation price, and fees before confirming.

Close positions or cancel orders #

Your position closes automatically when a take-profit or stop-loss order is triggered and fills. The fill price can differ from the trigger price, and execution isn’t guaranteed.

To realize the result and stop exposure to future price movements, close the position. Tap it, then tap Close Long or Close Short, depending on the direction. When you close a position, its corresponding stop-loss and take-profit orders, if any, also close.

Any remaining funds return to your perps balance in USDC. They aren’t automatically returned to your original payment source. You can use them for another position or withdraw them to your wallet.

If you have more than one position open, you can close them all at once. On the Home tab, tap Perps, then tap the three-dot icon in the upper right of Positions, then tap Close All Positions.

You can cancel stop-loss and take-profit orders without closing the underlying positions. On the Home tab, tap Perps, then tap Orders. Tap an open order and tap Cancel Order to cancel it.

Add or withdraw funds #

You can add funds before trading or withdraw available funds after trading. Funds committed to positions or reserved for pending orders may not be available to withdraw. For how the balance works, see Where your funds are held.

Fund your perps balance #

You can pay directly from your wallet when opening a position. Funding your perps balance in advance is optional. If you trade frequently, funding in advance can make trading faster and simplify margin management. Otherwise, you can use Cash account, CASH in your main wallet, SOL, and USDC on Solana to open positions.

1. On the Home tab, tap Perps.
2. Under Available funds, tap Add.
3. Choose your funding source and enter the amount.
4. Review your quote and fees.
5. Tap Add Funds.

Your chosen asset is converted to USDC and bridged to Hyperliquid.

Withdraw from your perps balance #

Withdraw funds from your perps balance back to your Phantom wallet, either to your Cash account or to a Solana token of your choice. Review the withdrawal fee before confirming.

1. On the Home tab, tap Perps.
2. Under Available funds, 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.

Place a limit order #

A limit order lets you choose the price at which you want to open a long or short position. Limit orders are available in the Phantom mobile app.

1. Open a perp market, then tap Long or Short.
2. Choose your funding source, enter the amount, and set your leverage.
3. Tap the settings icon (sliders) in the upper right, then tap Order Type.
4. Select Limit Order.
5. Tap Limit Price and enter your price, then confirm.
6. Review your quote and fees.
7. Tap Confirm.

Your pending order appears as Limit Buy under Active Orders on the asset page and under Orders in Perps. Placing an order doesn't mean a position has opened. The order must fill first.

You can cancel a limit order before it fills. Tap an open limit order, then tap Cancel Order to cancel it.

To add a take-profit or stop-loss order after the limit order fills, open the position and tap Auto Close.

Fees #

Check the fee breakdown before confirming a trade, deposit, or withdrawal.

Fees can vary by order type, market, and account tier. Equity and other HIP-3 markets can also have deployer-specific fees.

FAQ #

Where can I trade perps in Phantom? #

You can trade perps in the Phantom mobile app or in Phantom Terminal on desktop (trade.phantom.com).

What order types are supported? #

Order type availability depends on the platform:

• Phantom mobile app: Market orders, limit orders
• Phantom Terminal at trade.phantom.com: Market orders

Can I trade perps in the Phantom browser extension? #

Yes. Connect your Phantom browser extension to Phantom Terminal at trade.phantom.com. Sign in with the same account as you use on mobile to see your open perps positions.

Can I trade perps using a Ledger hardware wallet? #

No. Perps are not available when using Ledger wallets.

Where are my funds located when I trade perps? #

Your perp trading activity is tied to your Ethereum address. The funds are located in your separate perps balance. In the Phantom mobile app, on the Home tab, tap Perps, then look for Available funds at the top.

To verify your balances independently, follow these steps:

1. Get your Ethereum address in Phantom. See Find your wallet address in Phantom.
2. Go to hypurrscan.io.
3. Paste your Ethereum address.
4. Review the Overview section for your perps and spot balances on Hyperliquid.

Where are my funds after I close a position? #

Closed positions are settled in USDC and returned to your perps balance, not to your Solana wallet or Cash account. You will not receive the token you traded, because perps are cash-settled. To move the funds to your wallet, withdraw from your perps balance. See Withdraw from your perps balance.

Why was my position liquidated when the chart didn't show a price drop? #

Liquidations use the mark price, which can differ from the price shown on your chart. A position can be liquidated even if the chart does not show the same movement. See Liquidation for details.

Can I connect Phantom to Hyperliquid directly? #

Yes. You can connect your Phantom wallet to Hyperliquid at app.hyperliquid.xyz. 

Troubleshooting #

Check which stage your trade has reached before taking another action:

• Funding in progress: Your payment is being converted or bridged. Funds leaving your wallet doesn’t mean a position has opened.
• Pending order: A limit order has been placed but hasn’t filled. Find it under Active Orders or Perps > Orders.
• Open position: The order has filled and a position appears under Your Positions or **Home > Perps. Open it to manage or close it.

My order is stuck on Processing, or nothing happens when I place it #

When you pay with SOL or your Cash account, those funds are first converted to USDC and bridged to Hyperliquid before the position opens. During this step the funds can briefly leave your wallet without yet appearing in your perps balance or on hypurrscan.io.

To check what happened, follow these steps:

1. Wait a short time and refresh, then look for the position under Perps on the Home tab.
2. Verify your balances on hypurrscan.io using your Ethereum address. See Where are my funds located when I trade perps?
3. Check the status of the bridging transaction on Relay using your Ethereum address. This is where the funds pass through before reaching Hyperliquid, and it will show whether the transaction is still pending, completed, or failed.
4. If the funds left your wallet but no position opened and nothing appears in your perps balance, on hypurrscan.io, or on Relay after a few minutes, contact Phantom Support and include your app logs.
   You can also place the order in Phantom Terminal on desktop at trade.phantom.com using the same account. See Trade tokens and perps in Phantom Terminal.

The mobile app won't open or close a position #

If the mobile app is unresponsive when opening or closing a position, or an action does not go through, try the same account in Phantom Terminal at trade.phantom.com. Positions and balances are shared across mobile and Terminal, so you can manage or close the same position from either one. See Trade tokens and perps in Phantom Terminal.

I received less than expected after closing my position #

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 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 #

• Understanding perp trading in Phantom
• Trade spot markets and perps in Phantom Terminal