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.

Before you trade #

• You may need a small amount of the network's native token (such as SOL) to cover network fees, unless your swap is gasless. For more information, see Understanding network fees.
• You need a multi-chain Phantom account with the Ethereum network enabled under Settings > Active Networks.

Fund your perps balance #

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

The minimum funding amount is $5.

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

Your chosen asset is converted to USDC and bridged to Hyperliquid. Network fees apply, so the amount credited 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 #

Browse hundreds of crypto and equity perp markets.

• From the Explore tab: Find trending perps, earnings, and market news.
• From the Home tab: Tap Perps, then scroll to Explore Perps to browse markets. You can also tap the search icon in the upper right to find a market.
• From the Trade tab: Tap Perps to browse and filter perp markets.
• From an asset page: If an asset has a perp market, tap Trade > Long or Trade > Short directly on the page.

Open a long or short position #

Open a long position if you think the price will rise, or a short position if you think it will fall.

You can pay with your perps balance, Cash account, SOL, or another supported Solana token. Funds from your Cash account or tokens are converted to USDC and committed as margin. Leverage is applied on top, which determines your total position size.

The minimum order size is shown before you confirm.

These steps place a market order at the best available price.

1. Open a perp market, then tap Trade > Long or Trade > Short.
2. To check the order type, tap the settings icon (sliders) in the upper right, then tap Order Type. Choose Market Order and tap the checkmark.
3. Tap the funding source above the keypad to choose how to pay, then enter the amount. You can also use the percentage buttons to select an amount.
4. Tap the leverage below the amount, adjust the slider, then tap the checkmark to save.
5. Tap Review.
6. Check the direction, amount, and leverage. To adjust the leverage again, tap Leverage. Review the liquidation price and distance from the current price when shown.
7. To add a take-profit or stop-loss order, tap Add Auto Close. Choose how to enter the trigger under Use, enter your take-profit or stop-loss settings, then tap Set.
8. Review your payment method and fees. To change your funding source, tap Payment.
9. Tap Confirm.

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

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. You can also use the price shortcuts above the keypad.
6. Tap the checkmark to save, then tap Review if you're still on the amount screen.
7. Review the direction, limit price, leverage, payment method, and fees. To change the limit price, tap Order Type.
8. Tap Confirm.

Your pending order appears 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.

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

Copy someone else's trade #

Live Trades lets you view other traders' perp positions and use their setup to open your own position in the Phantom mobile app.

1. On the Trade tab, scroll to Live Trades. You can also find Live Trades in Perps.
2. Tap Live Trades to see more trades, then tap a trade to view the trader's record and position details.
3. Tap Copy. The market, direction, and leverage are filled in for you.
4. Enter the amount and choose your funding source. You can also use the percentage buttons to select an amount.
5. On the Review screen, check the trade details. To change the leverage, tap Leverage.
6. To add a take-profit or stop-loss order, tap Add Auto Close, enter your settings, then tap Set.
7. Review your payment method and fees. To change your funding source, tap Payment.
8. Tap Confirm.

Once the position opens, you manage it yourself. Later changes, closing trades, and future trades by the original trader aren't copied.

Your entry price can differ from the original trader's, so your results may be better or worse than theirs.

For more information, see Using Live Trades.

Find your positions and orders #

Your open positions appear directly on the Home tab, under Perps. You can also find your position on the corresponding asset page, under Your Positions.

Limit orders, stop-loss orders, and take-profit orders appear on the corresponding asset page, under Active Orders.

To view your limit orders, on the Home tab, tap Perps, then open Orders.

Open a position to view its chart, profit or loss, entry price, liquidation price, and any take-profit or stop-loss prices. Scroll to Position Details or Market, then tap View all to see more. Trade activity appears under History.

Manage your positions #

Tap an open position to manage it:

• To add or update a stop-loss or take-profit order, tap Auto Close. Choose how to enter the trigger under Use, enter your settings, then tap Set.
• To add to a position, tap it, then tap Manage > Add to Position.
• To reduce a position, tap it, then tap Manage > Reduce Position.
• To flip to long or short, tap it, then tap Manage > Flip Position.
• To adjust the margin, tap an open position, scroll down to Margin, then Add Margin or Reduce Margin.

Close your positions and orders #

If you set stop-loss or take-profit, your position closes automatically when the selected price trigger is reached.

To close an open position manually, 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.

When your position is closed, the funds remain in your perps balance on Hyperliquid until you withdraw them.

To close all open positions at once, on the Home tab, tap Perps, then tap the three-dot icon in the upper right of the Positions tab, then tap Close All Positions.

To cancel an order (limit order, stop-loss, or take-profit), open the asset page, tap the order under Active Orders, then tap Cancel Order. You can also find orders from the Home tab under Perps > Orders. To cancel all orders at once, tap the three-dot icon in the upper right of Orders, then tap Cancel All Orders.

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. Hyperliquid charges a flat 1 USDC fee on your first withdrawal.

The minimum withdrawal amount is $5.

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.

Fees #

The following fees may apply when funding, trading, or withdrawing from your perps balance.

FAQ #

Where can I trade perps in Phantom? #

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

What market types are supported? #

What's the difference between perps and spot trading? #

Spot trading and perp trading work differently:

• Spot trading: You buy and sell actual tokens. You own the asset.
• Perp trading: You speculate on price direction without holding the token. You can go long if you think the price will rise or short if you think it will fall. Perps do not expire and are cash-settled in USDC.

What order types are supported? #

Order type availability depends on the platform:

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

Where are perps available? #

Perps aren't available in the US, UK, and other territories. See Feature availability by region.

Can I trade perps on desktop? #

Yes. Connect your Phantom browser extension to Phantom Terminal (trade.phantom.com). You can trade perps on desktop and on mobile using the same account.

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? #

Perps activity is tied to the Ethereum address in the Phantom account you use for trading. If you previously traded perps on Hyperliquid with that address, those positions automatically appear in Phantom.

To verify your balances independently, follow these steps:

1. Choose the account you use to trade perps.
2. Get your receive address on Ethereum. See Find your wallet address in Phantom.
3. Go to hypurrscan.io.
4. Paste your Ethereum address.
5. Review the Overview section for your perps and spot balances.

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

Liquidations use the mark price, not the price shown on the chart. The mark price is a fair-value estimate from Hyperliquid's oracle that factors in funding payments, volatility, and network latency.

The mark price can temporarily differ from spot prices displayed on TradingView charts. This means a liquidation may happen even if the chart does not show the same price movement.

What margin types are supported? #

Phantom perps use isolated margin only. Each position has its own dedicated margin. If one position is liquidated, your other positions are not affected.

Can I connect Phantom to Hyperliquid directly? #

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

Troubleshoot perp trading 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 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 from 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 is taking longer than expected #

Withdrawals typically take a few seconds. 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.

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
• Understanding equity perps in Phantom
• Trade tokens and perps in Phantom Terminal