Use this FAQ to answer common questions about trading perpetual futures, also called perps, in the Phantom mobile app and Phantom Terminal (trade.phantom.com).
Warning: Perps are high-risk leveraged products. You can lose the margin assigned to a position if the position is liquidated. Make sure you understand liquidation risk before trading with real funds.
Where can I trade perps in Phantom?
You can trade perps in the Phantom mobile app or in Phantom Terminal (trade.phantom.com) by connecting your Phantom browser extension.
What kind of markets are available?
| Market | Example |
|---|---|
| Crypto perps |
|
| Equity perps |
For more information, see About trading equity perps in Phantom. |
What is paper trading?
Paper trading is a simulated trading experience that lets you practice buying and selling perps without using real money. New users start with $10,000 in simulated funds. No real funds are at risk, and no testnet is required.
Paper trading runs locally on your device and uses real markets with live prices, order books, and funding rates. Positions, P&L, liquidations, limit orders, stop-loss orders, and take-profit orders are simulated using live Hyperliquid market data.
Where are my funds?
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:
- Choose the account you use to trade perps.
- Select Receive and copy your Ethereum address.
- Go to hypurrscan.io.
- Paste your Ethereum address.
- Review the Overview section for your perps and spot balances.
What order types are supported?
Order type availability depends on the platform:
- Phantom mobile app: Market orders, limit orders, stop-loss orders, and take-profit orders
- Phantom Terminal (trade.phantom.com): Market orders, stop-loss orders, and take-profit orders
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 kind of margin is used?
Phantom perps use isolated margin only. Each position has its own dedicated margin. If one position is liquidated, your other positions are not affected.
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.
Where are perps available?
Perps are not available in the US or UK due to regulatory restrictions. For more information, see Feature availability by region.
Can I trade perps in the browser extension?
Yes. Connect your browser extension to Phantom Terminal (trade.phantom.com). Choose the same account in the extension that you use to trade perps in the mobile app.
Can I use a Ledger hardware wallet?
No. Perps are not available with Ledger wallets. The Perps section is hidden for Ledger accounts.
Can I connect Phantom to Hyperliquid?
Yes. You can connect your Phantom wallet to Hyperliquid (app.hyperliquid.xyz).
Mobile app
- Choose the account you use to trade perps.
- Select the Explore tab.
- Search for Hyperliquid.
- Open Hyperliquid, then connect your wallet.
- Select Default Wallet when prompted.
Browser extension
- Choose the account you use to trade perps.
- Click Explore in the lower right.
- Search for Hyperliquid.
- Open Hyperliquid, then connect your wallet.
- Select Default Wallet when prompted.