This article answers the most common questions about trading perpetual futures (perps) in the Phantom mobile app and Phantom Terminal (trade.phantom.com).
What kind of perp markets are available to me?
You can trade two types of perpetual futures in Phantom:
- Crypto perps (for example, SOL-USD, BTC-USD, ETH-USD).
- Equity perps (for example, XYZ100-USD).
Where are my funds sitting?
Your funds are always associated with your Phantom wallet, even when bridged to Hyperliquid. All perps activity is tied to the Ethereum address in your Phantom account.
If you’ve previously traded perps in Hyperliquid with your Phantom wallet, any existing positions or balance will automatically appear in your perps account inside Phantom.
To view your perps account, including in-transit and spot balances:
- In your browser, go to hypurrscan.io.
- Enter your Ethereum address. To find your Ethereum address, open the Phantom app, and then on the Home tab, select Receive, and then copy your Ethereum address.
- Look for the Overview section on the Hyperliquid page and review your balances:
- Perps: This is your perps trading account.
- Spot: The bridge between your Solana assets and Hyperliquid's trading ecosystem, handling the necessary conversions before funds reach your perps trading account.
Can I export my perps account?
Your perps account on Hyperliquid is tied to the Ethereum-compatible address within your Phantom wallet.
This means you can export your perps account by exporting your Phantom wallet’s private key and importing it into any EVM-compatible wallet, such as MetaMask.
What order types are supported in perps?
Phantom mobile app
On mobile, Phantom perps supports market and limit orders. You can use a market order to open a position immediately at the current market price, or a limit order to open it only when the market reaches your chosen price.
Stop-loss and take-profit orders are supported for closing positions.
Phantom Terminal
Phantom Terminal (trade.phantom.com) only supports market orders.
Why was my position liquidated even though the chart didn’t show a price drop?
Liquidations in Phantom are based on the mark price, not the visible chart price.
The mark price is a fair-value estimate calculated by Hyperliquid’s oracle feed. It uses aggregated data from multiple exchanges and adjusts for factors like:
- Funding payments between long and short traders
- Price volatility
- Network latency or temporary market imbalances
Because of these factors, the mark price can briefly differ from the spot price shown on charts such as TradingView or public market feeds.
This means your position can be liquidated if the mark price temporarily dips below your liquidation threshold, even if the chart price never appears to reach that level.
What kind of margin is used?
Phantom perps use isolated margin only. That means each position has its own dedicated margin, which limits your risk to that position only.
What's the difference between perps and spot trading?
In spot trading, you buy the token and later sell it (hopefully higher). With perps, you speculate on direction without holding the token:
- Long if you believe price will rise.
- Short if you believe price will fall.
Perps don’t expire, so you can hold them as long as they remain open. Because they’re cash-settled, gains and losses are realized in USDC, not the underlying token.
Where are perps available?
Due to regulatory restrictions, perps aren’t currently available in the following jurisdictions:
- US
- UK
In all the other countries and territories, if you’re not able to access perps, make sure that the Ethereum network is active in your Phantom mobile app.
Can I trade perps in the browser extension?
No. Perp trading is available in the following platforms:
- The Phantom mobile app.
- Phantom Terminal (trade.phantom.com) on the web.
Have feedback?
If you have thoughts on how to improve the perps experience in Phantom on mobile, share with us: tap the Share feedback button on the Perps page. For other general feedback, leave a comment at feedback.phantom.com.