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?
You can trade two types of perpetual futures in Phantom:
- Crypto perps: SOL-USD, BTC-USD, ETH-USD, and more.
- Equity perps: XYZ100-USD and other tokenized stock indices.
Where are my funds?
Your funds remain connected to your Phantom wallet, even when bridged to Hyperliquid. All perps activity is tied to the Ethereum address in your Phantom account. If you previously traded perps on Hyperliquid, those positions automatically appear in Phantom.
To verify your balances independently:
- In Phantom, 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, and take-profit
- Phantom Terminal: Market orders, stop-loss, and take-profit
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. This can temporarily differ from spot prices displayed on TradingView charts, which may trigger liquidations that aren't visible on the chart.
What kind of margin is used?
Phantom perps use isolated margin only. Each position has its own dedicated margin, which limits your risk to that position. If one position is liquidated, your other positions aren't affected.
What's the difference between perps and spot trading?
- Spot trading: You buy and sell actual tokens. You own the asset.
- Perp trading: You speculate on price direction without holding the token. Go long if you think the price will rise, or short if you think it will fall. Perps don't expire and are cash-settled in USDC.
Where are perps available?
Perps aren't available in the US or UK due to regulatory restrictions. If you're in a supported region but can't access perps, make sure the Ethereum network is enabled in your Phantom mobile app: go to Settings → Active Networks and verify Ethereum is turned on.
Can I trade perps in the browser extension?
You can view your perps balance and open positions in the browser extension, but trading happens in Phantom Terminal. When you click a perp in the extension, it opens the market page in Phantom Terminal in your browser.
To trade perps directly, use the Phantom mobile app or Phantom Terminal at trade.phantom.com.
Can I use a Ledger wallet?
No. Perps aren't available with Ledger wallets. The Perps section is hidden for Ledger accounts.