This article answers the most common questions about trading perpetual futures (perps) in the Phantom mobile app and Phantom Terminal (trade.phantom.com).
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. Zero risk, zero real money, no testnet.
Paper trading runs locally on your device and uses real markets with live prices, order books, and funding rates. The only thing that is not real is the money you trade with. Trades execute against live Hyperliquid market data. Positions, P&L, liquidations, limit orders, and TP/SL all behave exactly as they would in real-life trading.
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:
- Open Phantom and choose the account you trade perps with.
- 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 (trade.phantom.com): 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. For more information, see Feature availability by region.
Can I trade perps in the browser extension?
Yes, by connecting the browser extension to Phantom Terminal (trade.phantom.com). Be sure to choose the same account in the extension that you use to trade perps in the mobile app.
Can I use a Ledger hardware wallets?
No. Perps aren't 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). In the mobile app, connection works only in the Phantom's in-app browser: choose the account you trade perps with, then go to the Explore tab, search for Hyperliquid, then connect.
In the extension, click Explore (magnifying icon) in the lower right, then search for Hyperliquid, and then connect.
When Hyperliquid opens, tap or click the Default Wallet option, depending on which platform you're connecting on.