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 the following perp markets in Phantom:
- Crypto perps:
- Major assets such as SOL-USD, BTC-USD, or ETH-USD
- Memes
- DeFi
- Equity perps deployed by trade.xyz:
- Stocks such as GOOGL, AAPL, or NVDA
- Commodities such as gold, silver, or oil
- Foreign exchange contracts
To browse curated perp lists, open the Home tab, tap Perps, then tap Lists.
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 fake is your money. Trades execute against live Hyperliquid market data, and positions, P&L, liquidations, limit orders, and TP/SL all behave exactly like the real thing.
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:
- 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?
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.