How to trade tokens and perps in Phantom Terminal

Use Phantom Terminal to trade Solana tokens and Hyperliquid perps from your desktop browser. Phantom Terminal is available at trade.phantom.com and provides an advanced trading interface with charts, real-time market data, and fast execution.

Connect using seedless wallets (Apple or Google login) or recovery-phrase wallets, and trade with auto-approvals and no transaction pop-ups, or connect in a mode where each transaction requires manual confirmation.

Your positions sync to the Phantom mobile app when you’re signed in with the same wallet.

Video tutorial

Wallet connection and access

Connect your wallet to Phantom Terminal

Click Connect in the upper-right corner to view four wallet connection options.

The following table explains each option:

About the Continue with Phantom option

When you select Continue with Phantom, choose how you want to connect:

1. Click Continue with Phantom. This opens a second screen titled Choose Account.
2. On the Choose Account screen, choose between:
   • Trading Account (recommended for instant trades). Learn more
   • Existing Account (manual confirmations). Learn more

Manage your accounts and balances

This section covers adding funds, transferring funds, and withdrawals. Your Phantom Terminal account includes your trading account (for token trading) and your perps balance (for perp trading, where available).

Click the profile icon in the upper-right corner to access your account.

Deposit to your trading account

You can deposit SOL from your balance in Phantom or any exchange.

1. Click your profile icon in the upper-right corner.
2. Click Add Funds.
3. Choose one of the following:
   • Deposit:
     • Copy the deposit address and paste it into your Phantom extension: click Send → Solana → paste the address.
     • Scan the QR code using your Phantom mobile app: tap Send → Solana → tap the [ ] icon → scan.
     • Copy the deposit address into any wallet or exchange.
   • Buy: Buy SOL with a credit or debit card using third-party on-ramp providers.

You can also transfer funds between your trading account and your other Phantom accounts using the extension or mobile app.

Tip: Always use the current deposit address shown in your profile. Don't reuse old addresses.

Transfer between your trading account and perps balance

Perps are powered by Hyperliquid and use your Ethereum address for trading. You can bridge SOL from your trading account to USDC in your perps balance:

1. Click your profile icon in the upper-right corner.
2. Click Tokens ↔ Perps.
3. Enter the amount in SOL.
4. Click Transfer.

You can bridge back the same way to return your perps balance to SOL.

Withdraw from your trading account

You can withdraw to any Solana wallet, including your Phantom wallet or an exchange.

1. Click your profile icon in the upper-right corner.
2. Click Withdraw. 
3. Enter the recipient’s Solana address.
4. Enter the amount in SOL.
5. Click Withdraw.

If you connected using the Phantom extension, you must approve the transaction. All other connection methods auto-approve.

Trade tokens

Identify trading opportunities using live market data, order books, and TradingView charts.

View charts

Charts update in under one second and include one-second candlesticks and professional indicators. Zoom in for higher resolution and more precise pattern analysis. The interface is optimized for desktop and mobile.

View token information

Each token includes the following metrics:

• Top 10 holders %: Percent of total supply held by the top ten holders.
• Dev holdings %: Percent of tokens held by the developer’s wallet.
• Snipers holdings %: Percent of tokens held by wallets identified as snipers.
• Bundler holdings %: Percent of tokens held by wallets that bundled transactions (often indicating illegitimate buys).
• LP Burned %: Percent of liquidity pool tokens permanently locked.
• Mutable: Whether the token’s metadata (such as name or image) can be changed after launch.
• Mintable: Whether the creator can mint additional tokens.
• Freezable: Whether the creator can pause or block token trades or transfers.
• Dev Wallet address: The address of the token developer’s wallet.

Build your watchlist

On any token page, click Follow to add it to your watchlist, then access the watchlist in Tokens → Watch.

Trade using Quick Buy

Enter an amount of SOL next to lightning icon at the top of the page. Then click the lightning icon next to any token to execute a Quick Buy.

Trade directly on token pages

Search for a token, then enter the amount in SOL, or use one of the preset buy values (1️⃣, 2️⃣, 3️⃣), and then click Buy.

Your position appears in the Positions section of the Tokens page and in your portfolio.

To sell a token:

• Click ⚡ Sell in the Positions section to sell your full balance.
• Enter an amount manually or use one of the preset percent values (1️⃣, 2️⃣, 3️⃣), and then click Sell.

Trade newly launched tokens

Go to Discover → Launches to find new tokens from different launchpads:

• New: The newest token pairs created (new markets).

• Migrating: Tokens close to being listed on major Solana DEXs, such as Raydium.

• Migrated: Tokens already listed on a DEX.

Tip: Adjust the Quick Buy setting by changing the SOL amount next to the lightning icon.

Filter by launchpads

Click the three-dot icon in any Launches section to filter by launchpads and token parameters.

Trade trending tokens

Go to Discover → Trending to see tokens trending among Phantom users.

Enter an amount of SOL next to lightning icon at the top of the page. Then click the lightning icon next to any token to buy.

Trade perps

Important: Phantom perps aren’t available everywhere. Trading perps involves significant risk and may not be suitable for all users.

Phantom Terminal supports perp trading:

• Go long or short with up to 40× leverage.
• Trade more than 100 markets, including HIP-3.
• Use TradingView charts with sub-second latency.
• View a live order book and real-time trades feed.
• Track funding payments and ROE.
• View and manage open positions in one place.

Add funds to your perps balance

To trade perps in Phantom Terminal, bridge SOL from Phantom to Hyperliquid:

1. Click your profile icon in the upper-right corner.
2. Click Tokens ↔ Perps.
3. Enter the amount in SOL.
4. Click Transfer.

SOL is converted to USDC in your Hyperliquid account. Bridging is non-custodial and uses Hyperliquid’s settlement layer. If you previously traded perps on Phantom mobile, your balance will appear automatically.

Open a position

Note: The first time you trade perps in Phantom Terminal, you may need to click Enable Trading and sign a message.

You can place market orders for perps in Phantom Terminal. To open a position, you need a minimum size of 10.25 USDC. For example, if your margin is 5.15 USDC and you use 2× leverage, your position size is 10.30 USDC.

1. Go to Discover → Perps.
2. Select a contract. For example:
   • Crypto perps such as BTC or HYPE.
   • Equity perps such as NVDA or XYZ100.
3. Choose Long or Short.
4. Enter the order value in USD (calculated as margin × leverage) or use the slider to set how much of your balance to use.
5. Set your leverage.
6. Optionally, turn on Auto Close to set TP (take-profit) and SL (stop-loss) triggers.
7. Click Long or Short to place your order.

Your filled position appears in the Positions section on the Perps page and in your portfolio.

Manage your positions

You can manage your perp positions in Phantom Terminal or in the Phantom mobile app. Any changes you make on one platform will appear on the other as long as you are using the same account.

Set stop-loss and take-profit triggers

In the Positions tab, click the pencil icon in the TP/SL column and enter target prices.

Add to a position

Click the position, open the Add tab, enter an amount, and click Add to Short or Add to Long.

Close a position

In the Positions tab, click Close next to the position.

Partially close a position: click the position, open the Close tab, adjust the amount and click Close Position.

Reverse a position

Switch from long to short (or short to long) instantly. Click the position, open the Reverse tab on the right-hand side, and then click Reverse.

View open positions

The Positions tab shows your PnL, liquidation levels, and TP/SL settings. If you’re signed in on Phantom mobile with the same account, your positions appear there too.

View trade history

The Trades tab shows a complete record of executed trades—every time a perp position was opened or closed.

View funding history

The Funding tab shows a complete record of funding payments you pay for open perp positions.

View history

The Order History tab shows a record of all open, filled, canceled, and rejected perp orders.

Withdraw from your perps balance

You can withdraw profits and any remaining funds in your perps balance by bridging from Hyperliquid back to SOL in Phantom. 

1. Click your profile icon in the upper-right corner.
2. Click Tokens ↔ Perps.
3. Click the two-arrow icon to reverse the direction.
4. Enter the amount in USD.
5. Click Transfer.

The minimum withdrawal amount is $5.

Track wallets

With Phantom Terminal, you can follow wallets and monitor their trades in real time. 

When you track a wallet:

• You can view its token activity.
• You can watch buys and sells on token charts.
• You receive real-time notifications and sound alerts.

Add a wallet to track

1. Go to Discover → Track.
2. Click Track.
3. In the Tracking column, click +.
4. Enter the wallet details, emoji, and name.
5. Click Track Wallet.

Monitor tracked wallets

Recent trades of tracked wallet appear instantly in the Monitor section on the Track page.

You can also view the Track section on the Tokens page.

Trade notifications

Notifications appear regardless where you are in the terminal, and include quick links for execution and analysis. To mute notifications, click Settings (gear icon) in the lower-right corner and toggle Show notifications and Play sound.

Chart indicators

Tracked wallet buys and sells appear as indicators on token charts.

Portfolio and performance

Use the Portfolio page for the following:

• Tracking PnL, current value, market cap, and remaining amounts.
• Closing token and perp positions.
• Reviewing your trade history.
• Identifying top gainers and losers.

Trading preferences and settings

Configure trade presets

Trade presets let you preconfigure slippage, priority fees, MEV protection, and buy/sell amounts. You can configure up to three presets.

Double-click the preset buttons (1️⃣, 2️⃣, 3️⃣) in the upper-right corner to customize.

Slippage

Slippage is how much less you're willing to receive in a transaction.

Note: Your slippage depends on the volatility of the token. Higher marketcap coins that aren’t as volatile generally require less slippage.

• Auto slippage (20%) is recommended.
• High slippage (above 20%) increases MEV risk and only recommended for highly volatile tokens.
• Low slippage (1% to 20%) reduces MEV risk but may cause transaction failures.

Priority fee

A priority fee speeds up your transaction by paying above the base gas cost.

Tips

A tip rewards the validator to help your transaction confirm faster.

MEV protection

Being MEVed on Solana happens when attackers manipulate transactions in a block to make profits. This could mean placing their transaction first (before yours) and then selling after you. Which can cause you to not get as many tokens and buying those tokens at a bad price.

Important: Enabling MEV protection may cause your transaction to take longer to execute, but will protect against these attacks.

Buy and sell amounts

Set preset buy amounts in SOL and sell amounts as percentages.

System settings

System settings are located in the lower-right corner.

Click the gear icon to access the following settings:

• Show notifications: Whether to show notifications whenever a tracked wallet executes a trade.
• Play sound: Whether to play sounds whenever a tracked wallet executes a trade.
• Share anonymous analytics: Whether to share anonymous analytics with Phantom.

Click the star icon to adjust background lighting.

Click the speaker icon to toggle sound alerts.

Troubleshooting

My trading account isn't visible in Phantom

If your trading account that you created on trade.phantom.com doesn't appear in your Phantom mobile app or browser extension, this usually indicates a sync issue. Trading accounts should normally appear automatically.

What you can do

• Update Phantom to the latest version.
• On mobile: force-close and reopen the Phantom app.
• On desktop: lock and unlock the Phantom browser extension.

After doing this, your new trading account should appear in the account switcher:

• Mobile app: the trading account has a remark such as “Last used with Phantom.com.” Tap your profile avatar in the upper-left corner to access it. If you traded perps in Phantom Terminal, the account will also show a separate perps balance.
• Browser extension: the trading account appears in the account switcher. Click your profile avatar in the upper-left corner to access it.

See the screenshot for reference:

FAQ

What tokens are supported?

Only Solana tokens and Hyperliquid perps are supported.

Is Phantom Terminal available on mobile?

Yes. You can open Phantom Terminal on mobile through our in-app browser: in the Phantom mobile app, go to the Explore tab → enter "Phantom Terminal" in the search bar → tap Open.

What browsers are supported?

For the best experience, open Phantom Terminal in the same browser where you have the Phantom browser extension installed, such as Google Chrome, Firefox, Opera, Brave, Edge, and others.

Why is my connected wallet address different from my usual address?

If you clicked Continue with Phantom → Trading Account option signed in with a recovery-phrase wallet, a new Solana trading account is created for auto-approvals. You can access it in your Phantom extension or mobile app.

Do I need to fund a separate account?

It depends on your wallet type and how you signed in to Phantom Terminal:

• Seedless wallet (Apple or Google): If you used Continue with Phantom, Continue with Google, or Continue with Apple, you can trade with your existing SOL balance. No need to fund a separate account.
• Recovery-phrase wallet (also known as a seed-phrase wallet): If you used Continue with Phantom → Trading Account option, it creates a new trading account that you must fund. If you used Continue with Phantom → Existing Account, you can trade with your existing SOL balance. No need to fund a separate account.

Are my funds custodial?

No. All trades are executed on-chain and your wallet remains in your control.

Can I export the recovery phrase for a trading account created in Phantom Terminal?

No. If Phantom Terminal creates a new trading account for a recovery-phrase wallet, you can’t view or export a recovery phrase for that trading account. This is by design.

If you want full access to your funds using your regular recovery-phrase account, transfer funds from the trading account to your regular account in Phantom.