Equity perps are perpetual futures contracts that mirror the price of US equities and market indices using oracle feeds. Go long or go short with up to 10x leverage on markets like GOOGL (GOOGL-USD), AMZN (AMZN-USD), AAPL (AAPL-USD), META (META-USD), MSFT (MSFT-USD), the XYZ100 index and others.
Deployed by XYZ and powered by Hyperliquid's HIP-3 framework, equity perps in Phantom work exactly like crypto perps: the same interface, the same margin and leverage mechanics, and the same risk-management features.
Trading an equity perp gives you exposure to the stock’s price movement, but not ownership of the real shares or any shareholder rights. Because these are synthetic markets that trade 24/7, equity perp prices can sometimes deviate from the stock price you see on traditional exchanges, especially when those markets are closed.
Warning: Trading perpetual contracts involves significant risk, including the potential for sudden and total loss of your investment and collateral due to high leverage and market volatility, and may not be suitable for all users. Prices may be influenced by funding rates and liquidity and you may be subject to automatic liquidations without notice. Market data provided by Hyperliquid.
How to trade equity perps in Phantom
Equity perps trade in Phantom the same way as any other perpetual futures contract. You use the same interface, funding options, leverage settings, and margin behavior as with crypto perps.
Once you open an equity perp market in the mobile app or Phantom Terminal, you can view your position’s PNL, ROI, funding payments, liquidation price, collateral, and margin just like you would for crypto perp markets.
Here are the links to our existing perp trading articles that describe the basics:
- Mobile app: How to trade perps in Phantom
- Phantom Terminal: How to trade tokens and perps in Phantom Terminal
- Concepts and risks: About perp trading in Phantom
How equity perps work
Equity perps in Phantom are powered by Hyperliquid, just like crypto perps. Instead of trading shares through a broker, you trade a perpetual futures contract that tracks the stock’s price using oracle feeds. Your PNL is settled in USDC, not in the underlying equity.
The contracts are created and maintained by third-party deployers—not by Phantom. Today, Phantom supports equity perps deployed by XYZ, including XYZ100 (a broad US equity index) and a range of major US equities. Equity perp tickers follow the naming convention of the underlying asset and collateral, such as XYZ100-USDC.
Equity perps are made possible through Hyperliquid’s HIP-3 framework, which enables external builders to create new perp markets. See Hyperliquid improvement proposals: What is HIP-3? on the Phantom blog.
How equity perp pricing works
Equity perps track the price of the underlying equity using real-time market data when stock markets are open, and protected pricing models when markets are closed. Because traditional equities trade on fixed schedules, the pricing model behaves differently depending on whether the underlying market is active.
When the equity market is open
During regular US equity market hours (including pre-market and after-hours sessions supported by the deployer), equity perps track the stock’s price using real-time data from the deployer's oracle feeds. These feeds combine prices from multiple sources to reflect current market conditions.
Perp prices generally track the stock price closely, but small differences can still appear due to the following:
- Liquidity in the perp market
- Funding rate imbalances
- Normal oracle update intervals
When the equity market is closed
When the underlying equity market is closed (overnight, weekends, and US market holidays), there is no live stock price to track. During these periods, the perp price reflects expected movement rather than real trades.
The expected price is formed by news events that may affect the next market open, pricing models used by the deployer and liquidity providers, and supply and demand within the perp market itself.
Because there’s no active underlying market during these periods, deployers apply guardrails to prevent extreme deviations from the last known equity price while still allowing the price to respond to market expectations.
Important: It's normal for equity perps to trade at prices that differ from what you see on Nasdaq or TradingView, especially outside market hours. These are synthetic markets that track market expectations and oracle data, rather than executing against the stock itself.
Who deploys equity perps tradable in Phantom?
Phantom currently supports equity perps deployed by XYZ, including XYZ100 and a range of major US equities. To learn more about how their contracts work, see the XYZ documentation:
Each deployer designs its own pricing logic, oracle feeds, and contract rules, so it is important to review the deployer's documentation before trading.
Risks
Trading equity perps involves risk. Please review the following before trading:
- Market volatility: Stock prices can move rapidly, and leverage magnifies both gains and losses.
- After-hours volatility: Perp prices can move even when the stock market is closed.
- Deployer dependency: Each deployer's oracle, pricing method, and contract behavior can differ.
- Funding payments: Funding may impact your returns, especially during imbalanced markets.
Only trade what you’re comfortable risking.