Equity perps are perpetual futures contracts that track the price of supported stocks, equity indices, and other traditional market assets using oracle feeds. They let you go long or short with leverage, but they do not give you ownership of the real shares or any shareholder rights.
Trading an equity perp gives you exposure to price movement only. Your profits and losses are settled in USDC, not in the underlying stock or asset.
Warning: Trading perpetual contracts involves significant risk, including the potential for sudden and total loss of your investment and collateral due to high leverage, market volatility, and liquidation. Prices may be affected by funding rates, liquidity, oracle data, and third-party deployer rules. Market data provided by Hyperliquid.
Where can I trade equity perps?
Equity perps trade in Phantom the same way as other perpetual futures contracts. You use the same trading interface, funding options, leverage settings, and margin behavior as crypto perps.
You can trade equity perps in the Phantom mobile app, or in Phantom Terminal (trade.phantom.com) by connecting your Phantom browser extension.
After you open a position, you can view your position's P&L, ROI, funding payments, liquidation price, collateral, and margin.
How do equity perps work?
Equity perps in Phantom are powered by Hyperliquid's HIP-3 framework, which lets external builders create new perp markets. Instead of trading shares through a broker, you trade a synthetic perpetual futures contract that tracks the underlying asset's price using oracle feeds.
The contracts are created and maintained by third-party deployers, not by Phantom. Today, Phantom supports equity perps deployed by trade.xyz.
Equity perp tickers follow the naming convention of the underlying asset and collateral, such as XYZ100-USDC.
To learn more, see Hyperliquid improvement proposals: What is HIP-3? on the Phantom blog.
How does equity perp pricing work?
Equity perps track the price of the underlying asset using live market data when supported markets are open. When those markets are closed, prices may reflect expected movement, deployer pricing models, liquidity, and market demand.
Because equity perps are synthetic markets that can trade 24/7, the perp price may differ from the price you see on traditional exchanges or charting platforms.
When the equity market is open
During regular US equity market hours, including any pre-market or after-hours sessions supported by the deployer, equity perps track the underlying asset's price using real-time data from the deployer's oracle feeds.
Prices may still differ slightly from traditional exchange prices because of:
- Liquidity in the perp market
- Funding rate imbalances
- Oracle update timing
When the equity market is closed
When the underlying equity market is closed, such as overnight, on weekends, or on US market holidays, there is no live stock price for the perp to track.
During these periods, the perp price may be influenced by:
- News events that may affect the next market open
- Pricing models used by the deployer and liquidity providers
- Supply and demand within the perp market
Deployers may apply guardrails to help limit extreme deviations from the last known equity price while still allowing the market to respond to expectations.
Important: It is normal for equity perps to trade at prices that differ from Nasdaq, TradingView, or other market data sources, especially outside regular market hours. Equity perps are synthetic markets that track oracle data and market expectations. They do not execute against the stock itself.
Who deploys equity perps in Phantom?
Each deployer designs its own pricing logic, oracle feeds, and contract rules. Phantom does not control these deployer-specific settings.
Today, Phantom supports equity perps deployed by trade.xyz.
Before trading, review the deployer's documentation so you understand how the market works. To learn more, see Overview of trade.xyz perps.
What should I review before trading?
Trading equity perps involves risk. Review the following before opening a position:
- Market volatility: Prices can move rapidly, and leverage magnifies both gains and losses.
- After-hours volatility: Perp prices can move even when the underlying market is closed.
- Deployer dependency: Each deployer's oracle, pricing method, and contract behavior can differ.
- Funding payments: Funding may affect your returns, especially during imbalanced markets.
- Liquidation risk: If the market moves against your position, your collateral may be liquidated automatically.
Only trade what you are comfortable risking.