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The article offers a comprehensive review of Phantom Wallet, highlighting its latest integration with the Hyperliquid blockchain to enable perpetual trading.
Phantom is a popular self-custody, multi-chain crypto wallet known for its clean interface and security. Launched in 2021, Phantom reports over 15 million monthly active users and raised a $150M Series C at a ~$3B valuation in January 2025.
Phantom has evolved from “just a wallet” into a unified hub: swapping, staking, and trading perpetual futures (perps) directly inside the wallet via Hyperliquid.
How Phantom Crypto Wallet Enables Self Custody
Phantom is non-custodial, so users retain full control over their funds, with private keys encrypted locally on their device. Phantom never accesses or has custody of those keys, aligning with the core principles of decentralization and user sovereignty.
Self-custody adds responsibility: securely back up your recovery phrase and keep devices safe. Phantom’s onboarding and prompts help with confirmations, network switching, and backups.
This matters for traders because perpetual futures positions and collateral are always under user control, even when using Phantom’s integration with Hyperliquid, where trades are executed on-chain and remain verifiable.
Advantages of Trading with Phantom
Phantom’s trading capabilities build on the strengths of a secure and easy-to-use wallet. Benefits of trading with Phantom include:
Competitive trading fees when compared to centralized exchanges.
A streamlined interface that makes trading accessible to new users.
Built-in fiat on-ramps for deposits; off-ramps require third-party exchanges or providers.
Support for multiple blockchains within a single wallet.
An active and engaged community offering a wide range of support.
By integrating trading directly inside the wallet, Phantom removes the friction common in DeFi platforms. You can move from checking your portfolio to placing a trade in seconds, all within the same interface.
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Phantom’s Integration with Hyperliquid
In July 2025, Phantom launched in-wallet perpetual futures trading powered by Hyperliquid, a high-performance on-chain exchange. The rollout emphasized mobile usability, on-chain transparency, and broad market coverage within the Phantom interface. Impact so far: Within roughly two weeks of launch, Phantom’s perps integration facilitated ~$1.8B in trading volume from about 17,000 users.
Note: Phantom’s blog specifies that the perps announcement was not intended for UK audiences. Availability varies by region.
What Are Hyperliquid Builder Codes?
Builder codes let third-party apps (builders) submit orders on behalf of users and receive an on-chain fee per fill, subject to user-approved limits.
Users approve a maximum builder fee.
Builders must maintain at least 100 USDC perp account value.
Users can revoke permissions at any time.
Fees are enforced on-chain and capped at 0.1% on perps.
This mechanism enables Phantom to route trades while preserving transparency and user control.
Trading Perps with Phantom
The mechanics of perpetual trading in Phantom are designed to be straightforward:
Users deposit assets like SOL or USDC into their Phantom wallet. Phantom automatically converts SOL to USDC for the Hyperliquid perpetuals margin account if SOL is deposited.
Once funding is complete, users can open positions by selecting a long or short position, its position size, and the desired leverage amount. The interface supports risk management tools such as take profit and stop loss and an Auto Close feature that exits positions under preset conditions.
Open positions can be monitored in real time, with metrics like profit or loss, liquidation price, funding rates, and margin visible inside the wallet. Closing a position and withdrawing funds is equally seamless. Phantom guides users through bridging the assets back with clear fee breakdowns.
The experience of Phantom perpetual trading is fast, intuitive, and secure, featuring automatic SOL-to-USDC conversion, risk management tools like stop-loss and take-profit, and up to 40× leverage through Hyperliquid.
HIP-3 and the Future of Phantom Perpetual Trading
HIP-3: Builder-deployed perps is a Hyperliquid proposal that decentralizes listings by allowing builders to deploy new perpetual markets. An MVP has already been tested on Hyperliquid’s testnet, and APIs are published for developers.
At this stage, HIP-3 is a protocol-level feature. Phantom has not announced specific product changes tied to HIP-3.
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Closing Thoughts: Phantom’s Role in Shaping On-Chain UX
Phantom proves that a crypto wallet can be much more than a place to hold tokens. With its integration of Hyperliquid perpetual trading, Phantom delivers a fast, sleek, fully on-chain trading experience—all from within the wallet.
For users who value performance and self-custody, the Phantom crypto wallet combines a secure architecture with powerful trading features that rival centralized exchanges. As more people adopt perpetual trading on-chain, Phantom is well-positioned to lead the next wave of user experience in DeFi.
FAQs
1. What is Phantom crypto wallet?
Phantom is a non-custodial multi-chain wallet supporting major networks, offering a single interface for storing, swapping, staking, and trading crypto assets.
2. Can I trade perpetuals directly in Phantom?
Yes. With integration through Hyperliquid, you can trade perpetual futures directly within your Phantom wallet.
3. What is HIP-3?
HIP-3 is Hyperliquid’s “builder-deployed perps” proposal that enables decentralized market listings. An MVP is documented on testnet; it is a protocol feature rather than a Phantom-specific product.
4. Is Phantom good for perpetual trading?
For supported regions, Phantom offers 100+ markets, mobile-first execution, and integrated risk controls, with execution and settlement powered by Hyperliquid. Early public metrics show $1.8B in trading volume within weeks of launch.
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