Phantom Unveils Perpetual Trading Powered by Hyperliquid

Non-custodial wallet Phantom has introduced perpetual futures trading to its users, powered by the decentralized trading platform, Hyperliquid.

This latest addition provides users with access to over 100 cryptocurrency markets, including BTC, SOL, ETH, and memecoins, directly from their mobile devices, thereby enhancing trading convenience and flexibility.

Phantom Launches Perpetual Trading Services

Phantom’s perpetual futures trading feature is launching in phases, starting with select users and broadening to more users in the coming weeks. It utilizes Hyperliquid’s infrastructure for liquidity and transaction settlement.

The platform’s in-wallet perpetual trading allows users to trade perpetual contracts via a mobile-first design. The feature integrates with the wallet, allowing users to buy, sell, and manage digital assets seamlessly within the app. This feature also enables seamless trading with just a few taps, allowing users to go long or short on preferred assets.

Users can trade with leverage, set stop-loss and take-profit orders, and manage positions directly from Phantom’s Home tab.  Meanwhile, SOL deposits are automatically converted to USDC on Hyperliquid, streamlining the trading process and enabling efficient position management.

Phantom’s partnership with Hyperliquid brings advanced trading infrastructure, robust liquidity, and efficient execution to its users. This collaboration expands trading capabilities and showcases Phantom’s innovative approach to the market. The partnership also enhances the wallet’s functionality to attract a broader user base, including both novice and experienced traders.

However, Phantom’s perpetual futures trading service has geographical restrictions. It is not available in all jurisdictions. Specifically, users in the United Kingdom are not eligible to use this feature.

Phantom’s Past Hurdles

Phantom has had its share of challenges in the past. In a recent news report, a group of investors sued Phantom Technologies over a $500,000 cryptocurrency theft resulting from a security flaw. The lawsuit alleges Phantom’s negligence and deceptive practices exposed users to vulnerabilities. They are seeking $3.1 million in damages. OKX is also named as a co-defendant.

Late last year, the company experienced downtime due to an “uptime incident,” during which some services were temporarily unavailable. However, the team worked to restore full functionality just two hours later.

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