Phantom Perps (Hyperliquid)

At a glance Live

What

Wallet

Runs on

HyperCore

Official site

phantom.com

Docs

help.phantom.com

X

@phantom

Builder fees, 30 days

$1.44M

Builder fee

perps 5 bps (0.05%) (on top of Hyperliquid's fee)

Official links

• Download
• iOS App Store
• Google Play
• Chrome extension
• Help: Trade perps
• X

Checked against Phantom's own site on November 4, 2026. Bookmark these instead of using search ads.

What Phantom Perps is

Phantom is a self-custodial multichain wallet (Solana, Ethereum, Bitcoin and others) made by Phantom Technologies. On July 8, 2025 it added a perps tab “powered by Hyperliquid”: you pick a market, choose long or short, set leverage, and Phantom sends the order to Hyperliquid’s order book on your behalf.

It runs in the iOS and Android apps and in Phantom Terminal on desktop (the browser extension hands off to Terminal). Markets include Hyperliquid’s crypto perps and HIP-3 markets such as equity perps. Margin is isolated only: each position has its own collateral, so one bad trade can’t drain the rest of your perps balance.

What it costs

Phantom earns through Hyperliquid’s builder codes: an extra fee on each fill, which you approve once and can revoke.

Cost	Phantom Perps	Official Hyperliquid app
Taker fee, entry tier	0.095% (0.05% Phantom + 0.045% Hyperliquid)	0.045%
Builder fee	5 bps on core perps	none
First deposit to perps	1 USDC (Hyperliquid activation fee)	same
Later deposits	0.07% spot swap + network fee	depends on route

On $10,000 of taker volume that is about $9.50 through Phantom against $4.50 on the official app. Hyperliquid’s fee tiers, HYPE-staking discounts and the 4% referral discount apply to the Hyperliquid part only, not to Phantom’s 0.05%. Run your own numbers in the fee calculator.

Phantom’s documented 0.05% matched what we saw onchain: on November 2, 2026, 99.6% of Phantom’s core-perp builder volume paid exactly 5 bps. On HIP-3 markets most volume paid 8.7 bps, which Phantom’s help pages don’t explain beyond saying HIP-3 markets “can carry deployer-specific fees.”

How to use it

1. Install Phantom on iOS or Android (or open Phantom Terminal on desktop) and create or import a wallet.
2. Open a perp market and tap Trade → Long or Trade → Short.
3. Pick a payment source (Cash, CASH, SOL or USDC on Solana), enter an amount and set leverage. The minimum order is 10.25 USDC.
4. Tap Review, check the liquidation price, add an Auto Close take-profit or stop-loss, check the fee line, and confirm.
5. To cash out: Home → Perps → Available funds → Withdraw, then choose the token to receive.

Risks and limits

• Leverage cuts both ways. You can lose all the margin you put into a position. Liquidation uses Hyperliquid’s mark price, which can differ from the chart you’re looking at. Read how liquidation works before you size up.
• Your perps money isn’t in your Solana wallet. It sits on Hyperliquid. Deposits and withdrawals bridge through Relay and can briefly show up in neither place.
• Small first deposits lose a visible share to the 1 USDC activation fee.
• No Ledger. Phantom says perps aren’t available with Ledger hardware wallets.
• Region limits. Phantom blocks perps in the US, the UK and some other territories, and Hyperliquid’s own terms restrict the US and Ontario.

Who it suits, and alternatives

Phantom Perps suits people who already keep funds in Phantom and want a simple phone flow without managing a separate exchange account. If you trade often, the builder fee adds up: the official app charges no builder fee, and terminals such as Based (2.5 bps) or Axiom (1 bp) cost less. Wallet alternatives are MetaMask (10 bps) and Rabby (4 bps). See all of them side by side in Hyperliquid front ends compared.

Phantom also runs a referral program: Phantom’s help center says referred users get 10% of their eligible trading fees back for three months, and it only works when you sign up in the mobile app.