Phantom perps: fees, leverage and how they work
Phantom perps are a trading feature in the Phantom wallet, and the orders fill on Hyperliquid. Phantom began to roll out perps on July 8, 2025. Each trade costs 0.095%: 0.05% for Phantom and 0.045% for Hyperliquid. Perps are not available in the United States, the United Kingdom or regions under comprehensive US sanctions.
PerpFinder opened each source on 2026-09-25. No PerpFinder account traded on Phantom.
What the product is
Phantom perps are a perpetual futures feature in the Phantom wallet. The Phantom help center states that Hyperliquid powers them.
Source: Phantom help: trade perps in Phantom (read 2026-09-25).
The Phantom terms describe the wallet app as self-custody software.
Source: Phantom terms (read 2026-09-25).
Launch date and status
Phantom began to roll out perps to some users on July 8, 2025. The launch post states that access would expand in the following weeks.
Source: Phantom blog: Phantom perps (July 8, 2025) (read 2026-09-25).
Where the orders fill and clear
Orders fill on the Hyperliquid order book. The Phantom fee table includes the 0.045% Hyperliquid fee in each trade.
Source: Phantom help: trade perps in Phantom (read 2026-09-25).
Phantom supports equity perps that trade.xyz deploys on Hyperliquid.
Source: Phantom help: equity perps in Phantom (read 2026-09-25).
Who can use it
Phantom lists perps as available worldwide except the United States, the United Kingdom and regions under comprehensive US economic sanctions.
Source: Phantom help: feature availability by region (read 2026-09-25).
Trading fees
Phantom charges 0.095% per trade: 0.05% for Phantom and 0.045% for Hyperliquid. The fee applies when a position opens, grows, closes or shrinks.
Source: Phantom help: trade perps in Phantom (read 2026-09-25).
A deposit to or withdrawal from the perps balance costs a 0.07% Hyperliquid spot swap fee plus a network fee. The first withdrawal costs a flat 1 USDC.
Source: Phantom help: trade perps in Phantom (read 2026-09-25).
Funding mechanics
Positions sit on Hyperliquid, so Hyperliquid funding rules apply. Hyperliquid pays funding every hour, and each hour pays one eighth of an 8-hour rate.
Source: Hyperliquid docs: funding (read 2026-09-23).
Leverage and margin
The Phantom perps page states up to 40x leverage. A May 2026 post gives up to 10x on most earnings markets and up to 20x on NVDA.
Source: Phantom perpetual futures page, Phantom blog: more perps updates (May 28, 2026) (read 2026-09-25).
Phantom uses isolated margin, so only the funds committed to a position are at risk in that position.
Source: Phantom help: perp trading in Phantom (read 2026-09-25).
Available markets
The Phantom perps page lists more than 200 markets, including large tokens, memecoins and equity perps.
Source: Phantom perpetual futures page (read 2026-09-25).
Measured cost
PerpFinder measures the fee that Phantom adds to each Hyperliquid fill from the public builder-fill files. In the fills for September 18, 2026 to September 24, 2026 (UTC), Phantom added 5.00 bps to each fill. At the Hyperliquid base tier, a $10,000 taker order cost $9.50 through Phantom and $4.50 direct. The Phantom perps fee page has the full table.
Phantom against Hyperliquid and Binance
| Term | Phantom | Hyperliquid | Binance |
|---|---|---|---|
| Entry-tier fee | 0.095% per trade (0.05% Phantom + 0.045% Hyperliquid) source | 0.045% taker, 0.015% maker (tier 0) source | 0.050% taker, 0.020% maker (regular user) source |
| Maximum leverage | Up to 40x (perps page) source | 40x on BTC source | 150x on BTCUSDT (smallest bracket) source |
| Funding | Every hour (Hyperliquid rules) source | Every hour source | Every 8 hours on BTCUSDT source |
| Custody | Self-custody wallet source | Not in the sources read | Not in the sources read |
| Access | Not for the US, the UK or regions under comprehensive US sanctions source | Not for the US, Ontario or sanctioned regions source | Not in the sources read |
Each cell links its own source. A cell without a source shows that the pages PerpFinder read do not state the value.
Risks and open questions
Leverage increases losses as well as gains. A small price move against a leveraged position can cause liquidation and the loss of the margin.
- The Phantom perps pages name no regulator and no license for the perps feature.
- The Phantom pages do not publish the Hyperliquid builder address.
Terms used on this page
- Builder fee
- A builder fee is the fee that a wallet or trading app adds to each Hyperliquid perps fill that it sends with a builder code. It is in addition to the Hyperliquid fee.
- Funding rate
- A funding rate is the periodic payment between long and short positions that keeps a perpetual futures price near its index price. When the rate is positive, longs pay shorts.
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.