Phantom perps fees vs Hyperliquid
From October 9, 2026 to October 15, 2026, Phantom sent $246.2M of Hyperliquid notional with its builder code and collected $132,603 in builder fees. That is an added fee of 5.39 bps, and 90% of the notional paid 5.0 bps. At the Hyperliquid base tier, a $10,000 taker order costs $9.89 through Phantom and $4.50 directly, 120% more.
Phantom adds 0.05% to each Hyperliquid perps trade. Compare the total cost with a direct Hyperliquid order, measured from public builder fills.
Measured fee, October 9, 2026 to October 15, 2026 (UTC)
| App | Added fee (bps) | Main rate | Taker total (bps) | Fee on $10,000 | Over direct | 7-day notional | 7-day builder fees | HIP-3 share |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid (direct) | 0.00 | No builder code | 4.50 | $4.50 | Base | — | — | — |
| Phantom | 5.39 | 5.0 bps on 90% | 9.89 | $9.89 | +120% | $246.2M | $132,603 | 12% |
Compare 14 apps on the builder fee table, or model a full trade in the fee calculator.
Documented fees
Perps. Phantom states that its perps are powered by Hyperliquid. Its fee table lists 0.095% per trade, which is 0.05% for Phantom and 0.045% for Hyperliquid.
Source: Phantom help: trade perps in Phantom, Hyperliquid docs: builder codes (read 2026-09-23).
Measured check. The measured builder fee of 5.39 bps is 0.39 bps above the documented Phantom fee of 0.05%.
Custody, access and risk
Phantom describes its app as a self-custody wallet. Its help center states that trades in the Phantom terminal are onchain and non-custodial.
Source: Phantom terms, Phantom help: Phantom terminal (read 2026-09-23).
Phantom lists perps as available worldwide except the United States, the United Kingdom and regions under comprehensive US sanctions.
Source: Phantom help: availability by region (read 2026-09-23).
For venues that state a perps service for US residents, see the Hyperliquid alternatives for US traders table.
Leverage increases losses as well as gains. A small price move against a leveraged position can cause liquidation.
Orders fill on Hyperliquid, so its market rules, oracle and liquidation engine apply. Read the Hyperliquid review for those risks.
Questions answered from the sources
How much does Phantom add to a Hyperliquid perps trade?
In the builder fills for October 9, 2026 to October 15, 2026 (UTC), Phantom added 5.39 bps to each fill.
At the Hyperliquid base tier, a $10,000 taker order costs $9.89 through Phantom and $4.50 directly.
Source: Hyperliquid builder fills (read 2026-10-16).
What fee does Phantom charge on perps?
Phantom lists 0.095% per trade, which is 0.05% for Phantom and 0.045% for Hyperliquid.
The fee applies when a position opens, grows, reverses, shrinks or closes.
Source: Phantom help: trade perps in Phantom (read 2026-09-23).
Where are Phantom perps available?
Phantom lists perps as available worldwide except the United States, the United Kingdom and regions under comprehensive US sanctions.
Source: Phantom help: availability by region (read 2026-09-23).
Are there other Phantom perps costs?
Phantom lists a 0.07% Hyperliquid spot swap fee plus a network fee to fund or withdraw the perps balance, and a flat 1 USDC Hyperliquid fee on the first withdrawal.
Source: Phantom help: trade perps in Phantom (read 2026-09-23).
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.
Cite this data
Use the page address and the date of the data. Attribute the data as "Data: PerpFinder" with a link to the page.
PerpFinder. "Phantom perps fees vs Hyperliquid." Builder fills October 9, 2026 to October 15, 2026 (UTC). https://perpfinder.com/trading-apps/phantom-perps Builder fees of all measured apps (CSV): https://perpfinder.com/api/data/builder-fees?format=csv
Download: Builder fees of all measured apps (CSV)
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