Phantom wallet unveils direct perp trading support, powered by Hyperliquid

Phantom is rolling out support for perpetual contract trading, starting with users in the EU, powered by Hyperliquid.

The product utilizes a permissionless integration with Hyperliquid's API to access the markets, enabling eligible users to trade perps directly within the popular web3 wallet while retaining non-custodial control of their positions.

It offers a mobile-first experience designed to feel like an intuitive extension of Phantom's core interface, providing up to 40x leverage, stop-loss, take-profit, and real-time alerts.

The launch reflects Phantom's conviction that wallets, not exchanges, will become the primary gateway for onchain activity. Nevertheless, Phantom's move comes as both Coinbase and Robinhood make new perpetual trading plans of their own in the race to attract users.

Hyperliquid began as a high-performance, non-custodial perpetual futures platform and expanded with HyperEVM, an Ethereum-compatible network for smart contracts and dApps, built on its Layer 1 foundational software, HyperCore. It supports collateral deposits from multiple blockchains, enabling users to trade perps and interact with EVM contracts while maintaining self‑custody.

Hyperliquid has generated over $1.57 trillion in perpetual futures trading volume in the past 12 months, The Block previously reported.

Phantom's multi-chain push

Phantom started out as a web3 wallet focused on the Solana ecosystem in 2021, capturing the bull run-fueled wave of adoption for the emerging blockchain at that time.

However, its multi-chain strategy began in April 2023, expanding support to the Ethereum and Polygon blockchains. A Bitcoin integration followed in December 2023, adding support for the foremost cryptocurrency, Ordinals, and BRC-20 tokens.

Most recently, Phantom rolled out access to the Coinbase-incubated Layer 2 network Base in November and the Move-based Layer 1, Sui, in January. It also plans to support the much-anticipated Monad blockchain upon launch, which is currently in testnet.

Earlier this year, Phantom announced that it had raised $150 million in a Series C round led by Sequoia and Paradigm at a $3 billion valuation. Despite persistent rumors of an airdrop amid the deployment of social features on the app, Phantom clarified that it has no plans to launch a token of its own.