Phantom Crosses $50 Billion in Perpetuals Trading Volume
Phantom’s in-wallet perpetuals product has attracted 192,000 traders and generated more than $20 million in revenue through its integration with Hyperliquid.
Phantom has surpassed $50 billion in cumulative perpetuals trading volume just over a year after launching the product, turning the Solana wallet into a significant derivatives venue. The milestone comes as in-wallet trading gains traction among users who prefer accessing leveraged markets without moving funds to a separate exchange.
Rapid Growth Through Hyperliquid
Phantom launched perpetuals trading in July 2025, connecting users directly to Hyperliquid’s on-chain order book from within the wallet. The product reached approximately $1.8 billion in volume during its first 16 days and crossed $5 billion within five weeks.
By late December 2025, cumulative volume had reached $26 billion, with around 85,000 traders and $100 million in net deposits. Since then, volume has nearly doubled while the trader base has more than doubled to 192,000 users across millions of positions.
Independent data broadly supports Phantom’s reported figures. DefiLlama showed cumulative Phantom Perps volume approaching $51.8 billion by mid-October 2026, with monthly volume ranging from roughly $2.5 billion to $3.5 billion.
A Broad Derivatives Menu
Phantom offers more than 100 markets, including cryptocurrency, equity, commodity and index perpetuals. Crypto markets support leverage of up to 40x, while all positions settle in USDC.
The product operates through Hyperliquid’s builder system, which allows third-party applications to route orders to the exchange and retain a portion of trading fees. Phantom charges a 0.05% builder fee on top of Hyperliquid’s base rates.
That arrangement has made Phantom the leading revenue generator among Hyperliquid builders. Its perpetuals product has produced more than $20 million in cumulative revenue, adding a substantial monetization stream to a wallet historically associated with holding and transferring Solana assets.
Geographic Limits and Platform Dependence
Perpetuals trading remains unavailable in the United States, the United Kingdom and several other jurisdictions. The restrictions reflect the regulatory challenges surrounding leveraged derivatives, particularly for retail users in major markets.
Phantom’s reliance on Hyperliquid is another important consideration. Any outage, operational disruption or policy change affecting Hyperliquid could directly affect Phantom’s perpetuals users and trading activity.
What This Means
Phantom’s results show that crypto wallets are evolving into full trading terminals rather than serving only as asset-storage tools. The steady $2.5 billion-$3.5 billion monthly volume range suggests activity has extended beyond an initial launch spike.
For Solana’s broader ecosystem, the milestone demonstrates the value of embedding sophisticated financial products into familiar user interfaces. It also highlights the trade-off: convenient access can accelerate adoption, but regulatory exclusions and dependence on a single trading backend remain material risks.