Perpetual futures trading sees daily volumes north of $100 billion, but its complexity has largely kept everyday users at bay.
Phantom, the crypto wallet renowned for its clean Solana and Ethereum integrations, is now attempting to change that.
On July 8, Phantom unveiled perpetual futures trading directly within its mobile app, announcing the launch via Twitter. Unlike typical derivatives platforms that bombard users with intricate order books, depth charts, and conditional trading options, Phantom has opted for an ultra-simplified approach.
The feature is built on Hyperliquid’s infrastructure, offering over 100 markets that span top assets like Bitcoin (BTC) and Ethereum (ETH), as well as high-volatility meme coins such as Dogecoin (DOGE) and Pepe (PEPE). Trading perpetuals is reduced to just three steps: funding a position with SOL (which is automatically converted to USDC), selecting a market, and choosing leverage. There’s no need to bridge assets or open separate exchange accounts, making it a purely wallet-native experience.
Phantom’s strategy is clear: streamline derivatives for retail traders who typically find pro-focused platforms overwhelming. This could accelerate broader adoption, as derivatives account for around 75% of all crypto trading volume. However, this accessibility comes with heightened risks. Perpetual futures carry liquidation risks, funding fees, and the potential for amplified losses—pitfalls that casual traders may not fully grasp.
Regulatory hurdles also remain. Phantom explicitly warned that the new feature is unavailable in the U.K., where the Financial Conduct Authority banned crypto derivatives for retail traders back in 2021. Other jurisdictions with strict derivatives rules could soon follow, though Phantom has yet to publish a comprehensive list of restricted regions.
Meanwhile, BloFin, a rising force in the global crypto derivatives market, expanded its offerings with the launch of coin-margined perpetual contracts for six leading altcoins: Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Uniswap (UNI), and TRON (TRX). Set to go live on June 27, 2025, at 10:00 UTC.
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