Crypto wallet provider Phantom has introduced “Phantom Perps,” a direct perpetual-futures trading feature powered by Hyperliquid
Crypto wallet provider Phantom has introduced “Phantom Perps,” a direct perpetual-futures trading feature powered by Hyperliquid. The service, initially available to users in the European Union, lets traders long or short more than 100 digital-asset markets with leverage of up to 40 times. Phantom, which says it serves roughly 10 million monthly active users, plans to extend the function to its broader mobile audience after the EU launch.
The tie-up comes as Hyperliquid cements its lead among on-chain derivatives venues. The exchange handled about $1.57 trillion in perpetual futures volume over the past 12 months, generating some $310 million in cumulative revenue, according to data compiled by The Block. June alone brought $208 billion in trading and roughly $56 million in revenue.
Hyperliquid’s activity has accelerated in recent days. Blockchain analytics platform Artemis estimated the venue collected $1.7 million in transaction fees in the 24-hour period ended 7 July, outstripping Solana, Ethereum and Bitcoin for that window. The platform now accounts for more than 70 percent of on-chain perpetuals trading and about 30 percent of decentralized spot volume.
By embedding Hyperliquid’s engine inside Phantom’s self-custody wallet, the companies aim to lower the barrier to leveraged crypto trading while keeping assets in users’ control. The rollout precedes Hyperliquid’s planned “Hypercore” infrastructure upgrade, slated for later this week, which the exchange says will further boost performance as competition in decentralized derivatives intensifies.
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