Phantom reaches $50 billion in perpetual futures trading volume

Phantom’s perpetual futures product has surpassed $50 billion in cumulative notional trading volume since its launch in July 2025. The milestone was reached with approximately 192,000 traders participating across millions of positions.

The product integrates users with Hyperliquid’s on-chain order book, allowing for derivatives trading directly within the crypto wallet. Phantom offers access to more than 200 markets, including cryptocurrency, stocks, indexes, commodities, and foreign exchange. Trading on these markets provides price exposure without requiring ownership of the underlying assets, with profits and losses settling in USDC. The platform allows for leverage of up to 40x on certain markets.

Data from DefiLlama corroborates the milestone, showing cumulative volume nearing $51.8 billion as of mid-October. The product has also become a significant revenue driver, generating over $20 million in cumulative revenue by charging a 0.05% builder fee on top of base trading rates.