Author: Weilin, PANews
The long-silent Solana ecosystem wallet Phantom has finally broken its silence. On July 9th, Phantom announced the launch of perpetual contract trading functionality, supported by Hyperliquid's API.
Over half a year ago, Phantom was at the height of its popularity in the Solana ecosystem. Between May 2024 and February 2025, it completed three acquisitions, including token and Non-Fungible Token data platform SimpleHash, fraud prevention security company Blowfish, and embedded wallet operator Bitski. In January, Phantom also announced successfully raising an additional $150 million in Series C funding, led jointly by Sequoia Capital and Paradigm. According to defillama revenue data, Phantom wallet's trading volume peaked in January, with monthly revenue (fees) reaching $110 million.
However, in recent months, affected by overall market conditions and with Binance and OKX strongly promoting their wallets, Phantom is facing revenue pullback and market growth pressure. The company previously stated that it currently has no plans for token issuance, and the question remains whether it can break through in the fierce wallet war.
Integrating Hyperliquid Perpetual Contract Trading: Phantom's New Layout
On July 9th, Phantom is launching support for perpetual contract trading, initially targeting users in the EU region and supported by Hyperliquid. The product accesses the market through a permissionless API integration with Hyperliquid, allowing eligible users to directly trade perpetual contracts within this popular Web3 wallet while maintaining non-custodial control of their positions.
Phantom offers a primarily mobile-based experience, making users feel it's an intuitive extension of Phantom's core interface, supporting up to 40x leverage, stop-loss, take-profit, and real-time alerts.
Meanwhile, despite the new functionality of perpetual contract trading, it has raised some user questions about fee transparency. Some users questioned whether Phantom wallet might profit by charging high fees, but after clarification, the exchange between USDC and SOL occurs on Hyperliquid, not on Phantom.
First, crypto user @aadvark89 mentioned, "Phantom might make big money from this integration with Hyperliquid. There's a small detail most won't notice about fees: 'Convert to USDC: Standard Phantom exchange fee applies.' The 'standard' exchange fee is 0.85% for regular exchanges, 1.5% for gas-free exchanges." The user stated they learned a painful lesson spending $50 on a $4,000 token exchange, with 0.85% applying to everyone, not just mobile apps.
Crypto user @blankxbt further pointed out, "Isn't this terrible for SOL price movement? Forcing users to deposit SOL balance, dump it to USDC, charge exchange fees, and create massive selling pressure, all to bring liquidity to the on-chain economy."
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and technical terminology.]
