Phantom Perpetuals Top $50 Billion in Cumulative Volume

Phantom’s perpetual futures product has passed $50 billion in cumulative volume, more than a year after launch, marking substantial derivatives activity inside the crypto wallet.

The feature launched July 8, 2025. The product has recorded 192,000 traders and millions of positions.

The cumulative volume reading was $51.912 billion at 3:42 a.m. ET (0742 UTC) on Oct. 16; 30-day volume was $2.566 billion and 24-hour volume was $140.13 million.

Those figures measure notional trading volume, which counts the value of trades, including leverage. They do not measure funds deposited or held by traders. A leveraged position can contribute volume based on its full notional value, even when the trader commits less capital.

The product brings derivatives trading into Phantom, a crypto wallet, through Hyperliquid. Users’ perps balances are held on Hyperliquid. The markets provide price exposure to assets without requiring ownership of the assets referenced by the contracts.

Phantom lists more than 200 markets, including cryptocurrency markets and contracts linked to stocks, indexes, commodities and foreign exchange. The product offers leverage of up to 40×, which can increase the risk of liquidation.

Perpetual futures have no expiration date. Profits and losses settle in USDC, and traders can hold price exposure without owning the underlying asset. The cumulative volume figure tracks notional trading activity across the product, rather than deposits or customer balances.