Phantom, a wallet primarily used for Solana tokens, announced that its integrated perpetual futures trading product has surpassed $50 billion in cumulative volume. The service, which launched in July 2025, reached this milestone in just over a year with 192,000 active traders.
The platform utilizes Hyperliquid’s on-chain order book, allowing users to trade without leaving the wallet. It currently offers over 100 markets, including crypto, equity, commodity, and index derivatives, with leverage up to 40x on crypto assets. All trades are settled in USDC.
Phantom charges a 0.05% builder fee on top of base trading rates, generating over $20 million in cumulative revenue. This performance makes it the top revenue earner among all builders on the Hyperliquid network.
Data from DefiLlama confirms the growth, showing cumulative volume nearing $51.8 billion as of mid-October 2026. Monthly trading volume currently fluctuates between $2.5 billion and $3.5 billion.
Despite its growth, the product remains unavailable in the United States, the United Kingdom, and several other regions due to regulatory constraints regarding leveraged derivatives.
