- Phantom released crypto perpetual futures for users of the wallet.
- Hyperliquid is the engine backing it.
- Volume and revenue have steadily increased since launch.
It didn’t take long for Phantom to reap the benefits of its hookup with Hyperliquid.
On July 8, the crypto wallet provider provided its 15 million active monthly users with access to Hyperliquid’s perpetual futures contracts.
And so far, Phantom has processed more than $1.8 billion in volume and brought in almost $930,000 in revenue with about 17,000 unique users.
With more protocols offering decentralised perpetual futures and leverage, there has been a massive rise in onchain leverage trading.
Perpetual volumes reached a new high of over $380 billion in May, largely driven by the success of Hyperliquid.
Yet navigating onchain leverage protocols may be difficult for the average user because they have to go through a series of bridging and chain hopping to finally reach a desired platform.
There’s also the issue of risk.
With Phantom perps, users can access more than 100 Hyperliquid perpetual futures contracts with leverage as high as 40 times their initial investment.
Moreover, the interface is designed to make it easy for users to trade onchain leverage.
Traders don’t have to leave their wallets to access the Hyperliquid decentralised futures exchange.
Leverage, of course, multiplies the amount investors can gain by several orders of magnitude. But it can also saddle them with heavy losses, especially in a volatile market like crypto.
Launched in 2021, the Phantom offering quickly became the top Solana wallet by a large margin, beating competitors such as Solflare and Backpack in terms of usage.
While Phantom remained closely aligned with Solana, it transitioned to support multiple blockchains with the integration of Ethereum and Polygon in 2023.
Phantom also rolled out support for Base, Sui, and Bitcoin, cementing itself as a blockchain agnostic platform.
This became clear with the recent rollout of Phantom perps powered by Hyperliquid.
Instead of choosing a Solana native leverage platform such as Drift or Jupiter, Phantom chose to go where the most money is flowing: Hyperliquid.
The integration also punctuated Hyperliquid’s growth in perps.
In the last seven days, Hyperliquid processed $99 billion in perpetual futures volume, dwarfing the $6.2 billion and $5.3 billion for Jupiter and Drift, respectively.
Phantom experienced a relatively slow start as they rolled out the integration to users in phases, with not every user gaining access on July 8. On July 10, volume reached $57 million coming from about 2,700 unique users.
By July 22, volume passed $300 million with over 4,600 unique users, bringing in a revenue of over $155 million for the day.
Zachary Rampone is a DeFi correspondent at DL News. Have a tip? Contact him at zrampone@dlnews.com.
