Phantom’s perpetual futures product had recorded $51.912 billion in cumulative volume by Oct. 16, quantifying trading activity in a crypto wallet feature that offers leveraged contracts.
At 3:42 a.m. ET (07:42 UTC), its 30-day volume stood at $2.566 billion, while the 24-hour figure was $140.13 million. The cumulative total measures the value of trades, not the money customers deposited or keep on the platform. Leveraged trades are counted by the full value of the position, even when a trader puts up less capital.
Since its debut on July 8, 2025, the feature has logged 192,000 traders and millions of positions. Its offerings span more than 200 markets tied to crypto assets, stocks, indexes, commodities and foreign exchange. Leverage is available up to 40 times.
Hyperliquid holds the funds tied to users’ perpetual positions, and Phantom provides access to the contracts through the platform. Positions have no preset expiration, and gains or losses are settled in USDC. The contracts track referenced assets without requiring traders to own them; leverage can make liquidation more likely.
