On July 8, 2025, Phantom, a leading crypto wallet, unveiled its new feature for perpetual futures trading, aiming to democratize access to derivatives. In an industry where over $100 billion is traded daily, the standard trading platforms often cater to professional traders, leaving retail investors at a disadvantage. Phantom’s mobile-first approach could be the much-needed bridge for retail adoption of these complex financial instruments.
The new feature, aptly named Phantom Perps, allows users to engage in leveraged trading with just a few taps in their mobile app. Users can now go long or short on over 100 markets, including major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as vibrant tokens such as Dogecoin (DOGE) and Pepe (PEPE).
Traditionally, derivatives trading has been encumbered by complex order books and advanced tools. Consequently, novice traders often find themselves overwhelmed. Phantom’s integration simplifies the process into three easy steps:
- Fund a position with SOL, automatically converted to USDC
- Select a market from the extensive offerings
- Set your desired leverage
This streamlined approach eliminates the need for separate exchange accounts and complicated asset bridging, providing a wallet-native experience.
While Phantom’s initiative could significantly increase retail engagement in derivatives trading, it also raises concerns. By lowering barriers for non-professionals, the platform risks exposing users to the inherent dangers of leveraging, such as liquidation, funding fees, and amplified losses.
Furthermore, regulators are already observing the implications of easy access to such trading tools. In the U.K., for instance, the Financial Conduct Authority has imposed stringent measures on crypto derivatives, particularly for retail traders, indicating that similar actions could be expected in other regions. §
As Phantom’s perpetual futures feature becomes available, it remains to be seen whether it will act as a catalyst for retail trading or exacerbate the risks associated with derivatives. With traditional platforms struggling to appeal to everyday traders, the crypto community will be watching closely to see if Phantom can successfully bridge the gap.
