Phantom crosses $50 billion in perpetuals volume in just over a year
- —Cumulative perps volume topped $50 billion just over a year after the July 2025 launch
- —Trader count grew from 85,000 in December 2025 to 192,000
- —30-day volume runs between $2.5 billion and $3.5 billion, per DefiLlama
- —The product has generated over $20 million in revenue, the most of any Hyperliquid builder
Why it matters: Wallets are becoming trading terminals, though Phantom's growth hinges on a single backend: Hyperliquid.
Source: Crypto Briefing