Hyperliquid, a perpetual futures trading platform, has surpassed $1.57 trillion in trading volume over the past 12 months, generating approximately $310 million in cumulative revenue. In June alone, Hyperliquid recorded $208 billion in trading volume, outpacing all other on-chain perpetual futures platforms combined and capturing over 70% of the on-chain perpetual trade market share. Building on this momentum, Phantom, a non-custodial wallet provider, has launched "Phantom Perps," a new feature powered by Hyperliquid that enables users, particularly in the European Union, to trade perpetual futures with up to 40x leverage across more than 100 markets directly within the wallet. This integration significantly expands Phantom's offerings, reaching its 15 million monthly active users and potentially adding 1.5 million new on-chain traders if 10% adopt the feature. Earlier in 2025, Phantom raised $150 million in a Series C funding round at a $3 billion valuation. The introduction of Phantom Perps marks a notable development in on-chain leverage trading, combining Hyperliquid's market dominance with Phantom's user base and wallet infrastructure.