If you’re into the wild world of crypto trading, you’ve probably heard about perpetual futures—or “perps” for short. These are contracts that let you bet on the price of an asset without owning it, and they’re a big deal in decentralized finance (DeFi). On August 1, 2025, DeFiLlama dropped some exciting news: they’re now tracking Phantom Perps on their Perps Volume Dashboard. Let’s break it down and see what this means for traders and meme coin enthusiasts alike!

What Are Phantom Perps?

Phantom Perps is a trading platform that makes it easy to dive into perpetual futures. Think of it like a sleek, mobile-friendly tool where you can trade long (betting the price will go up) or short (betting it’ll drop) across more than 100 markets. What sets it apart? You can use up to 40x leverage—meaning you can control a big position with a small amount of money. It’s powered by HyperliquidX, a platform known for its speed and flexibility, and it integrates right into your wallet. No extra apps, no fuss—just straight to the action.

The dashboard from DeFiLlama shows some impressive stats. Over the last 30 days, Phantom Perps racked up a trading volume of $2.432 billion. That’s broken down into $626.4 million over 7 days and $78.18 million in the last 24 hours. For a platform aiming to simplify perps for everyone, those numbers suggest it’s catching on fast!

Why This Matters

For those of us at Meme Insider, this is a big moment. While Phantom Perps isn’t a meme coin itself, its accessibility could draw in the meme coin crowd—those who love the high-risk, high-reward vibe of tokens like Dogecoin or Shiba Inu. The intuitive design and high leverage might tempt traders looking to amplify their gains, especially in volatile markets where meme coins often shine.

DeFiLlama’s tracking adds a layer of transparency. With real-time data on volume and trends, traders can make smarter decisions. The graph in the tweet shows a steady climb in activity, with some spikes that hint at exciting market movements. It’s a goldmine for anyone wanting to stay ahead in the DeFi game.

The Risks You Should Know

Before you jump in, let’s talk risks—because with great leverage comes great responsibility. Using 40x leverage means your potential profits (and losses) are magnified. If the market moves against you, you could lose your entire investment fast. There’s also the risk of liquidation, where your position gets closed automatically if the price swings too far. Phantom’s site warns about this, and it’s worth keeping in mind if you’re new to trading.

What’s Next for Phantom Perps?

This move by DeFiLlama could be a stepping stone for Phantom Perps to grow even bigger. With its user-friendly approach and solid backing from HyperliquidX, it might attract both seasoned traders and newcomers. If the volume keeps climbing, we could see more features or even integrations with meme token markets—imagine trading perps on your favorite dog-themed coin!

For now, keep an eye on the DeFiLlama Perps Volume Dashboard for the latest updates. Whether you’re a blockchain pro or just dipping your toes into DeFi, Phantom Perps is worth watching. Got questions or want to share your thoughts? Drop them in the comments—we’d love to hear from you!