Phantom Hires Ventuals Founders After Hyperliquid Perps Venue Winds Down

Lifetime Trading Volume

$650 million

Total trading volume reported by Ventuals before its shutdown.

Cumulative Trading Volume of Phantom's Perps

$10 billion

Total trading volume of Phantom's perpetuals product shortly after its launch.

Solana Wallet Market Share

39%

Market share held by Phantom as the largest wallet in the Solana ecosystem.

§ 01 Executive Snapshot

What: Phantom has hired the founders of Ventuals following the shutdown of Hyperliquid's perpetuals venue.
Who: Key players involved include Phantom, Ventuals co-founders Alvin Hsia and Emily Hsia, and engineer Aris Samad.
Why it matters: This acquisition of talent from Ventuals signifies Phantom's strategic expansion into derivatives and the integration of experienced personnel from the Hyperliquid ecosystem.

Ventuals reported a lifetime trading volume of more than $650 million before winding down its platform in mid-June.
The Ventuals team built markets using Hyperliquid's HIP-3 framework, allowing them to run their own perpetual-futures markets.
Phantom's perpetuals product, powered by Hyperliquid, surpassed $10 billion in cumulative trading volume shortly after its launch in July 2025.

Phantom is the largest wallet in the Solana ecosystem, holding approximately 39% of the market share for Solana wallets.
The hiring aligns with Phantom's strategy to aggressively expand into derivatives, having already added various trading features, including in-wallet perpetual futures.

The immediate consequence of these hires could enhance Phantom's capabilities in running and managing derivatives markets, leveraging the experience of the Ventuals team.
Long-term, this move may signal Phantom's deeper commitment to developing pre-IPO and equity perpetuals, potentially reshaping their market offerings.

Regulatory challenges may arise as Phantom expands into derivatives, particularly concerning pre-IPO trading and the associated compliance requirements.
Competition in the derivatives space may intensify, especially from established platforms that already have a foothold in the market.

Future announcements regarding the specific projects or products the Ventuals founders will develop at Phantom will be critical to watch.
Monitoring the performance of Phantom's derivatives products in the market will provide insights into the success of this strategic hiring move.

§ 07

What happened to Hyperliquid's perpetuals venue?

Hyperliquid's perpetuals venue wound down, leading to Phantom hiring the founders of Ventuals.

Who are the key individuals involved in this acquisition?

The key individuals are Phantom, Ventuals co-founders Alvin Hsia and Emily Hsia, and engineer Aris Samad.

Why is Phantom's hiring of Ventuals founders significant?

It signifies Phantom's strategic expansion into derivatives and the integration of experienced personnel from the Hyperliquid ecosystem.

What are the potential risks for Phantom as it expands into derivatives?

Phantom may face regulatory challenges and increased competition in the derivatives space.