Phantom Review 2026: the Wallet That Became a Trading App

By Betman · account opened, one trade placed, help pages read · method and disclosure

Last verified: October 25, 2026. First published October 23, the day Phantom opened Kalshi prediction markets to US users; Bitquery's on-chain fee measure and our profile-stats check added October 24, and screens of the profile as the app displays it added October 31. Fees and rules come from Phantom's own help pages and referral terms (last updated August 19, 2026), each linked where it appears. Contains a referral link, marked below.

Already sold? Get Phantom (ref link: open it on your phone, the link applies our code BetmanJoex; if the app asks, type it at sign-up. It pays us and gives you 10% of your trading fees back for three months.)
Or keep reading: the fees, the perps, the predictions and the referral rules are below.

The facts, dated

The swap fee, read in full

Phantom's help page lists one line for its own cut: 0.85%, "applies to most swaps" source. The network fee comes on top; on some Solana swaps Phantom pays it ("gasless"). On a cross-chain swap it includes the bridge's charge.

Two exceptions carry no Phantom fee: moving funds into your perps balance, and swapping USDC, USDT, USDG or PYUSD into Cash.

Measured on-chain, it matches. Bitquery followed ten months of Solana swaps (October 30, 2025 to August 30, 2026): Phantom took 0.86% on the median day, on a median trade of about $9, and $54.1 million in fees, second only to Axiom; Bitquery adds about $16 million paid in other tokens source.

Perps, through Hyperliquid

Phantom opened perps in July 2025 and routes them to Hyperliquid's order book. The help page, updated August 18, 2026, puts the cost at 0.095% per open and per close: 0.05% for Phantom, 0.045% for Hyperliquid source. Moving funds in or out costs 0.07% plus the network fee, with a $5 minimum trade.

Not available in the US, the UK and other listed territories. Phantom says it passed $50 billion of cumulative perps volume in October 2026 source. We have not opened a perp ourselves.

Predictions: sports, politics, crypto

Outside the US, prediction markets run through World Prediction Markets on Solana. The fee is 0.1 × price × (1 − price) per contract: highest at even odds, close to nothing on long shots. Orders are market orders only, winnings land in Cash, and the help page says mobile app only.

In the US, Phantom started rolling out Kalshi on October 23, 2026: a $0.02 fee per contract, an identity check with Kalshi, and some categories blocked in Michigan, Nevada and Washington source.

The social profile: what your followers see

Phantom's feed launched in beta on May 28, 2025 source. As of October 23, 2026, a profile "shows your positions and profit and loss" on spot, perps and predictions source.

Three settings decide what others see: Public, Private (only approved followers see holdings) or Invisible, and which of your accounts the profile shows. The profile lives in the app; there is no public web page for it.

Screens captured in the Phantom app on October 31, 2026 show a profile as the app displays it. The header has the handle, the follower count (2), a link to the connected X account and the month the profile joined (October 2026). Two tabs sit under it, Open and Closed.

In the Open tab we saw one token, Solana, with a percentage next to it and no dollar amount. The Closed tab lists tokens with a closing date and no amount on that screen. Phantom's help page says a profile shows positions and profit and loss, but we saw no profit figure on these two screens, and we do not know what the percentage measures.

We did not see a Follow or Copy button. Four icons sit at the top right: a crossed-out bell, a paper plane, a share icon and a menu. We have not tested what they do.

More: why a trade can vanish from your history

Our first trade on our Phantom account, on October 23, was on a token Phantom flagged. We sold it normally, but the trade never showed in the app's history.

That is documented: Phantom "may hide spammy history items", with no setting to show them source. The trade is still on the blockchain; a block explorer shows it.

The referral program, rule by rule

Any eligible account finds its link in the app under the avatar, Refer & Earn; Phantom does not publish who is eligible. The rules come from its help page and its terms, last updated August 19, 2026 source.

1. The code only counts at sign-up in the mobile app. Not in the extension, not in the Terminal, not later. After that, swaps on the extension count too.
2. You get 10% of your eligible fees back for three months, on spot, perps and predictions, paid into Cash, at most once a day, from $1.
3. The referrer gets 25% of Phantom's net fees on you for three months, starting with your first deposit and first trade. Phantom can change rates and durations, or end the program.

More: the Creator Tier, the advertising ban, and the identity check

Section 7 of the terms adds a "Creator Tier" for selected creators, at Phantom's sole discretion: higher shares, longer windows, set in a separate agreement with Phantom or its partners. There is no public application.

Section 12 bans paid ads that use the code without written approval, bans misleading claims, and requires disclosure. That is why our link is labeled and why we never boost a post that carries it. Phantom may also ask for an identity check before paying.

Custody and safety

Phantom is self-custodial: you get a recovery phrase when you create the wallet, and Phantom cannot move or recover your funds. That also means nobody can reverse a mistake.

In August 2022, about $4 million drained from Solana wallets was traced to the Slope wallet, not to Phantom source. In April 2025, a lawsuit claimed Phantom left keys exposed to malware on a hacked computer; Phantom called it "entirely without merit" source. The live risk is address poisoning: fake entries in your history that you copy by mistake, as in a $264,000 loss reported in February 2026 source.

The rule from our safety page holds: always paste an address from its source, never from your history.

What we have not verified

We placed one spot trade, read the fee, and did not measure it on a receipt. We have not opened a perp, not traded a prediction, not used the Terminal, and not seen our own referral payouts yet. One thing we did check: the trade Phantom hid from our history still counts in our profile stats (October 24, 2026).

The newest closing date in the Closed tab is December 11, 2024, although the profile joined in October 2026, and our own October 23 trade is not at the top of that list. We have not found out why, and we have not scrolled the list to the end.

Try it

Get Phantom

(ref link) This is a referral link; our code is BetmanJoex. Open it on your phone: Phantom's page says the link applies the code, and if the app asks, type it at sign-up. You get 10% of your trading fees back in Cash for three months; Phantom pays us 25% of its net fees on your trades for the same three months. None of this changed a line of the fee table.

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