Phantom Secures Top DeFi Talent to Fuel Derivative Trading Ambitions
The boundary between self-custody cryptocurrency wallets and decentralized finance (DeFi) trading platforms continues to dissolve. In a strategic talent acquisition, Phantom, one of the industry’s largest self-custody wallets, has hired the core development team behind Ventuals. Developers Alvin Hsia, Emily Hsia, and Aris Samad—the minds behind the pioneering pre-IPO perpetual markets on Hyperliquid—will join Phantom’s trading and data divisions. The hiring represents a major step in Phantom’s transition from a secure storage interface into a comprehensive DeFi trading terminal.
The Legacy of Ventuals and Pre-IPO Onchain Trading
The hiring follows the recent closure of Ventuals’ standalone operations. Earlier this month, the project announced it was winding down to join another initiative within the Hyperliquid ecosystem, effectively terminating its highly watched OpenAI and Anthropic perpetual futures markets. These experimental markets allowed onchain traders to speculate on the valuations of private artificial intelligence giants. While the standalone Ventuals project has ceased, the expertise of its creators will now be directed toward scaling Phantom’s native trading infrastructure.
Why Perpetual Futures are Reshaping Finance
Perpetual futures, commonly referred to as “perps,” have transitioned from a niche crypto product into a foundational asset class within the broader financial ecosystem. Unlike standard futures contracts, perpetuals carry no expiration date. Instead, they utilize a funding rate mechanism to align the derivative’s price with the underlying spot index. This allows traders to maintain leveraged exposure indefinitely. The popularity of perps stems from their high capital efficiency, deep liquidity, and 24/7 availability. This trend is extending beyond decentralized finance; in May 2026, regulated prediction market operator Kalshi secured CFTC approval to launch its own perpetual futures product, showcasing the growing demand for always-on derivatives in traditional financial markets.
Phantom’s Ecosystem Strategy
Led by CEO Brandon Millman, Phantom has steadily moved beyond asset custody. The wallet has integrated cross-chain swaps, staking, and dApp interfaces to capture user activity directly at the access point. Phantom has already positioned itself as the largest distribution partner within the Hyperliquid ecosystem. By onboarding the Ventuals team, the company plans to build more sophisticated derivative products directly into the wallet interface. Millman confirmed that “open markets” remain a core priority for the platform, stating that the firm intends to expand its perpetual futures integrations to meet evolving user demands.
Frequently Asked Questions (FAQ)
What are perpetual futures?
Perpetual futures are derivative contracts that allow traders to buy or sell the value of an underlying asset with leverage and without an expiration date. A funding rate system is used to keep the contract price pegged to the actual spot market price.
Why did the OpenAI and Anthropic perpetual markets close?
The OpenAI and Anthropic trading pairs were shut down because their creator, Ventuals, chose to wind down operations and transition its development team to new projects, including joining Phantom’s trading infrastructure.
How are crypto wallets changing their business models?
Modern crypto wallets are shifting from passive storage systems into active financial hubs. By integrating token swaps, yield generation, and advanced trading tools like perpetual futures directly into the user interface, they aim to retain user activity and capture transaction fees.
