Phantom strengthens its derivatives strategy
Crypto wallet Phantom is moving deeper into perpetual futures after hiring Alvin Hsia, Emily Hsia and Aris Samad, the team behind Ventuals. The group previously built one of Hyperliquid’s best-known private-company trading experiments, including OpenAI and Anthropic perpetual futures markets. Their addition signals that Phantom is not treating derivatives as a side feature, but as a bigger part of its long-term product roadmap.
According to Phantom CEO Brandon Millman, the trio will join the company’s trading and data teams. The timing follows Ventuals’ recent decision to wind down its project and join another effort within the Hyperliquid ecosystem. That shutdown ended a closely watched onchain experiment that let traders speculate on private-company valuations through perpetual futures.
Why this hire matters for crypto markets
This development is important because it reflects a broader trend in digital finance: crypto wallets are evolving into full-service trading platforms. Phantom built its name as a self-custody wallet, but it has steadily expanded into swaps, staking and derivatives. In practical terms, this means wallets are no longer just storage tools for tokens. They are becoming distribution channels for trading, liquidity access and advanced financial products.
Millman said Phantom has become the largest distribution partner in the Hyperliquid ecosystem and intends to increase its focus on perpetual futures. He described open markets as a major area of emphasis and pointed to Hyperliquid as a strong example of what transparent, onchain trading infrastructure can enable. Bringing in the Ventuals builders should help Phantom accelerate product development tied to that ecosystem.
What perpetual futures are and why they are growing
Perpetual futures, often called perps, are derivatives contracts that let traders speculate on price movements without a fixed expiration date. Unlike traditional futures, these contracts can remain open as long as traders maintain sufficient margin. In crypto, perpetual futures have grown rapidly because they offer continuous trading, significant liquidity and exposure to a wide range of assets.
That flexibility has helped perps expand beyond digital assets alone. They are now increasingly used to express views on commodities, market themes and even private-company valuations. The OpenAI and Anthropic markets built by Ventuals showed how onchain trading can stretch into previously inaccessible areas of speculation.
For investors and market observers, the significance is not just product innovation. It is also about platform competition. The more trading activity migrates into wallets and decentralized venues, the more pressure there is on traditional crypto interfaces to offer broader functionality, tighter execution and easier access to liquidity.
Traditional finance is also moving toward always-on derivatives
The push into perpetual futures is not limited to crypto-native companies. Last month, prediction market operator Kalshi launched its own perpetual futures business after receiving regulatory approval. That move suggests the structure of always-on derivatives is attracting interest beyond the digital asset sector.
From a market structure perspective, this trend matters because it points to convergence between crypto trading infrastructure and broader financial markets. Around-the-clock price discovery, transparent settlement design and programmable market access are becoming more attractive in an environment where traders want speed and flexibility.
What Phantom gains from the Ventuals team
By hiring the Ventuals founders, Phantom gains direct experience from a team that already built high-profile perpetual futures markets on Hyperliquid. That expertise should be relevant for product design, market creation, data infrastructure and user distribution. It also gives Phantom more credibility as it competes with other wallets and trading apps that want a bigger share of derivatives activity.
The bigger takeaway is strategic: wallets are becoming gateways to financial services, not just crypto balances. If that transition continues, companies like Phantom may sit closer to the center of user activity across trading, custody and market access.
Key takeaways
- Phantom hired the former Ventuals team: Alvin Hsia, Emily Hsia and Aris Samad.
- Ventuals previously built OpenAI and Anthropic perpetual futures markets on Hyperliquid.
- Phantom plans to go deeper into perpetual futures and open markets.
- Perpetual futures are emerging as one of crypto’s most important and fastest-growing products.
- The trend is spreading beyond crypto, with firms like Kalshi also entering the space.
FAQ
1. What are perpetual futures in cryptocurrency?
Perpetual futures are derivatives contracts that let traders speculate on asset prices without a fixed expiration date. They are popular in crypto because they support 24/7 trading and can provide exposure to many different market themes.
2. Why did Phantom hire the Ventuals team?
Phantom hired Alvin Hsia, Emily Hsia and Aris Samad to strengthen its trading and data capabilities. The move supports Phantom’s strategy to expand deeper into perpetual futures and open-market products.
3. Why is this important for the broader financial industry?
This matters because it shows how crypto wallets are evolving into more complete financial platforms. It also highlights how perpetual futures are spreading beyond crypto into wider financial markets, increasing the relevance of always-on derivatives infrastructure.
