Phantom deepens its derivatives strategy
Crypto wallet Phantom is stepping further into the fast-growing perpetual futures market after hiring Alvin Hsia, Emily Hsia and Aris Samad, the team behind Ventuals. The trio previously built one of Hyperliquid’s highest-profile private-market trading experiments, including OpenAI and Anthropic perpetual futures markets, before that project shut down earlier this week.
According to Phantom CEO Brandon Millman, the new hires will join the company’s trading and data teams. Their arrival follows Ventuals’ earlier announcement that it was winding down and joining another project within the Hyperliquid ecosystem. That decision ended one of the most visible attempts to bring private-company valuation trading onchain through perpetual futures.
Why this hire matters for Phantom
Phantom is widely known as a self-custody crypto wallet, but the company has steadily moved beyond simple token storage. In recent years, major wallets have expanded into swaps, staking and derivatives, seeking to become broader financial platforms rather than passive holding tools. This hiring move reinforces that trend.
Millman said open markets have become a major focus for Phantom and stressed that the company has already gone deep on perpetuals and intends to go deeper. He also described Hyperliquid as one of the strongest examples of what open markets can achieve, pointing to its transparent onchain infrastructure and global liquidity.
From a business perspective, the deal shows how product talent is becoming a competitive advantage in crypto trading. Rather than building an entirely new team from scratch, Phantom is bringing in operators who already worked on real-market experiments involving sophisticated, high-interest assets. That shortens the learning curve and could help Phantom accelerate product development around trading and market data.
Understanding perpetual futures
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 users maintain the required margin. In crypto, perps have become one of the market’s most important instruments because they combine continuous price exposure with deep liquidity and round-the-clock trading.
These products began as a crypto-native innovation, but their appeal has broadened. Traders use them for directional bets, hedging and market-neutral strategies. Because they can be designed to track many types of assets, perpetual futures have increasingly been applied beyond digital tokens to private companies, commodities and other market themes.
Broader market context
The growth of perpetual futures is no longer limited to crypto exchanges. Last month, Kalshi launched its own perpetual futures business after receiving regulatory approval, highlighting that always-on derivatives are beginning to influence traditional finance as well. That development suggests the market opportunity is expanding, especially for platforms that can combine user distribution, liquidity access and intuitive interfaces.
Phantom said it has become the largest distribution partner in the Hyperliquid ecosystem. That matters because distribution often determines whether a trading product gains meaningful adoption. If Phantom can pair strong wallet usage with more advanced trading features, it may strengthen its position as a gateway to onchain finance.
Key takeaways
- Phantom hired the Ventuals team: Alvin Hsia, Emily Hsia and Aris Samad.
- Ventuals previously ran OpenAI and Anthropic perpetual futures markets on Hyperliquid.
- The hires will support Phantom’s trading and data efforts.
- Perpetual futures remain one of crypto’s fastest-growing derivatives products.
- The competitive line between wallet apps and trading platforms is becoming increasingly blurred.
Strategic outlook
For investors and market watchers, this move signals that Phantom sees derivatives as a core growth engine rather than an add-on feature. It also reflects a broader shift across digital asset platforms: wallets are evolving into full-service financial apps, while open-market infrastructure is becoming central to user retention and revenue expansion.
If Phantom successfully integrates the expertise of the former Ventuals builders, it could strengthen its role in the next phase of crypto market structure, where self-custody, trading access and open financial products increasingly converge in a single interface.
FAQ
1. What are perpetual futures in crypto?
Perpetual futures are derivative contracts that let traders speculate on asset prices without an expiration date. They are popular because they offer continuous exposure, high liquidity and 24/7 trading.
2. Why did Phantom hire the Ventuals team?
Phantom hired the Ventuals builders to strengthen its trading and data capabilities and support its broader push deeper into perpetual futures and open-market products.
3. Why is this important for the crypto market?
The hire highlights a larger industry trend in which crypto wallets are expanding into advanced financial services. It also shows that perpetual futures are becoming a major battleground for product innovation and user growth.
