How to connect Phantom Wallet to Hyperliquid

The thing that confuses Phantom users

Phantom started as a Solana wallet and now holds several chain families in one extension, each with its own address. Hyperliquid authenticates an EVM address.

So you connect with Phantom’s Ethereum account, and the address Hyperliquid shows is that one, not your Solana address. That is not a bug and nothing has gone missing.

Your Solana holdings are still useful, just on the funding side rather than the login side. Native SOL is an accepted deposit asset and arrives as a spot balance.

Step by step

1. Open Phantom and switch to your Ethereum account

   Phantom keeps one address per chain family. Find the Ethereum account: that is the identity Hyperliquid will use, and your Hyperliquid balances will belong to it.

   Back up the recovery phrase on paper if you have not. It covers every chain in the wallet at once.

   You should see an EVM address shown in Phantom, distinct from your Solana one

2. Open the app through a referral link

   Going through the link applies the code automatically; you can also type it on the referrals screen. Either way, before your first order.

   You should see the referrals screen showing a code attached to your address, before any trade

3. Click Connect, then use WalletConnect

   Phantom is not named in the chooser. The six options are Log in with Email, MetaMask, Brave Wallet, WalletConnect, OKX Wallet and Coinbase Wallet, so WalletConnect is the route for Phantom.

   If Phantom is your only extension it may also answer the MetaMask button, since that is the injected-wallet slot. Either path reaches the same account.

   You should see your EVM address shortened in the top-right corner

4. Accept the terms, and sign that too

   An easy step to be surprised by: accepting the Terms of Use and cookie policy is recorded as a signed message, not just a click. It costs no gas. Check the request comes from app.hyperliquid.xyz before you confirm.

   You should see two ticked checkboxes, then a signature request of type Hyperliquid:AcceptTerms

5. Click Establish Connection and sign

   The signature costs no gas and registers an agent key so the app can submit orders without a pop-up each time. It cannot withdraw your funds. If the request instead asks for a token approval or a transfer, stop and check the domain.

   You should see the order ticket becoming active

6. Fund the account

   Two routes, and the difference matters.

   USDC on a supported network arrives ready to use as perpetuals collateral. Open the deposit window, note which networks it lists for USDC, and pick one Phantom also supports. Confirm the network on both sides before sending.

   Native SOL is accepted from the Solana network and handled by Unit. It arrives as a spot holding, which cannot back a perpetual position until you sell it for USDC. That extra step catches people out.

   You should see a USDC balance on your Perps account

7. If you deposited SOL, sell it for USDC and transfer to Perps

   Sell on the spot market, then use the in-app transfer between Spot and Perps. That transfer is not a chain transaction and costs nothing.

   You should see the balance visible on the Perps side of your account

Which funding route to use

If your funds are already USDC, use USDC. Depositing SOL to save a swap on Solana usually just moves the swap to the other side, and you pay the spread there instead. The deposit guide lists every accepted route.

What trading costs

Your wallet does not change your fee. At the entry tier a taker order costs 0.045% of notional, or 0.0432% with a referral code applied.

Troubleshooting

Phantom does not appear in the wallet list. Try WalletConnect, or disable a competing EVM extension that is claiming the injected-wallet slot.

Hyperliquid shows an address you do not recognise. It is your Ethereum address from Phantom, not your Solana one. Compare it against the Ethereum account in the extension.

You sent SOL and see no perps balance. Look at the Spot side. Native assets arrive as spot holdings by design and need selling for USDC first.

A deposit has not appeared at all. Check the Solana or source-chain explorer first, then confirm you used a network the deposit window listed for that asset.

Is Phantom the right wallet here

It is fine, and convenient if your money already lives in it. If you are picking a wallet specifically for Hyperliquid, Rabby previews what each signature will do and switches networks for you, which prevents the two mistakes that actually cost people money. Our wallet comparison covers the trade-offs, including email login for people who would rather not install anything.