Phantom, one of crypto's largest self-custody wallets, has hired the creators behind Ventuals—the project that ran Hyperliquid's highest-profile private company perpetual futures markets—as it doubles down on derivatives trading.
Market Context
The move comes as perpetual futures have emerged as one of the fastest-growing products in crypto, expanding beyond digital assets into traditional market concepts like bets on private company valuations. The around-the-clock trading, high liquidity, and ability to track virtually any asset have made them increasingly popular vehicles for speculation. Last month, prediction market operator Kalshi launched its own perpetual futures business after regulatory approval, joining exchanges betting that always-on derivatives will become a larger part of financial markets.
Analysis
Phantom hired Alvin Hsia, Emily Hsia and Aris Samad, the trio behind Ventuals, which recently shut down its OpenAI and Anthropic perpetual futures markets on Hyperliquid. The team will join Phantom's trading and data teams, according to CEO Brandon Millman. The hiring represents a strategic play for talent as Phantom seeks to accelerate its efforts in building trading products around the Hyperliquid ecosystem.
The move follows Ventuals announcing earlier this month it was winding down and joining another project within the Hyperliquid ecosystem—ending one of the exchange's most prominent experiments in onchain private company valuation trading. For Phantom, bringing these builders in-house aligns with a broader industry shift as wallets compete to become full-service financial apps rather than simple token storage interfaces.
Millman described Hyperliquid as "one of the best examples anywhere of what open markets make possible," pointing to its global liquidity and transparent onchain infrastructure. The company has become the largest distribution partner in the Hyperliquid ecosystem, according to statements from the firm.
Key Numbers
- 3: Number of Ventuals team members hired by Phantom (Alvin Hsia, Emily Hsia, Aris Samad)
- #1: Phantom's stated ranking as distribution partner within Hyperliquid ecosystem
- 2: Private company perpetual futures markets previously operated by Ventuals on Hyperliquid (OpenAI and Anthropic)
What to Watch
Phantom has indicated plans to deepen its focus on perpetual futures, with Millman stating the firm intends to "go deeper." Traders should monitor whether Phantom's expanded trading team translates into new product offerings or market share gains within the decentralized derivatives space. The broader competition between crypto wallets for full-service financial platform status will likely intensify as these products gain traction.
The integration of experienced Hyperliquid builders could position Phantom to capture more derivative volume, though regulatory scrutiny around perpetual futures—especially those tracking private company valuations—remains a watchpoint for market participants.