Is Phantom wallet custodial? Who holds your funds?
No. Phantom is listed as non-custodial: your funds stay in a wallet you control, not with the venue.
Checked 2026-10-17 · 3 sources- Self-custodial: keys are held by the user via a recovery phrase or Google/Apple sign-in recovery. Perps balances sit on Hyperliquid tied to the user's Ethereum address.
- Non-custodial does not mean risk-free. Smart-contract bugs, phishing and malicious approvals can still lose funds.
- We list 3 reported incidents for Phantom on its legit check.
Sources: The Block: Phantom says its systems were uncompromised in $4 million hack · Decrypt: Phantom Wallet sued over $500K meme coin theft · Phantom Help: Withdraw Cash to a wallet. The venue's own page wins if it disagrees with ours.
Phantom
Wallet · 1.7% round trip. Phantom is a self-custodial multi-chain wallet (Solana, Ethereum, Base, Polygon, BNB Chain, Bitcoin, HyperEVM and others) with built-in swaps, cross-chain swaps, Hyperliquid-powered perps, prediction markets and a Cash stablecoin account. It charges a 0.85% Phantom fee on most swaps.
Full Phantom sheet: fees, custody, incidents →