According to Phantom, Phantom perps recorded $5 billion in trading volume over 5 weeks on Hyperliquid; source: Phantom on X, Aug 14, 2025 https://twitter.com/phantom/status/1956106371772113034. This equates to roughly $1 billion per week and about $143 million per day, offering a concrete run-rate benchmark for derivatives liquidity monitoring; source: Phantom on X, Aug 14, 2025 https://twitter.com/phantom/status/1956106371772113034.