According to @phantom, its Perps product has reached $26B in cumulative trading volume, 85K traders, 6M positions opened (3.9M longs, 2.1M shorts), and $100M in cumulative net deposits, source: @phantom. The long-to-short position count ratio is approximately 1.86 (about 65% long by count), indicating a net long skew within this dataset, source: @phantom. Traders averaged roughly 70.6 positions each (6M positions over 85K traders), signaling high engagement on the venue, source: @phantom. Implied turnover is around 260x (volume to net deposits), with an estimated average volume per trader near $306K and about $4.3K per position, source: @phantom. These benchmarks help traders assess directional crowding and typical ticket sizes for execution planning on this perpetual futures venue, source: @phantom.

According to Eleanor Terrett on Twitter, renewed market optimism is evident as she highlights positive 'welcome home' views regarding the crypto market environment (source: Eleanor Terrett Twitter, May 25, 2025). This sentiment shift is fueling increased trading activity and higher volatility, particularly in leading cryptocurrencies such as Bitcoin and Ethereum, as traders react to the perceived return of bullish market momentum.