Popular crypto wallet Phantom announced this morning that it has launched perpetual contract trading for South Korea and Japan ETFs. Users can go long or short on these markets with up to 20x leverage directly within the wallet, without needing to move funds to external platforms.
Asian Stocks Rally as Iran Tensions Ease
The move comes amid a broader rebound in global equities, fueled by expectations that the Iran conflict may de-escalate. Japan's Nikkei 225 surged over 2,300 points at the open, currently up 2.71%. South Korea's KOSPI jumped more than 10% in early trading after authorities pledged a market stabilization plan worth over 100 trillion won, with heavyweight Samsung Electronics climbing 11%.
Phantom Adds EWY and EWJ Perpetuals
The new perpetuals are based on two BlackRock-issued ETFs: iShares MSCI South Korea ETF (EWY) and iShares MSCI Japan ETF (EWJ). To trade, users simply deposit SOL or USDC into their Phantom wallet and place orders directly. Phantom clarified that the perpetual contracts are not available in all jurisdictions.
Details on BlackRock's EWY and EWJ ETFs
EWY tracks the MSCI Korea 25/50 Index, representing large- and mid-cap Korean companies. Its expense ratio is 0.59%, and as of March 2026, top holdings include Samsung Electronics (~23%-29%), SK Hynix (~19%-20%), and Hyundai Motor (~3%).
EWJ tracks the MSCI Japan Index and is one of the most liquid tools for Japanese equity exposure, with an expense ratio of 0.49%. Its top three holdings as of March 2026 are Toyota Motor (~4.5%), Mitsubishi UFJ Financial (~4.0%), and Hitachi (~2.9%).
By integrating these perpetuals, Phantom enables crypto users to speculate on short-term moves in Asian stock markets without needing a traditional brokerage account or fiat currency. The availability of 20x leverage amplifies both potential gains and risks, making the product particularly relevant amid ongoing geopolitical uncertainty.