If you want onchain stock exposure without an exchange holding your assets, three self-custody names come up: Phantom, Defi App, and Fensory. All three agree on custody. Where they part ways is what you are actually holding, what you can do with it, and, increasingly, who or what is allowed to act on your behalf.
Phantom: a wallet turned trading platform
Phantom is a widely used self-custody wallet, strongest on Solana and now multichain. It supports spot tokenized equities, the xStocks tokens issued by Backed, traded directly from the wallet through Solana DEXs and settled to your own wallet, though like all tokenized stocks they carry no voting or ownership rights in the underlying company. Phantom also offers equity perpetuals through a Hyperliquid integration, covering names like GOOGL, AMZN, AAPL, META, and MSFT plus a broad-market index, with leverage up to 10x, cash-settled in USDC, and unavailable in the US and UK.
Phantom has leaned further into this since its perps launch. It is now Hyperliquid's largest distribution partner and its top builder-fee earner, and in June 2026 it hired the team that built Hyperliquid's private-company perp markets. More trading infrastructure is likely on the way. In July, Phantom and the Hyperliquid Policy Center also petitioned the CFTC to clarify that non-custodial wallets can route to registered onchain derivatives without becoming brokers, a regulatory push that could widen who gets access to these markets.
None of that changes what Phantom fundamentally is: an excellent general-purpose wallet where you can also trade stocks and stock perps. It is not built to earn yield on a tokenized stock position, compare it against alternatives, or hand routine decisions to an AI agent.
Defi App: a DeFi super-app, but its stocks are perps
Defi App (defi.app) is a self-custody, multichain DeFi super-app for swaps, perpetuals, and yield, with assets kept non-custodially in smart-account wallets. It is a capable platform, and it is riding the same wave as Phantom: Hyperliquid's HIP-3 markets, which let anyone permissionlessly deploy a new perp, now account for roughly half of Hyperliquid's total perp volume, up from about 2% at the start of the year, largely on the back of onchain stock trading.
The distinction worth holding onto is that Defi App's US-stock exposure is synthetic perpetual futures through those Hyperliquid markets, not spot tokenized equities. You are taking a leveraged or unleveraged price bet settled in stablecoins, with no underlying share, no issuer backing a one-to-one token, and no dividends. That is a legitimate instrument, and a different one from owning a tokenized share. If your goal is to hold the equity, a stock perp does not give you that.
Where Fensory fits now
Fensory is a self-custody home for spot tokenized equities from Ondo and xStocks: the token is a real, one-to-one backed asset that settles to your wallet across Ethereum, Solana, and BNB Chain. It also has perpetual futures live in its terminal, with over 250 markets spanning crypto, stock futures, commodities, currency pairs, and indices, tradeable by hand today. AI-agent order placement for perps specifically is still in final testing. An agent can check perps data and prices now, but it cannot place a perp trade on its own yet.
What is fully live is the part that matters most for this comparison: Fensory runs on the Model Context Protocol, so Claude, ChatGPT, or any other MCP-compatible agent can connect through one URL, trade spot equities, yield products, crypto, and commodities inside limits you set, and show you every order before it fires. Neither Phantom nor Defi App offers anything like this. You can also still just use the terminal by hand, earn DeFi yield on a stock position across a range of protocols, and compare assets and yields with a built-in tool, all in the same account.
In short: Phantom is an excellent wallet that has become a serious venue for stock perps. Defi App is a strong DeFi platform where stock exposure is synthetic. Fensory is a self-custody home for spot tokenized equities that now also reaches perps, yield, and crypto from one account, with an AI agent as an option rather than the only way in.
Side by side
| Feature | Phantom | Defi App | Fensory |
| -------------------------- | --------------------------------------------------- | ------------------------------------- | --------------------------------------------------------------- |
| Custody | Self-custody | Self-custody | Self-custody |
| Spot tokenized equities | Yes, xStocks | No | Yes, Ondo and xStocks |
| Stock perpetuals | Yes, via Hyperliquid | Yes, synthetic, via Hyperliquid HIP-3 | Yes, terminal live; agent order placement in final testing |
| You own a backed token | Yes (spot) / No (perps) | No, derivative only | Yes (spot) |
| Chains | Solana, multichain | EVM and Solana | Ethereum, Solana, and BNB Chain |
| DeFi yield on the position | Not the focus | Yield aggregation, general | Yes, across many protocols |
| AI-agent trading | Not available | Not available | Live via MCP for spot, yield, crypto, commodities |
| Compare tool | Not built in | Not built in | Yes |
| Built for | Holding and managing crypto, now also trading perps | DeFi trading and perps | Holding and composing tokenized equities, now with agent access |
Which one is for you
Choose Phantom if you want a trusted, all-purpose self-custody wallet and are comfortable trading both spot stocks and stock perps from the same place.
Choose Defi App if you want an active DeFi and perpetuals platform and specifically want leveraged or synthetic price exposure to stocks rather than to own them.
Choose Fensory if you want to actually hold spot tokenized equities in your own wallet, put them to work earning yield, and optionally let an AI agent handle the routine parts inside limits you control.
All three keep you in control of your assets. The difference is what you are holding, what the app helps you do next, and how much of that you are willing to hand to an agent.
App at Fensory.com