1. Send SOL in

This funds a separate trading address. The position does not sit on your Phantom wallet.

Connect Phantom when you are ready to send.

2. Open the trade

The order leaves from the trading address. A watcher on Phantom does not see it.

You can lose the margin on this trade. A move against you can close it.

3. Send funds back

This turns trading address margin back into SOL in this Phantom wallet.