Resolving haplotypes in polyploid genomes using phase information from sequencing reads is an important and challenging problem. We introduce two new mathematical formulations of polyploid haplotype phasing: (1) the min-sum max tree partition problem, which is a more flexible graphical metric compared with the standard minimum error correction (MEC) model in the polyploid setting, and (2) the uniform probabilistic error minimization model, which is a probabilistic analogue of the MEC model. We incorporate both formulations into a long-read based polyploid haplotype phasing method called flopp. We show that flopp compares favorably with state-of-the-art algorithms—up to 30 times faster with 2 times fewer switch errors on 6 × ploidy simulated data. Further, we show using real nanopore data that flopp can quickly reveal reasonable haplotype structures from the autotetraploid Solanum tuberosum (potato).