Phantom Earned Over $20.6M in Revenue Through Hyperliquid

What Are Hyperliquid Builders?

Hyperliquid's builder program allows third-party developers including wallets, trading interfaces, Telegram bots, and other apps to route user trades directly to Hyperliquid's HyperCore perpetuals exchange and earn a share of the resulting fees. Each builder sets its own fee rate on top of Hyperliquid's base protocol fee, keeping 100% of what they charge. There is no gatekeeping or revenue share with the protocol; builders compete purely on product quality, user experience, and fee competitiveness.

The result is a diverse distribution layer sitting on top of a single liquidity source. A Phantom wallet user, a PVP Telegram bot trader, and an Insilico algorithmic desk are all trading against the same order book, just arriving through different doors and each paying a different toll. For Hyperliquid, builders serve as an outsourced growth engine, expanding reach without requiring a proprietary app store or direct user acquisition spend.

The Apps and Wallets Cashing In on Hyperliquid

Phantom has generated $20,630,022 in cumulative revenue as Hyperliquid's top builder, capturing 31.8% of the total revenue earned by the top 10 builders since the builder program's inception. The Solana-native wallet's dominance on a platform built for Ethereum-aligned perp traders underscores how wallet distribution has become the most powerful growth lever in decentralized derivatives.

Based ranks second with $15,056,894 in cumulative revenue, despite processing more total volume than Phantom — $44B versus $39.4B. The gap comes down to fee structure: Based charges a 0.025% builder fee compared to Phantom's 0.05%, a strategic trade-off that prioritizes volume over yield. Together, Phantom and Based account for 54.8% of all top-10 builder revenue, making this effectively a two-horse race at the top.

Phantom Wins on Users, Not Just Volume

Phantom's 137,496 users make it the largest builder by user base, more than three times Based's 42,579. This matters because builder revenue compounds with user retention. Phantom's $150 average revenue per user is modest compared to Based's $353, but its sheer scale creates a structural advantage that is difficult to close.

MetaMask Proves Brand Trust Beats Fee Competition

MetaMask's appearance at #4 with $6,510,547 in revenue is the most mainstream signal in this dataset. It charges 0.1%, the highest builder fee in the top 10, yet still attracted 43,761 users who collectively traded $7.46B in volume. Rather than competing on price, MetaMask has leveraged its brand recognition to convert an existing global user base into Hyperliquid trading volume. Its average of $149 per user in revenue suggests these are retail participants trading comfortably within a familiar interface, unbothered by a fee that other builders would never dare charge.

High Value vs High Volume: How Insilico and Axiom Diverge

In terms of revenue per user, Insilico stands out at #5, generating $3,306,853 from just 2,962 users. Its average revenue per user of $1,116 is more than double the top 10 average of $437. By contrast, Axiom (#7) processed $22.1B in volume but earned only $2,270,689 at an average revenue per user of $68 due to its low 0.01% fee. These two builders represent opposite ends of the strategic spectrum: one serving a small base of high-value traders, the other competing on cost to capture maximum flow.

Telegram Bots and Niche Frontends Fill the Long Tail

PVP (#3, $7,946,185) is the oldest builder in the top 10, having been active since June 2024, roughly a year before most competitors entered. Its longevity — 676 days — explains its cumulative lead over newer entrants. Below it, builders like Dreamcash (#9) and Mass (#10) illustrate the diversity of the ecosystem: Dreamcash charges 0% in builder fees yet generates $1,695,465, likely through alternative monetization. Mass serves just 1,033 users but generates an average of $1,337 per user, the highest among the top 10 Hyperliquid builders.

Methodology

Builder revenue and volume data was sourced from HyperTracker, snapshotted on May 25, 2026. Revenue reflects cumulative builder fees collected since each builder's inception on Hyperliquid — not a fixed date range. The oldest builder in this dataset (PVP) has been active since June 13, 2024. Builder fees are set independently by each builder and are charged on top of Hyperliquid's base protocol fees. All figures are denominated in USD.

If you cite these insights, we would appreciate a link credit to this article on CoinGecko, which allows us to keep supplying you with useful data-led content.

This study is for illustrative and informational purposes only, and is not financial advice.

Top 10 Builders Leaderboard

Source: HyperTracker. Cumulative since each builder's inception, as of May 25, 2026.