Phantom Leads Hyperliquid Builders With Over 20M in Revenue From Program So Far

Phantom tops Hyperliquid builders with over $20.6M in revenue, while Based ranks second and MetaMask ranks fourth.

Phantom has become the top revenue builder on Hyperliquid, based on CoinGecko figures cited in the report.

The wallet generated more than $20.6 million through the builder program, while other apps and wallets followed with different fee models.

Phantom Holds Top Builder Spot

CoinGecko data shows Phantom generated $20,630,022 in cumulative builder revenue on Hyperliquid.

The figure made Phantom the largest builder by revenue in the program so far. Phantom accounted for 31.8% of total revenue among the top 10 Hyperliquid builders.

The Solana-native wallet also recorded 137,496 users, the largest user count in the group.

The data shows Phantom processed $39.4 billion in trading volume. Its builder fee stood at 0.05%, which placed it above some rivals and below MetaMask.

Phantom’s average revenue per user reached $150. The figure was lower than Based, but its wider user base supported higher total revenue.

Based and MetaMask Follow Different Paths

Based ranked second among Hyperliquid builders, with $15,056,894 in cumulative revenue.

It processed $44 billion in volume, which was higher than Phantom’s total. Based charged a 0.025% builder fee.

That lower fee helped it attract more volume, while Phantom earned more revenue from fewer trades.

Together, Phantom and Based generated 54.8% of top 10 builder revenue. Their totals placed them ahead of other builders in the Hyperliquid program.

MetaMask ranked fourth with $6,510,547 in cumulative revenue. It charged a 0.1% builder fee, the highest rate among the top 10 builders.

MetaMask also recorded 43,761 users and $7.46 billion in volume. Its average revenue per user stood at $149, close to Phantom’s user revenue figure.

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Hyperliquid Builders Show Mixed Models

The builder data shows several models operating on the same Hyperliquid order book. Wallet users, Telegram bot traders, and algorithmic desks used different access points.

Each builder brought users to the same liquidity source. However, each platform charged a different fee for access to Hyperliquid trading.

Insilico ranked fifth by revenue, with $3,306,853 from only 2,962 users. Its average revenue per user reached $1,116, the highest figure in the cited group.

Axiom ranked seventh and processed $22.1 billion in volume. It earned $2,270,689, due to a lower builder fee of 0.01%.

The comparison shows how fee choices shaped builder revenue. Some platforms focused on user scale, while others served smaller groups with higher average revenue.

For Hyperliquid, the builder program created a broad distribution layer. The model allowed outside apps and wallets to bring users to one trading venue.

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