Key Takeaways:
Hyperliquid's builder program has generated more than $64 million in cumulative revenue, with wallet provider Phantom and trading interface Based capturing more than half of the top 10 earners' combined take.
Hyperliquid's builder program generated $64 million in cumulative revenue, with Phantom and Based accounting for almost 55% of the top 10 earners' combined total, according to CoinGecko data.
"Phantom sits at the top with $20.63 million in cumulative revenue since the program launched — that's nearly 32% of the top 10 earners' total combined revenue," CoinGecko's analysis showed. The wallet provider attracted 137,496 users and averaged $150 in revenue per user while charging a 0.05% builder fee.
Based ranked second with $15.05 million from $44 billion in trading volume, despite running a builder fee of 0.025% — half of Phantom's rate. MetaMask pulled in $6.51 million at the highest fee among top builders at 0.1%, drawing 43,761 users across $7.46 billion in volume. Insilico generated $3.30 million from just 2,962 users, a striking revenue-per-user figure. Axiom processed $22.1 billion in volume but earned only $2.27 million with its 0.01% fee, translating to $68 per user — the lowest among those mentioned.
The fee spread — from MetaMask's 0.1% down to Axiom's 0.01% — reflects a market where builders target different user segments. High-volume, cost-sensitive traders gravitate toward low-fee interfaces, while casual users or those prioritizing user experience accept higher fees. That flexibility is the core design of the program: developers connect directly to Hyperliquid's HyperCore exchange, set their own fee rates above the protocol's base fee, and keep everything they collect with no revenue sharing at the protocol level.
Beyond the builder program
Hyperliquid's ecosystem is expanding beyond its core perpetuals exchange. The HIP-3 permissionless perpetual markets — which include pre-IPO trading venues — have added activity and drawn new users. Spot HYPE exchange-traded fund launches have also broadened distribution and driven demand for the token.
FalconX flagged the HIP-4 outcome markets launch on mainnet as another meaningful step. Prediction markets are gaining traction broadly, with platforms like Kalshi and Polymarket attracting significant attention. Hyperliquid's entry puts it in direct competition with those names.
Priority fees are also on the roadmap, intended to boost protocol revenue and add utility to the native token by giving users more reason to hold and engage rather than just trade and exit. No specific timeline has been given.
The USDC wildcard
FalconX's projections put potential annualized revenue from USDC's alignment — backed by Coinbase and Circle — at as much as $160 million. That figure assumes the integration goes smoothly and adoption follows. If USDC becomes a core asset within Hyperliquid's ecosystem with that kind of institutional backing, the revenue impact would be substantial — likely the single largest upside mentioned in the analysis.
The builder program's structure works because Hyperliquid does not take a cut from the builders. More builders competing aggressively means more users on the platform, more volume through HyperCore, and more protocol-level activity that benefits Hyperliquid in other ways. The builders handle distribution. Hyperliquid gets the liquidity and network effects.
Whether the top-10 concentration around Phantom and Based becomes a problem down the road remains an open question. For now, it signals that the best-executed products win. But if those two players ever pull back or migrate to a competing venue, the revenue picture would shift quickly.
This article is for informational purposes only and does not constitute investment advice.
