The Hyperliquid builder program has become a significant revenue engine for wallets, bots, and trading applications that route user trades into Hyperliquid’s HyperCore perpetuals exchange through third-party interfaces, according to CoinGecko data. By enabling external developers—wallets, Telegram bots, and trading frontends—to connect directly to the exchange, set their own fee rates on top of the base protocol fee, and retain 100% of what they charge, the program creates a competitive, permissionless distribution layer. There is no gatekeeping or revenue sharing at the protocol level, so builders compete primarily on product quality, user experience, and pricing while all accessing the same order book.
Hyperliquid Builder Rankings
CoinGecko’s analysis shows Phantom leading the builder cohort with $20.63 million in cumulative revenue, representing nearly 32% of total earnings among the top 10 since the program began. Phantom also reports the largest user base at 137,496 users, producing average revenue of roughly $150 per user.
Based ranks second with $15.05 million in revenue, generated from $44 billion in trading volume compared with Phantom’s $39.4 billion. Based’s lower builder fee of 0.025% versus Phantom’s 0.05% helps explain why it posts strong throughput but lower overall earnings per unit of volume. Together, Phantom and Based account for nearly 55% of cumulative top-10 builder revenue.
MetaMask holds fourth place with $6.51 million in revenue, charging a 0.1% fee—the highest among the leading builders—while serving 43,761 users and processing $7.46 billion in trading volume, which equates to an average revenue per user of about $149. Insilico follows with $3.30 million in revenue from a much smaller base of 2,962 users. Axiom processed $22.1 billion in volume but earned $2.27 million due to its low 0.01% fee, translating to about $68 revenue per user.
Drivers Behind Hyperliquid’s Growth
Beyond the builder-driven revenue layer, broader ecosystem developments are reinforcing Hyperliquid’s market position. Momentum in HIP-3 permissionless perpetual markets, including emerging pre-IPO trading venues, is expanding activity and market awareness. Meanwhile, launches of spot HYPE ETFs have improved token distribution and investor access, supported by strong initial flows that indicate solid underlying demand.
With the launch of HIP-4 outcome markets on mainnet earlier this month, Hyperliquid has extended into prediction market territory, bringing it closer to established platforms in that niche. The addition of priority fees is also expected to generate incremental protocol revenue while deepening the token’s utility for network participants.
Analysts at FalconX estimate that formal alignment of USDC—through support from major issuers and platforms—could materially boost revenue, projecting that USDC support might contribute up to $160 million in annualized revenue if broadly adopted within the ecosystem.