Hyperliquid's builder program has generated nearly $65 million in cumulative revenue for its top 10 participants since launch, with Phantom wallet alone capturing almost a third of that total. The program, which lets developers connect directly to the exchange, set their own fee rates on top of the base protocol fee, and keep 100% of what they charge, has attracted a wide range of builders — from major wallets to specialized trading interfaces.
Who's earning the most
Phantom leads the pack with $20.63 million in revenue, representing about 32% of the top 10's total earnings. The wallet has attracted 137,496 users, who generate roughly $150 in revenue per user on average. Phantom charges a 0.05% builder fee, a middle-of-the-road rate among the top players.
Based, a trading-focused interface, ranks second with $15.05 million. It processed $44 billion in volume but charges a lower 0.025% fee, which explains why its revenue trails Phantom's despite handling significantly more transactions. Together, Phantom and Based account for almost 55% of all top-10 builder revenue.
MetaMask holds the fourth spot with $6.51 million in revenue. It charges the highest fee among top builders at 0.1%, and its 43,761 users generate about $149 per user — nearly identical to Phantom's per-user figure. MetaMask's trading volume stands at $7.46 billion.
Fee structures create big differences
The gap between volume and revenue is striking when you compare builders with different fee strategies. Insilico earned $3.30 million from just 2,962 users, thanks to a relatively high fee. Meanwhile, Axiom handled $22.1 billion in volume but earned only $2.27 million because it charges just 0.01% — resulting in just $68 per user.
That spread shows how fee decisions, not just user counts or trading volume, determine how much builders take home. The program's no-gatekeeping, no-revenue-share model encourages builders to experiment with pricing.
What's driving Hyperliquid's growth
The builder program's momentum coincides with several product expansions. HIP-3 permissionless perpetual markets, which allow trading of pre-IPO contracts, have drawn new users. The launch of spot HYPE ETFs is improving distribution and investor access. And HIP-4 outcome markets are pushing Hyperliquid into prediction markets.
FalconX, a digital asset prime broker, estimated that making USDC an aligned asset through formal support from Coinbase and Circle could contribute up to $160 million in annualized revenue. The introduction of priority fees is also expected to add incremental protocol revenue and deepen the utility of HYPE tokens.
For now, the builder program remains a key growth lever — one where the biggest names are already pulling in millions, but where fee strategy can make or break a smaller player's bottom line.
