Hyperliquid Builder Program Becomes Major Revenue Engine for Wallets and Bots: CoinGecko

Phantom leads Hyperliquid builders with $20.63 million in revenue and 137,496 users, capturing nearly one-third of the total top-10 earnings share.

Hyperliquid builder program has become a major revenue engine for wallets, bots, and trading apps that route user trades into Hyperliquid’s HyperCore perpetuals exchange through third-party interfaces, according to CoinGecko data.

The program allows developers, including 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. There is no gatekeeping or revenue share at the protocol level. As a result, builders compete primarily on product quality, user experience, and pricing, creating a distribution layer where different entry points all access the same order book.

Hyperliquid Builder Rankings

Among builders, CoinGecko found Phantom leads with $20.63 million in terms of cumulative revenue, and represents almost 32% of total earnings among the top 10 since the program began. It also has the largest user base at 137,496 users and averages about $150 revenue per user.

Based ranks second with $15.05 million in revenue from $44 billion in volume compared to Phantom’s $39.4 billion, with its lower 0.025% builder fee versus Phantom’s 0.05% explaining the gap in earnings despite higher throughput. Together, Phantom and Based make up for almost 55% of total top-10 builder revenue.

Meanwhile, MetaMask ranks fourth with $6.51 million in terms of revenue as it charges a 0.1% fee, the highest among the top builders, while still attracting 43,761 users and $7.46 billion in trading volume, with an average revenue per user of $149. Next up is Insilico with $3.30 million in revenue from just 2,962 users, followed by Axiom, which processed $22.1 billion in volume but earned $2.27 million due to a 0.01% fee, resulting in $68 revenue per user.

Drivers Behind Hyperliquid’s Growth

Beyond the builder-driven revenue layer, the broader ecosystem developments are further strengthening Hyperliquid’s position. Traction in HIP-3 permissionless perp markets, including emerging pre-IPO trading venues, is expanding activity and awareness. Additionally, spot HYPE ETF launches appear to have significantly improved distribution and investor access to the token, supported by strong early flows that point to underlying demand.

According to FalconX, the HIP-4 outcome markets, launched on mainnet earlier this month, expand Hyperliquid’s reach into prediction market territory and bring it closer to already established platforms such as Kalshi and Polymarket. At the same time, the introduction of priority fees is expected to add incremental protocol revenue and deepen token utility.

You may also like:

FalconX further estimated that USDC becoming an aligned asset through formal support from Coinbase and Circle could contribute up to $160 million in annualized revenue.