Hyperliquid’s builder program is rapidly becoming a significant revenue generator for crypto wallets, trading bots, and third party applications that direct users to HyperCore, the platform’s perpetual futures exchange, according to new data from CoinGecko.
The program enables developers, including wallet providers, Telegram trading bots, and trading interfaces, to integrate directly with Hyperliquid’s infrastructure while setting their own transaction fees on top of the protocol’s base fee structure.
Unlike many competing systems, Hyperliquid does not impose revenue sharing requirements or approval restrictions on builders. Developers are allowed to keep 100% of the fees they generate, creating a highly competitive ecosystem driven by product quality, pricing, and user experience.
As a result, multiple platforms can offer access to the same underlying order book while competing to attract traders through different interfaces and services.
Phantom Dominates Builder Revenue Rankings
CoinGecko’s data shows that Phantom currently leads all Hyperliquid builders with cumulative revenue of $20.63 million since the program launched.
The wallet accounts for nearly 32% of all earnings generated among the top 10 builders and also maintains the largest user base with 137,496 users. On average, Phantom generates roughly $150 in revenue per user.
Based ranks second with $15.05 million in revenue generated from approximately $44 billion in trading volume, surpassing Phantom’s $39.4 billion in volume.
However, Based charges a lower builder fee of 0.025% compared to Phantom’s 0.05%, which explains why its overall revenue trails despite processing more transactions.
Combined, Phantom and Based represent nearly 55% of total revenue generated by the top 10 builders within the Hyperliquid ecosystem.
MetaMask secured fourth place with $6.51 million in revenue. The platform charges the highest fee among the leading builders at 0.1% while still attracting 43,761 users and processing $7.46 billion in trading volume.
MetaMask also recorded an average revenue per user of approximately $149.
Insilico followed with $3.30 million in revenue generated from only 2,962 users, while Axiom processed $22.1 billion in trading volume but earned just $2.27 million because of its lower 0.01% fee structure. That translated into around $68 in revenue per user.
Ecosystem Expansion Continues to Fuel Growth
Beyond builder generated revenue, broader developments within the Hyperliquid ecosystem are helping strengthen the platform’s market position.
Growing adoption of HIP 3 permissionless perpetual markets, including emerging pre IPO trading platforms, is increasing both trading activity and awareness of the ecosystem.
At the same time, the launch of spot HYPE ETFs appears to have improved investor access and distribution for the token, supported by strong initial inflows that suggest rising market demand.
According to FalconX, the launch of HIP 4 outcome markets on Hyperliquid’s mainnet earlier this month expands the platform into the prediction markets sector, placing it in more direct competition with established platforms such as Kalshi and Polymarket.
FalconX also noted that the introduction of priority fees could provide additional protocol revenue while increasing the utility of the HYPE token.
The firm further estimated that formal support for USDC from Coinbase and Circle could potentially contribute as much as $160 million in annualized revenue to the Hyperliquid ecosystem.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
