Phantom Leads Hyperliquid Builder Program With $20.6 Million in Cumulative Revenue

Phantom wallet leads the Hyperliquid builder program with $20.6 million in cumulative revenue, capturing 31.8% of top-10 builder earnings. The data reveals that revenue generation among builders correlates with fee structure rather than trading volume, as Base processed significantly higher volume than Phantom but earned less due to lower fee rates.

The Hyperliquid builder program demonstrates how wallet and protocol operators monetize exchange infrastructure through fee participation. Phantom's dominance with $20.6 million reflects both substantial user activity and strategic fee positioning, establishing the wallet as a critical distribution channel for decentralized exchange activity. This performance validates Phantom's expansion beyond Solana into multi-chain ecosystems, particularly on Hyperliquid.

The revenue dynamics reveal important market structure insights. Base's higher trading volume ($44 billion versus Phantom's implied lower figure) yet lower earnings illustrates that fee rates directly drive builder economics more than raw transaction throughput. MetaMask's fourth-place ranking despite charging the highest 0.1% fee suggests brand recognition and user base size sustain competitiveness even at premium pricing. Mass's exceptional $1,337 revenue per user indicates niche appeal to high-value traders, potentially signaling premium positioning or more active user engagement.

For the Hyperliquid ecosystem, these metrics indicate healthy builder diversity and competitive fee markets. High revenue concentration among top builders (Phantom capturing nearly a third of earnings) suggests some market consolidation, though multiple profitable participants indicate viable opportunities for emerging wallets and protocols. The fee rate variance demonstrates that builders can optimize revenue through pricing strategy rather than purely competing on volume.

Looking forward, the builder program's profitability likely attracts additional wallet and protocol integration, potentially intensifying competition and driving fee compression. Monitoring revenue distribution shifts will indicate whether Phantom maintains dominance or if emerging builders gain market share through differentiation.

• →Phantom leads Hyperliquid builders with $20.6M cumulative revenue, representing 31.8% of top-10 earnings
• →Revenue generation depends more on fee structure than trading volume, as Base processed $44B with lower returns
• →MetaMask ranks fourth despite charging the highest 0.1% fee among top 10 builders
• →Mass achieved highest per-user revenue at $1,337, suggesting premium user targeting strategy
• →Builder program demonstrates viable monetization for wallets integrating with decentralized exchanges