Phantom Wallet Earns $20.6M as Top Hyperliquid Builder

Felix Pinkston
May 26, 2026 07:43

Phantom leads Hyperliquid builders with $20.6M in revenue, capturing nearly one-third of fees generated by top decentralized trading apps.

Phantom, the Solana-native crypto wallet, has emerged as the top revenue earner among Hyperliquid’s builder ecosystem, generating $20.6 million in cumulative fees, according to a new analysis by CoinGecko. This figure represents 31.8% of the total revenue generated by the top 10 builders on Hyperliquid, a decentralized exchange (DEX) focused on perpetual futures trading.

Hyperliquid, launched in 2023, operates a high-throughput, on-chain central limit order book (CLOB) optimized for derivatives trading. Its builder program allows third-party apps, wallets, and trading bots to route user trades through its platform, earning fees set independently by each builder. Phantom’s 0.05% fee rate, combined with its massive user base of 137,496 individuals, has solidified its dominance in this ecosystem.

Volume vs. Revenue: Phantom vs. Based

Interestingly, Phantom’s $20.6 million revenue came despite processing $39.4 billion in trading volume—less than the $44 billion handled by Based, the second-ranked builder. However, Based’s lower 0.025% builder fee capped its earnings at $15 million. Together, these two builders account for 54.8% of all revenue generated by Hyperliquid’s top 10 builders, underscoring the outsized influence of fee structures in the competitive decentralized derivatives space.

Phantom’s edge isn’t just about fees. With over three times the users of Based (42,579), Phantom benefits from a broader reach. Although Based’s average revenue per user of $354 dwarfs Phantom’s $150, the sheer scale of Phantom’s user base compensates for the difference, creating a durable advantage in builder economics.

MetaMask and Brand Power

MetaMask, the Ethereum-native wallet, ranked fourth with $6.5 million in revenue, despite charging the highest builder fee (0.1%) among the top 10. Its 43,761 users traded $7.46 billion on Hyperliquid, demonstrating that brand trust can outweigh price sensitivity. MetaMask’s ability to monetize retail traders who prefer familiar interfaces highlights the diversity of strategies within the builder ecosystem.

Niche Strategies: Insilico vs. Axiom

Other builders have carved out niches with contrasting approaches. Insilico, ranked fifth, earned $3.3 million in revenue from just 2,962 users—an industry-leading $1,116 per user. By contrast, Axiom, ranked seventh, processed $22.1 billion in volume but generated only $2.27 million in revenue due to its ultra-low 0.01% fee, yielding just $68 per user. These examples highlight the spectrum of strategies, from high-value clientele to mass-volume capture.

Hyperliquid’s Growth Fuels Builder Success

Hyperliquid’s rapid ascent in the decentralized finance (DeFi) market is core to this success. As of May 2026, the protocol controls over 70% of on-chain perpetuals open interest and recently surpassed Dogecoin to become the ninth-largest cryptocurrency by market capitalization, valued at $16.03 billion. It has processed $493 billion in derivatives trading volume in Q1 2026 alone, driven by its aggressive fee-driven tokenomics and institutional adoption, including new spot ETFs launched in May 2026.

Builders like Phantom, Based, and MetaMask are effectively riding a wave of Hyperliquid’s momentum, leveraging its liquidity and infrastructure to scale their revenue. With HYPE, Hyperliquid’s native token, hitting new all-time highs above $62 this month, the upside for builders remains significant as the ecosystem continues to attract both retail and institutional traders.

What’s Next?

The competition among Hyperliquid builders is likely to intensify as more platforms join the program and experiment with fee structures, user acquisition methods, and unique monetization strategies. For Phantom, the challenge will be maintaining its lead as rivals like Based focus on volume and others, like Insilico, pursue high-value traders. With Hyperliquid’s continued growth, the builder ecosystem is set to remain a key revenue driver within the DeFi space.

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