Phantom is now the top revenue-generating builder on Hyperliquid, highlighting how wallets, bots and trading frontends are becoming a major part of the HYPE ecosystem.
The latest Hyperliquid builder revenue ranking puts Phantom in first place with $20.63 million in cumulative builder revenue. BasedOneX follows with $15.06 million, while PVP ranks third with $7.95 million. MetaMask, Insilico, Infinex, Axiom, Tread.Fi, Dreamcash and Mass complete the top 10.
The ranking matters because Hyperliquid is no longer only a perp DEX with one flagship interface. Its trading flow is spreading through wallets, Telegram-style products, execution tools, strategy platforms and consumer apps that can route users into Hyperliquid markets while earning builder-code fees.
Hyperliquid Builders Turn Distribution Into Revenue
Hyperliquid’s builder codes let apps and interfaces receive fees on trades they route for users. The user approves a maximum builder fee for each builder and can revoke permissions, while the fee logic is processed onchain.
That model gives third-party apps a direct revenue path without needing to launch a separate exchange, issue a token or build their own liquidity network. The app controls the user relationship. Hyperliquid supplies the market infrastructure. The builder earns a cut when order flow moves through its interface.
Phantom’s lead shows the power of wallet distribution. The wallet generated $20.63 million in cumulative revenue across 137,496 users, giving it the largest user base among the top builders. BasedOneX processed more total volume at $44 billion versus Phantom’s $39.4 billion, but its lower builder fee means Phantom still leads on revenue.
MetaMask’s fourth-place position is also important. A mainstream wallet earning $6.51 million from Hyperliquid flow shows that decentralized perps are moving beyond specialist trading terminals. If large wallets keep adding embedded perp access, Hyperliquid can reach users who may never start from the native app.
Builder Revenue Shows Ecosystem Depth
The top 10 builders have generated more than $63.5 million in cumulative revenue, with different strategies emerging across the leaderboard.
PVP has the longest operating history among the top 10 and has earned $7.95 million. Insilico has generated $3.31 million from only 2,962 users, giving it one of the highest revenue-per-user profiles in the ranking. Axiom processed $22.1 billion in volume with a low 0.01% builder fee, showing how lower-cost routing can still become meaningful at scale. Mass has only 1,033 users, but the highest average revenue per user among the top builders.
That range is bullish for ecosystem structure because it shows Hyperliquid is not dependent on one type of frontend. Wallets, trading apps, bots, professional interfaces and niche communities are all finding different ways to monetize order flow.
The stronger interpretation is that Hyperliquid is becoming an application layer, not only a derivatives venue. Builders can compete on interface, speed, wallet experience, fee structure, alerts, automation, copy trading, execution quality and user trust while still plugging into the same liquidity base.
HYPE Gains From Real Trading Activity
The builder ranking lands while Hyperliquid continues to generate large trading and revenue numbers. The platform carried about $15 billion in 24-hour perp volume, more than $212 billion in 30-day perp volume and over $9 billion in open interest at the latest check.
Protocol-level activity remains strong as well. Hyperliquid’s live revenue profile shows billions in cumulative perp volume, more than $1 billion in cumulative revenue and tens of millions in 30-day revenue. That gives HYPE a cleaner fundamental story than many altcoins, where token price often moves ahead of actual usage.
The same revenue engine has been central to HYPE’s recent market strength. HYPE has held up better than most large altcoins during the latest selloff, with Hyperliquid’s relative strength tied to real volume, fees, buyback mechanics and expanding distribution. The platform’s move into weekend and after-hours markets also gives traders access to assets and narratives when traditional exchanges are closed.
OpenSea’s plan to bring perpetuals powered by Hyperliquid adds another distribution channel. More frontends mean more order flow, more builder revenue and more reasons for users to interact with Hyperliquid without treating it as a single destination app.
The HYPE Ecosystem Is Becoming A Distribution War
The top-builder list gives a clearer answer to whether traders should be bullish on the HYPE ecosystem. The bullish case is no longer only that Hyperliquid has strong volume. It is that the platform is creating a revenue market around its own order flow.
That is a powerful flywheel. Liquidity attracts traders. Traders attract builders. Builders bring new users. More users create more volume. More volume creates more revenue. HYPE then benefits from the perception that Hyperliquid is becoming the default settlement and execution layer for onchain perps.
There are still risks. Builder fees can become competitive, copycat perp DEXs can attack margins, wallet integrations can change direction, and HYPE’s valuation still depends on sustained trading demand. But the builder leaderboard shows a real ecosystem forming around Hyperliquid’s core market.
Phantom, MetaMask and other frontends are not just using Hyperliquid. They are earning from it. That turns HYPE’s story from a single-token rally into a broader app-distribution trade, where the next phase depends on how many wallets, bots, trading desks and consumer interfaces decide that Hyperliquid is the best place to route perp flow.
Be the first to comment