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

TLDR:

• Phantom generated $20.6M in cumulative revenue, capturing 31.8% of total top-10 builder earnings.
• Based processed more volume than Phantom at $44B but earned less due to its lower 0.025% fee rate.
• MetaMask ranked fourth despite charging 0.1%, the highest builder fee among all top 10 builders.
• Mass averaged $1,337 revenue per user, the highest among all top 10 Hyperliquid builders tracked. 

Phantom has emerged as the leading builder on Hyperliquid’s builder program, earning over $20.6 million in cumulative revenue.

CoinGecko data shows the wallet accounts for 31.8% of total revenue among the top 10 builders. Based ranked second with $15.1 million, while MetaMask placed fourth despite charging the highest builder fee of 0.1%.

Together, these platforms reflect how distribution channels are reshaping decentralized derivatives trading.

Phantom and Based Dominate the Builder Leaderboard

Phantom’s $20,630,022 in cumulative revenue places it well ahead of its nearest competitor. The wallet processed $39.4 billion in total volume and served 137,496 users since joining the program.

Its 0.05% builder fee generated an average of $150 in revenue per user. That user base is more than three times larger than Based’s 42,579 users.

Based ranked second with $15,056,894 in total revenue despite handling more volume than Phantom. It processed $44 billion compared to Phantom’s $39.4 billion across the same period.

However, Based charges only 0.025%, which is half of Phantom’s fee rate. That lower rate explains the revenue gap despite the higher volume.

Together, Phantom and Based account for 54.8% of all top-10 builder revenue combined. PVP ranked third with $7,946,185, having operated since June 2024.

Its early entry into the program gave it a cumulative advantage over newer participants. PVP’s 676 days of activity is the longest among the top 10 builders.

MetaMask ranked fourth with $6,510,547 in revenue from 43,761 users. It charges 0.1%, which is the highest builder fee in the top 10.

Despite this, users continued trading through the familiar MetaMask interface. The platform processed $7.46 billion in total volume during the tracked period.

Fee Strategy Separates High-Value Builders From High-Volume Ones

Insilico ranked fifth with $3,306,853 in revenue from only 2,962 users. Its average revenue per user reached $1,116, more than double the top 10 average of $437.

The platform charges just 0.01% but attracts algorithmic and high-frequency traders. Those traders move significantly larger positions per account than retail participants.

Axiom ranked seventh and processed $22.1 billion in volume, one of the highest in the group. Yet it earned only $2,270,689 due to its 0.01% builder fee.

Its average revenue per user stood at just $68. The low fee attracted volume but compressed overall earnings considerably.

Mass ranked tenth with $1,381,482 in revenue from 1,033 users. Its average of $1,337 per user is the highest among all top 10 builders.

The platform charges a 0.055% fee and serves a small but high-value audience. Dreamcash, ranked ninth, generated $1,695,465 despite charging a 0% builder fee.