The Hyperliquid builder program has generated significant revenue for third-party platforms routing trades to its exchange. According to data, the wallet Phantom leads with over $20.6 million in earnings from 137,496 users. The broader ecosystem is growing through new financial products, with FalconX estimating formal USDC support could add up to $160 million in annualized revenue.
The Hyperliquid builder program has become a major revenue source for wallets, bots, and trading apps that connect users to its perpetuals exchange. This model allows developers to set their own fees and retain 100% of what they charge, fostering competition on product quality and user experience.
CoinGecko found that Phantom leads builders with $20.63 million in cumulative revenue, capturing nearly 32% of the top 10’s total earnings. It also has the largest user base at 137,496, averaging about $150 in revenue per user. Based ranks second with $15.05 million in revenue from $44 billion in trading volume.
MetaMask ranks fourth with $6.51 million in revenue, charging a 0.1% fee—the highest among top builders. It attracted 43,761 users and processed $7.46 billion in volume. Broader ecosystem developments are further strengthening Hyperliquid’s position, including traction in HIP-3 permissionless perpetual markets and spot HYPE ETF launches.
The launch of HIP-4 outcome markets expands Hyperliquid’s reach into prediction market territory. FalconX further estimated that USDC becoming an aligned asset through formal support could contribute up to $160 million in annualized revenue. The introduction of priority fees is also expected to add incremental protocol revenue.
