TLDR
- Phantom led Hyperliquid builder revenue with $20.63 million and 137,496 users in May 25 snapshot.
- Based routed more volume than Phantom but earned less due to its lower builder fee.
- MetaMask ranked fourth despite charging the highest builder fee among the reported top ten builders.
- Phantom’s 0.05 percent fee helped it lead revenue while keeping volume below Based on Hyperliquid.
- The program shows how wallets and trading tools can earn from user order flow activity.
Phantom has become the largest revenue earner in Hyperliquid’s builder program, based on CoinGecko data. The wallet generated $20.63 million in cumulative builder revenue as of a May 25 snapshot. The figure placed Phantom ahead of other wallets, bots, and trading frontends using Hyperliquid.
Phantom Leads Builder Revenue on Hyperliquid
CoinGecko data placed Phantom first among the top ten Hyperliquid builders by cumulative revenue. The wallet accounted for 31.8 percent of revenue earned by that group. It also served 137,496 users, based on the reported snapshot.
The builder program allows frontends to earn fees from trades routed through their platforms. These tools can include wallets, trading bots, and user-facing apps. For Phantom, the program has become a direct revenue channel tied to exchange activity.
Phantom charged a 0.05 percent builder fee on routed trades, according to the data. That fee rate helped the wallet earn more than rivals with larger reported volume. The result shows how fee settings can shape builder revenue across Hyperliquid.
Based Ranks Second Despite Higher Volume
Based ranked second among Hyperliquid builders, with $15.06 million in reported revenue. The platform routed more trading volume than Phantom during the measured period. However, its lower fee rate reduced total revenue from those trades.
Based charged a 0.025 percent builder fee, which was half of Phantom’s reported rate. That difference helped explain the gap between volume and revenue. Higher trading activity did not translate into first place for Based.
The comparison between Phantom and Based shows the role of pricing in the builder program. A higher fee can increase earnings when users continue routing trades through the platform. However, the data does not show whether fee levels changed user behavior.
MetaMask Places Fourth With Highest Fee
MetaMask ranked fourth among the top ten Hyperliquid builders, with $6.51 million in revenue. It charged the highest reported builder fee within that group, at 0.1 percent. Even so, its revenue remained below Phantom and Based.
The MetaMask ranking suggests that distribution and usage matter alongside fee rates. A higher fee does not always produce the highest revenue. User count, trade size, and routing activity also affect builder earnings.
On-chain data cited in the report said “whale wallets” accounted for 45 percent of volume. The same report said Phantom had a 22 percent higher revenue-per-user ratio than rivals. These figures point to strong activity from larger accounts on Phantom’s Hyperliquid flow.
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