CoinDesk
Hyperliquid has become the onchain liquidity layer a growing roster of wallets and exchanges are choosing to plug into rather than build against. MetaMask, Phantom, and South African exchange VALR now route trading through Hyperliquid's order book via its "builder codes" system, and integrators have generated roughly $90 million in revenue from that flow to date, according to on-chain tracker Flowscan.
The model lets integrators keep their own user experience and own their customers while outsourcing matching, oracles, and the margin engine to Hyperliquid. MetaMask charges a flat 0.1% builder fee on trades routed into the venue, disclosed up front, and since launching MetaMask Perps in October 2025 it has watched real-world-asset markets balloon from a sliver of perp volume to roughly a quarter of it.
Why it matters
Hyperliquid's pitch is no longer just a fast perpetuals DEX. Founder Jeff Yan and co-founder iliensinc built it as a layer-1 where the HyperEVM sits beside a homegrown HyperCore matching engine, and other apps compose against that shared liquidity instead of fragmenting it. Hansu Jian, CEO of Hyperion DeFi (the first US-listed HYPE treasury company), framed it bluntly: "Hyperliquid is not just a perpetuals exchange, it's more like the AWS for finance."
The economic flip is that liquidity begets liquidity. Every wallet or exchange that routes through Hyperliquid deepens the same order book, so the marginal integrator gets the best executable price on day one rather than having to seed its own. VALR CEO Farzam Ehsani told the Block that his team rebuilt matching and liquidation engines in-house for years and still could not get perps volume to stick, before deciding to plug into Hyperliquid instead.
Market impact
The structural read is that crypto perps are quietly being unbundled into "interface" and "infrastructure," and Hyperliquid is winning the infrastructure seat the same way AWS won cloud. With RWA perps now ~25% of MetaMask's routed volume, the venue is drawing in flows well beyond crypto-native assets.
Frequently asked questions
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What are Hyperliquid "builder codes"?
Builder codes let wallets, exchanges, and other apps route trades directly into Hyperliquid's order book and matching engine while keeping their own user experience and owning their users. Integrators earn a disclosed fee on every trade without building or maintaining the backend.
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How much revenue have Hyperliquid's builder-code integrators earned?
Roughly $90 million in cumulative builder-code revenue, according to on-chain tracker Flowscan. MetaMask charges a flat 0.1% builder fee on its MetaMask Perps product, disclosed up front.
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Which major wallets and exchanges use Hyperliquid as a backend?
MetaMask, Phantom, and South Africa-based centralized exchange VALR are publicly named integrators. MetaMask launched MetaMask Perps in October 2025, and VALR switched its perps product to Hyperliquid after running its own matching engine failed to attract liquidity.
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How is Hyperliquid structured under the hood?
Hyperliquid runs two layers: a homegrown HyperCore blockchain optimized for matching, and a HyperEVM that is Ethereum-compatible. Apps compose on HyperEVM while tapping HyperCore's shared liquidity, avoiding the fragmentation typical of app-specific order books.
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How much of Hyperliquid's perps volume is real-world assets?
According to MetaMask product lead Matthieu Saint Olive, RWA markets like commodities and equities grew from a small slice of MetaMask Perps volume at the start of 2026 to roughly a quarter of it by mid-2026, a notable diversification away from crypto-native collateral.
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