Phantom tops Hyperliquid builders with $20.6M in revenue!

Phantom has emerged as the dominant builder on Hyperliquid, generating over $20.6 million in cumulative revenue — a 31.8% share of the top 10 builders' combined total, according to CoinGecko data. The figure underscores how deeply the wallet has integrated into Hyperliquid's fee-sharing ecosystem and how effectively it has monetised that position.

Based ranked second with $15.1 million, while MetaMask came in fourth at $6.5 million despite charging the highest builder fee among the top 10 at 0.1%. The gap between Phantom and MetaMask is striking given MetaMask's broader user base — it points to Phantom's stronger foothold in the active DeFi trading segment that Hyperliquid attracts.

The builder program lets integrated platforms capture a share of trading fees generated through their front-ends, turning wallet and aggregator integrations into direct revenue lines.