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Phantom has generated over $20.6 million in cumulative revenue as the largest builder on Hyperliquid, according to CoinGecko data, accounting for 31.8% of the top ten builders' total revenue. Based ranks second at $15.1 million, while MetaMask sits fourth at $6.5 million despite charging the highest builder fee in the group at 0.1% — Phantom runs zero.
Why it matters
Hyperliquid's builder program is the most aggressive revenue-share scheme in perps right now: integrators keep a slice of the trading fees their routed flow generates. The fact that Phantom — a consumer wallet — outearns every other integrator, including MetaMask, signals where the next generation of DEX-style derivatives volume is being sourced from: embedded wallet UX, not standalone pro terminals.
Market impact
Fee economics are inverted from what the leaderboard implies. MetaMask charges ten times Phantom's fee and earns less than a third of the revenue, because Phantom routes more flow. The read for other integrators is that aggressive volume acquisition is still the dominant lever — raising the builder fee is a tail-end optimisation, not a growth strategy.
Source: [Phantom Earned Over $20.6M in Revenue Through Hyperliquid — CoinGecko](https://www.coingecko.com/research/publications/top-hyperliquid-builders)
Frequently asked questions
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How much revenue has Phantom earned through Hyperliquid?
Over $20.6 million in cumulative revenue, according to CoinGecko — the largest of any Hyperliquid builder and 31.8% of the top ten builders' total revenue.
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Which wallets rank behind Phantom on the Hyperliquid builder leaderboard?
Based ranks second with $15.1 million in cumulative revenue, while MetaMask ranks fourth at $6.5 million despite charging the highest builder fee in the top ten at 0.1%.
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How does Hyperliquid's builder program work?
Integrators route trading flow to Hyperliquid and keep a slice of the resulting trading fees as revenue. Builder fees vary by integrator, ranging from Phantom's 0% to MetaMask's 0.1%.
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Why does Phantom earn more than MetaMask with a lower fee?
Phantom's zero builder fee attracts more routed volume than MetaMask's 0.1% fee can offset. In revenue-share terms, distribution outweighs fee rate — Phantom routes roughly three times the flow.
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What does this leaderboard say about the Hyperliquid ecosystem?
The top earners are consumer wallets and embedded trading UX rather than standalone pro terminals, indicating that perps volume is migrating into wallet-level interfaces and away from traditional DEX front-ends.
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