According to HyperTracker’s data snapshot on May 25, Phantom wallet ranked first among the top ten builders in Hyperliquid’s developer program with $20,630,022 in accumulated revenue, accounting for 31.8% of the total revenue of the top ten. Phantom confirmed that it holds a dominant position in Hyperliquid’s HyperCore perpetual contract exchange.
Core data comparison of the top ten builders confirmed by HyperTracker
PVP (ranked third) generated $7,946,185 in revenue, making it the builder with the longest operating time among the top ten (active for over 676 days since June 13, 2024). MetaMask ranked fourth with $6,510,547, using the highest 0.1% fee rate among the top ten, attracting 43,761 users and $7.46 billion in trading volume, with an average revenue per user of $149.
Insilico (ranked fifth) had only 2,962 users but generated $3,306,853 in revenue; its average revenue per user was $1,116, more than twice the top ten average of $437. Axiom (ranked seventh) processed a trading volume of $22.1 billion with a 0.01% lowest fee rate, but its average revenue per user was only $68, with total revenue of $2,270,689. Mass (ranked tenth) had only 1,033 users, yet its average revenue per user reached $1,337—the highest among the top ten. Dreamcash (ranked ninth) confirmed that it charges no builder fees, but still generated $1,695,465 in revenue.
Verification mechanism for Hyperliquid’s builder program
HyperTracker data confirms that Hyperliquid’s developer program allows third-party applications such as wallets, trading interfaces, and Telegram bots to directly route users’ trades to the HyperCore perpetual contract exchange. Developers can set their own fee rate on top of the base protocol fee and keep all the collected charges. The protocol confirms there are no thresholds or revenue-sharing requirements; competition is entirely based on product quality, user experience, and fee competitiveness.
FAQ
Why is Phantom’s accumulated revenue higher than Based, which has a larger trading volume?
According to HyperTracker data confirmation, the key difference lies in the fee rate: Phantom charges a 0.05% builder fee, while Based is 0.025%, meaning Phantom’s fee rate is twice Based’s. Based’s $44 billion trading volume is higher than Phantom’s $39.4 billion, but its lower fee rate results in unit revenue lower than Phantom’s.
Which builders have the highest and lowest average revenue per user among the top ten?
According to HyperTracker snapshot data confirmation, Mass has the highest average revenue per user at $1,337 (highest among the top ten), and Insilico ranks second with $1,116. Axiom ranks lowest with an average revenue per user of $68; the overall average for the top ten is $437.
How can Dreamcash, which does not charge builder fees, still create $1.7 million in revenue?
According to HyperTracker data confirmation, Dreamcash confirmed it charges no builder fees but generated $1,695,465 in accumulated revenue, indicating it uses a monetization method different from other builders. The specific alternative revenue mechanism is not explained in the available data.
