Phantom Tops Hyperliquid's Builder Program With $20.6M in Fees

Phantom ( CASH$1.000+0.0% ) has generated $20,630,022 in cumulative builder fee revenue through Hyperliquid's builder code program, reaching the top position among more than 100 participating teams in under a year. The milestone, confirmed by Hyperliquid's official X account, puts the Solana-native wallet at 31.8% of total revenue earned by the top ten builder code integrations.

How Phantom Earns Fees on Hyperliquid

Hyperliquid's builder code program lets third-party applications route user trades directly to its HyperCore perpetual futures settlement engine. Builders attach a code to every order they submit, and they collect 100% of the custom fee they set on top of the protocol's base execution costs. There is no revenue share with Hyperliquid itself; builders compete purely on product quality, user experience, and fee competitiveness.

Phantom integrated the program in July 2025, embedding perpetual futures trading directly inside its wallet interface. Users trade without leaving the app: SOL deposits are automatically converted to USDC and bridged into a Hyperliquid perps account, with withdrawals reversing the process. Positions and balances from existing Hyperliquid accounts sync into Phantom automatically, with no additional setup required. Phantom charges a 0.05% builder fee on each trade opened or closed through its interface, displayed to users at the time of the transaction.

Phantom vs Based and MetaMask in the Builder Rankings

Among the top ten builders by cumulative revenue, according to FinanceFeeds data, Phantom's $20.6M lead reflects a deliberate trade-off. Based, the second-ranked builder, generated $15.06M in fees on $44 billion in volume, but at a lower 0.025% fee rate. MetaMask ranks fourth with $6.51M at a higher 0.10% rate.

The contrast between Phantom and Based illustrates two different strategies within the same program. Based chose a lower fee to attract higher raw volume; its $353 average revenue per wallet is more than twice Phantom's $150, but Phantom's user base of 137,496 is more than three times Based's 42,579. Phantom's structural advantage is scale: at its current pace, the CryptoBriefing report puts daily earnings at roughly $100,000, a rate that is difficult to close without a fundamental change in competitor user acquisition.

Phantom's Cross-Chain Footprint

Phantom launched as a Solana wallet in 2021 and has progressively added support for other networks, including Base, Bitcoin, Sui, and Hyperliquid's HyperEVM chain. The Hyperliquid integration extended that expansion into derivative markets, giving Phantom's user base access to more than 200 perpetual markets covering crypto, equity indices, and commodities without moving to a separate interface.

Phantom reported approximately 17 million monthly active users as of 2025, a base that allowed new product integrations to distribute quickly. The wallet's growth has tracked Solana's own expansion, with chain support additions accelerating over the same period that Hyperliquid emerged as a major perpetuals venue.

The builder program has attracted more than 100 teams, per Hyperliquid's official announcement, with 40% of Hyperliquid's daily active users now trading through third-party frontends rather than the native interface, according to Dwellir's builder codes analysis. Phantom's position at the top of that distribution reflects its existing install base combined with the product decision to embed perps trading inside a self-custody wallet flow rather than redirect users to an external site.

One material dependency to note: Phantom's builder revenue is a direct function of continued user trading activity on Hyperliquid. Any sustained drop in Hyperliquid volumes, a fee war among competing builders, or a shift in Phantom's user base toward other chains would affect the revenue stream directly.