Phantom Wallet Earns $20.6M as Top Hyperliquid Builder
Phantom, the Solana-native crypto wallet, has emerged as the top revenue earner among Hyperliquids builder ecosystem, generating $20.6 million in cumulative fees, according to a new analysis by CoinGecko. This figure represents 31.8% of the total revenue generated by the top 10 builders on Hyperliquid, a decentralized exchange (DEX) focused on perpetual futures trading. Hyperliquid, launched in 2023, operates a high-throughput, on-chain central limit order book (CLOB) optimized for derivatives trading. Its builder program allows third-party apps, wallets, and trading bots to route user trades through its platform, earning fees set independently by each builder. Phantoms 0.05% fee rate, combined with its massive user base of 137,496 individuals, has solidified its dominance in this ecosystem. Volume vs. Revenue: Phantom vs. Based Interestingly, Phantom‘s $20.6 million revenue came despite processing $39.4 billion in trading volume—less than the $44 billion handled by Based, the second-ranked builder. However, Based’s lower 0.025% builder fee capped its earnings at $15 million. Together, these two builders account for 54.8% of all revenue generated by Hyperliquids top 10 builders, underscoring the outsized influence of fee structures in the competitive decentralized derivatives space. Phantom‘s edge isn’t just about fees. With over three times the users of Based (42,579), Phantom benefits from a









