CoinGecko has indicated that Hyperliquid’s builder program has emerged as a key driver of growth for the perpetuals exchange, enabling third-party developers—such as wallets, trading platforms, Telegram bots, and specialized apps—to direct user trades to its unified liquidity pool while retaining full control over additional fees. Builders layer their own charges atop Hyperliquid’s base protocol fees, fostering competition based on user experience, product quality, and pricing rather than revenue sharing or gatekeeping.
According to insights from CoinGecko, this model creates a distribution ecosystem where diverse entry points feed into the same order book, allowing Hyperliquid to scale reach efficiently without heavy internal development or marketing costs.
A recent analysis of top performers highlights Phantom as the standout leader.
The Solana-native wallet has accumulated approximately $20.63 million in builder revenue, accounting for nearly 32% of the total earned by the leading 10 builders since the program’s launch.
Despite operating on a platform geared toward Ethereum-compatible perpetual traders, Phantom’s success demonstrates the power of strong wallet distribution in decentralized derivatives.
Based follows closely in second place with $15.06 million in revenue.
Notably, it has processed more total volume—around $44 billion compared to Phantom’s $39.4 billion—thanks to a lower 0.025% builder fee versus Phantom’s 0.05%.
The duo together represents about 55% of top-10 revenue, underscoring a dominant position at the upper tier. Phantom excels particularly in user acquisition, claiming 137,496 users—more than triple Based’s 42,579.
While its average revenue per user sits at roughly $150 (below Based’s $354), the scale provides an edge through retention and compounding activity.
MetaMask’s fourth-place showing with $6.51 million in revenue sends a clear message about brand power. Charging the highest fee in the top 10 at 0.1%, it still drew 43,761 users and $7.46 billion in volume.
This reflects how familiar interfaces can convert mainstream audiences who prioritize convenience over marginal cost savings, with an average of $149 per user.
CoinGecko further noted in the research report that the leaderboard reveals contrasting strategies. Insilico (#5) targets high-value users, generating $3.31 million from just 2,962 traders for an impressive $1,116 average per user—far exceeding the top-10 mean.
In contrast, Axiom (#7) pursues high-volume, low-fee play: $22.1 billion in volume yielded $2.27 million at only $68 per user with a 0.01% fee.
Veteran player PVP (#3, $7.95 million) benefits from its early start in June 2024, while niche entrants like Dreamcash (#9, 0% builder fee but $1.70 million revenue, likely via other monetization) and Mass (#10, highest per-user revenue at $1,337 from a small base) illustrate ecosystem diversity.
CoinGecko pointed out that other notables include Infinex, Tread.Fi, and more.
Data, surced from HyperTracker as of May 25, 2026, captures cumulative performance since each builder’s inception. CoinGecko concluded in its research report that this builder-driven approach positions Hyperliquid as a flexible infrastructure layer, where responsible innovation at the frontend fuels sustained on-chain activity and broad accessibility in the perpetuals space.