Hyperliquid developer competition: phantom leads with $20.6 million

Phantom leads the Hyperliquid developer rankings with $20.63 million in revenue and 137,496 users, accounting for nearly a third of the top 10’s combined revenue.

According to CoinGecko, Hyperliquid’s builder program has become a significant source of revenue for wallets, bots, and trading apps that route user trades to Hyperliquid’s HyperCore perpetual futures exchange through third-party interfaces.

The program allows developers, such as wallets, Telegram bots, and trading platforms, to connect directly to the exchange. They can set their own fees on top of the protocol’s base fee and keep 100% of the fees they charge.

There are no entry restrictions or revenue sharing at the protocol level. As a result, developers compete primarily on product quality, user experience, and pricing.

This creates a distribution layer where different entry points all access the same order book.

Hyperliquid Developer Rankings

Among developers, CoinGecko found that Phantom is in the lead with a combined revenue of $20.63 million. This represents almost 32% of the total revenue of the top ten since the program’s launch.

It also has the largest user base, with 137,496 users, and averages around $150 in revenue per user.

Based is in second place with $15.05 million in revenue, generated from $44 billion in volume, compared to Phantom’s $39.4 billion. Despite having a larger volume than Phantom, the revenue gap is explained by the fact that Based’s builder fee is lower: 0.025%, while Phantom’s is 0.05%. Together, Phantom and Based account for almost 55% of the total revenue of the top 10 builders.

Meanwhile, MetaMask is in fourth place with $6.51 million in revenue, as it charges a 0.1% fee, the highest among the leading developers.

Despite this, it attracted 43,761 users and had a trading volume of $7.46 billion, with an average revenue of $149 per user.

Next in line is Insilico, which made $3.30 million in revenue from just 2,962 users, followed by Axiom.

The latter processed $22.1 billion in volume, but due to its 0.01% fee, it only made $2.27 million, which is $68 per user.

Driving factors behind Hyperliquid’s growth

Beyond the developer-driven revenue layer, the broader ecosystem is also strengthening Hyperliquid’s position.

The momentum of HIP-3’s permissionless perp markets, including emerging pre-IPO trading platforms, is driving activity and awareness.

In addition, the launch of spot HYPE ETFs appears to have significantly improved the token’s availability and investor access. This is supported by strong early capital inflows, which indicate underlying demand.

According to FalconX, the HIP-4 outcome markets, which launched on the mainnet earlier this month, will expand Hyperliquid’s reach into prediction markets.

This will bring it closer to established platforms such as Kalshi and Polymarket. At the same time, the introduction of priority fees is expected to generate additional protocol revenue and strengthen the token’s usability.

FalconX also estimated that USDC could generate up to $160 million in annual revenue if it becomes a coordinated asset with official support from Coinbase and Circle.