How Do You Make Money Through Hyperliquid's Builder Program?

Phantom Builder Revenue

$20,630,022

Cumulative revenue earned by Phantom wallet through the Builder Program.

Total Builder Revenue

$80 million

Total revenue generated across the entire Hyperliquid ecosystem by builders.

Based Builder Revenue

$15,056,894

Cumulative revenue earned by Based wallet, ranking second among builders.

§ 01 Executive Snapshot

What: Hyperliquid's Builder Program enables users to earn money by routing trades through their apps to Hyperliquid's perpetuals exchange.
Who: Key players include Hyperliquid, Phantom wallet, Based wallet, and MetaMask.
Why it matters: The program has turned several wallets into significant revenue generators, reshaping the role of wallets in trading.

Phantom wallet has earned $20,630,022, accounting for 31.8% of the revenue among the top 10 builders.
Based wallet ranks second with $15,056,894 in cumulative builder revenue, despite processing more volume than Phantom.
The total builder revenue across the ecosystem is nearing $80 million, with the top 10 builders collectively clearing $64 million.

The Builder Program allows any user to become a builder by integrating through Hyperliquid's public API, lowering barriers to entry in the trading space.
The program highlights the shift in value capture from traditional exchanges to wallets that already have established user bases.

Immediate consequence: Wallets have the potential to disrupt traditional trading platforms by leveraging their existing user relationships.
Long-term implication: This model could redefine the wallet's role in the crypto ecosystem, transforming them into active trading platforms rather than passive storage solutions.

Potential risk: Regulatory scrutiny could arise as wallets take on roles traditionally held by exchanges, leading to compliance challenges.
Potential risk: Competition may increase as more wallets and apps attempt to become builders, possibly saturating the market.

Forward signal: Monitoring the integration of more wallets into the Builder Program could indicate growing adoption and competition.
Forward signal: Changes in user approval rates or fee structures may reveal the program's sustainability and profitability for builders.

§ 07

What is Hyperliquid's Builder Program?

Hyperliquid's Builder Program enables users to earn money by routing trades through their apps to Hyperliquid's perpetuals exchange.

Who are the key players involved in the Builder Program?

Key players include Hyperliquid, Phantom wallet, Based wallet, and MetaMask.

How much revenue has Phantom wallet generated through the Builder Program?

Phantom wallet has earned $20,630,022, accounting for 31.8% of the revenue among the top 10 builders.

Why does the Builder Program matter in the trading ecosystem?

The program has turned several wallets into significant revenue generators, reshaping the role of wallets in trading.