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Phantom leads Hyperliquid builders with $20.6M revenue, dominating decentralized derivatives trading.

Protocol Fundamentals
31 May 2026
Blockonomi
View Source
Bullish
pluang ai news

Phantom has emerged as the top builder on Hyperliquid's platform, generating $20.6 million in cumulative revenue and capturing 31.8% of the total revenue among the top 10 builders. Despite processing slightly less volume than Based, Phantom's higher fee rate of 0.05% allowed it to earn more, with an average of $150 revenue per user. Based ranked second with $15.1 million revenue but charged a lower fee of 0.025%, while MetaMask ranked fourth despite having the highest fee of 0.1%. These results highlight how fee strategies and user bases shape earnings in decentralized derivatives trading platforms.

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