Overview: A New Revenue Layer for Wallets and Bots
As of late May 2026, fresh data from CoinGecko highlight a decisive shift in crypto monetization: the hyperliquid builder program becomes a major revenue engine for wallets, Telegram bots, and trading fronts that direct user orders into HyperCore’s perpetuals market. The model lets developers set their own fee rates atop the base protocol and keep 100% of what they charge, with no revenue sharing at the protocol level.
Industry observers say this creates a distributed distribution layer where multiple entry points access the same order book, pushing competition toward product quality, user experience, and pricing instead of gatekeeping.
Key Builders and Revenue Highlights
CoinGecko’s latest rankings show Phantom leading the pack, followed by Based, with MetaMask, Insilico, and Axiom rounding out the top tier. The figures illustrate how the model monetizes traffic across a broad set of wallets and frontends.
- Phantom — $20.63 million in cumulative revenue; 137,496 users; average revenue per user near $150; builder fee 0.05%; volume about $39.4 billion.
- Based — $15.05 million; roughly $44 billion in trading volume; builder fee 0.025%; ~44,000 users; revenue per user higher than Phantom due to its lower rate.
- MetaMask — $6.51 million; 43,761 users; $7.46 billion in volume; builder fee 0.1% (the highest among the top builders).
- Insilico — $3.30 million; 2,962 users; a lean footprint with strong per-user economics.
- Axiom — $2.27 million; $22.1 billion in volume; 0.01% builder fee; about $68 revenue per user.
Why the Model Is Accelerating Growth
The absence of protocol-level revenue sharing changes the economics for developers. Builders compete on fee schedules, onboarding flows, and user experience, driving more traffic into HyperCore and broader participation from crypto wallets and trading interfaces.
“The core advantage is control and speed,” said a CoinGecko analyst who requested anonymity. “Developers can tailor experiences and pricing without protocol-level revenue sharing, which accelerates product iteration and market reach.”
Drivers Behind the Momentum
- Permissionless HIP-3 perpetuals are seeing rising adoption, enabling near plug-and-play connections for third-party interfaces.
- Direct connections from wallets, Telegram bots, and frontends to HyperCore expand the reach of the liquidity pool without gatekeepers.
- The lack of protocol-level revenue sharing shifts competition toward UX, reliability, and pricing discipline.
- Continued crypto market activity increases trading volume, amplifying revenue potential for builders who optimize flows and routing.
Market Context and Risks
While the builder-driven model fuels rapid growth, it also invites regulatory scrutiny and security considerations. Legal observers caution that KYC/AML controls must keep pace with rapid onboarding and multi-interface routing, while preserving user privacy and speed. Exchanges and builders alike will need robust risk controls as the ecosystem scales.
What This Means for Users and Developers
For users, the expansion of entry points could reduce all-in costs and shorten routing times, while giving traders more choice in how they access liquidity. For developers, the model creates a tangible revenue stream tied to the same liquidity pool—removing the need to rely on protocol-level revenue sharing and encouraging ongoing product enhancements.
In the words of a veteran crypto market observer, the architecture enables a more resilient, diversified ecosystem where value is captured through product optimization and user trust rather than a single revenue split at the protocol layer.
Looking Ahead
Industry insiders expect the trend to persist as more wallets and frontend interfaces integrate with HyperCore. The dynamic could push total builder revenue higher if HIP-3 adoption accelerates and new distribution channels emerge. As one analyst notes, the momentum aligns with a broader shift toward modular, interoperable crypto services where the hyperliquid builder program becomes a central revenue thread for third-party developers.
Conclusion: A New Era for Crypto Interfaces
The programmatic bridge between third-party interfaces and a deep perpetuals market is becoming a backbone of the crypto economy. As the hyperliquid builder program becomes more entrenched, developers and traders alike will reassess how value flows across crypto marketplaces, with a focus on speed, price, and seamless access to liquidity.
Discussion