Phantom captures 31.8% of top Hyperliquid builder revenue with $20.6M in fees
Coingecko •
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Promote with Leviathan NewsCoinGecko says Phantom has earned $20.63M as Hyperliquid’s top builder, with 137,496 users and 31.8% of revenue among the top 10 builders as of a May 25 snapshot. Based ranks second at $15.06M despite routing more volume than Phantom, because it charges a lower 0.025% builder fee versus Phantom’s 0.05%. MetaMask sitting fourth with $6.51M while charging the highest top-10 fee at 0.1% is the tell: Hyperliquid’s builder program is becoming a distribution tax for wallets, bots, and trading frontends.
TLDR by @Benthic
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