Key Takeaways:
Solana-based wallet provider Phantom has collected $20 million in revenue in less than a year from a single integration, channeling user trades to the Hyperliquid perpetuals market. The partnership highlights a powerful new revenue model for wallets, turning them into direct gateways for decentralized finance (DeFi) activity.
The earnings come from Hyperliquid's "builder code" program, which allows third-party frontends and wallets to earn a share of trading fees for trades they route to the exchange. On-chain data shows Phantom's integration has funneled nearly $37 billion in trading volume to the Hyperliquid L1 since it began in July 2025, making it the largest single contributor to the program.
For each trade, Phantom receives approximately 5.4 basis points, or about 0.05 percent, of the volume. The program has become a significant revenue stream for over 100 participating teams, which have collectively earned $74 million for bringing volume to Hyperliquid, according to data tracker Flowscan. While Phantom is a top earner, other builders like BasedApp and pvp.trade have also generated millions in fees.
This strategy shows a major shift for crypto wallets, which traditionally struggle with monetization. By integrating trading natively within the app, Phantom has transformed its user base into a consistent revenue engine without building its own exchange. For Hyperliquid, the program effectively outsourced user acquisition, turning its platform into a backend for a growing army of third-party applications and driving its daily perpetuals volume to over $11 billion.
This article is for informational purposes only and does not constitute investment advice.
