Phantom nets $20M via Hyperliquid builder codes
Phantom earned $20 million in builder-code fees after routing $37 billion in perpetual futures volume to Hyperliquid since July 2025.
Phantom has earned $20 million in builder-code fees from Hyperliquid after routing $37 billion in perpetual futures volume through its wallet since the partnership began in July 2025.
Under Hyperliquid’s builder code program, third-party wallets and frontends can send user trades directly to Hyperliquid’s matching engine in exchange for a share of trading fees. Phantom’s integration enables users to place perpetual futures trades inside the wallet; Phantom handles routing while Hyperliquid executes and matches orders.
Phantom’s fees equal roughly 5.4 basis points per dollar traded, or about 0.054% of the $37 billion in volume. The integration produced an initial $1.2 million in fees and reached $20 million in under a year. More than 100 teams participate in Hyperliquid’s builder code program, and Phantom is the largest fee recipient to date.
Orders routed from Phantom are matched and settled on Hyperliquid’s platform; the wallet does not operate its own matching engine. Hyperliquid compensates partner apps through builder codes, creating a revenue share tied to routed trading activity.
The arrangement channels order flow from external interfaces into Hyperliquid’s derivatives market. The $37 billion routed through Phantom was processed by Hyperliquid and generated the reported fee payments to the wallet.
On May 12, 2026, 21Shares launched the first U.S. spot HYPE ETF on Nasdaq under the ticker THYP. The ETF debut coincided with a 272% increase in large-scale activity around the HYPE token during the same period.
Phantom is a widely used wallet on the Solana blockchain that integrates wallet features with access to applications. Hyperliquid operates a perpetual futures market and created the builder code program to let external apps route trades to its matching engine in return for fee shares.
