Phantom’s Spectral Riches: $20M Haunt Hyperliquid’s Halls

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Ah, Phantom, that elusive specter of the digital realm, has materialized at the pinnacle of Hyperliquid’s builders, clutching a satchel brimming with over $20.6 million in revenue. Based, ever the loyal second, trails behind, while MetaMask, poor dear, languishes in fourth place, its pockets not quite as deep.

Phantom, that cunning wraith, has ascended to the throne of Hyperliquid’s revenue builders, according to the scribes at CoinGecko. Its wallet, a vessel of untold riches, has siphoned more than $20.6 million through the builder program, leaving its rivals to scrabble for crumbs.

Phantom’s Spectral Dominion

The ancient tomes of CoinGecko reveal that Phantom has amassed a staggering $20,630,022 in cumulative builder revenue on Hyperliquid. Such a sum has crowned it the undisputed monarch of the program, its coffers swelling with 31.8% of the top 10 builders’ total spoils.

This Solana-born phantom also boasts a legion of 137,496 users, the largest assembly in this peculiar pantheon. Truly, its reach is as vast as its greed.

Phantom, that sly revenant, has pilfered over $20.6 million through Hyperliquid’s builder program. CoinGecko’s scrolls confirm its dominance, accounting for 31.8% of the top 10 builders’ treasure. Based, ever the runner-up, follows with…

– Wu Blockchain (@WuBlockchain) May 31, 2026

The ledger shows Phantom has conjured $39.4 billion in trading volume, its builder fee a mere 0.05%. A modest toll, perhaps, but enough to outstrip some rivals, though MetaMask still holds the higher ground in that regard.

Phantom’s average revenue per user stands at $150, a pittance compared to Based, yet its vast horde of followers ensures its total wealth remains unmatched.

Based and MetaMask: A Tale of Two Strategies

Based, ever the stalwart second, has accrued $15,056,894 in cumulative revenue. Its trading volume, a colossal $44 billion, surpasses Phantom’s, yet its builder fee of 0.025% has left it with a lighter purse.

This lower fee has lured more volume, but Phantom, with fewer trades, has still managed to outearn it. Together, these two titans command 54.8% of the top 10 builders’ revenue, leaving the others to squabble over scraps.

MetaMask, poor fourth-place MetaMask, has scraped together $6,510,547 in revenue, its builder fee a hefty 0.1%. With 43,761 users and $7.46 billion in volume, its average revenue per user is a mere $149, a hair’s breadth from Phantom’s figure.

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Hyperliquid’s Builders: A Carnival of Greed

The builder data reveals a motley crew of models operating on Hyperliquid’s order book. Wallet users, Telegram bot traders, and algorithmic desks all jostle for position, each with its own peculiar fee structure.

Each builder, a gatekeeper to the same liquidity pool, charges a different toll for access to Hyperliquid’s trading arena. Insilico, that enigmatic fifth, has wrung $3,306,853 from a mere 2,962 users, its average revenue per user a staggering $1,116.

Axiom, seventh in line, has processed $22.1 billion in volume, yet its builder fee of 0.01% has left it with a modest $2,270,689. Such is the folly of frugality.

In this grand spectacle, fee choices have shaped destinies. Some builders have sought the masses, while others have catered to smaller, wealthier flocks. For Hyperliquid, the builder program has woven a vast distribution web, allowing outsiders to funnel users into its trading maw.

And so, the dance continues, each builder a player in this macabre ballet of greed and ambition. Phantom, with its spectral grasp, leads the troupe, its riches a testament to its cunning. But in this ever-shifting realm, who can say how long its reign will last?

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2026-05-31 20:44