Hyperliquid Builder Codes Overview Total Revenue (All Time): $50.14M Winner-takes-most dynamics Top 10 builders include: @BasedOneX (~$12.34M) @phantom (~$12.30M) @pvp_dot_trade (~$7.71M) The top 3 capture nearly half of total revenue, while the rest split the remaining crumbs. Phantom & MetaMask: not just wallets, but revenue engines Phantom is nearly on par with BasedApp — proof that UX and distribution beat pure technical complexity. MetaMask has generated around $2M, performing strongly despite not being native to Hyperliquid. Inflection point: mid-2025 onward Prior to this, revenue was minimal. From July–September 2025, volume, users, and revenue all surged in tandem. This marks a clear product–market fit moment for Hyperliquid.