Hyperliquid builder codes: $28.3B routed by third-party apps in 30 days
Data breakdown of Hyperliquid builder codes as wallets, memecoin apps, social apps and terminals all become Hyperliquid frontends, with the top 10 apps by fees and their take rates.
All roads lead to Hyperliquid.
Every app with a trade button is turning into a Hyperliquid frontend.
Phantom, MetaMask, Rabby and Trust Wallet already route perps through builder codes. In the last two weeks @pumpfun switched on perps and @fomo shipped cross margin.
Meanwhile teams like @quotemarkets ship building pro terminals and optimized execution engines on top of HL, and @sharexyz puts Hyperliquid's outcome markets next to Polymarket in a social sports trading app.
Wallets, memecoin casinos, social apps, and pro trader tooling. Very different users, but the same order book underneath.
What does that look like in numbers?
Builder codes in the last 30 days:
- $28.3B routed through third-party apps, ~12% of all HL perp volume
- $11.1M kept by those apps in fees, up from $10.1M the 30 days before
- $363B routed and $122M paid out since builder codes went live
And it's accelerating. Monthly builder fees went from $5.0M in May to >$10M in September.
The long tail is compounding too. Quote routed $13.2M in the last 30 days, 4x the month before, while still sitting in private alpha.
Top 10 by fees earned (last 30d):
- @TrustWallet: $1.65M on $1.68B
- @MetaMask: $1.60M on $1.60B
- @fomo: $1.49M on $3.36B
- @phantom: $1.37M on $2.56B
- @hypurrdash: $0.53M on $3.43B
- @PocketUniverseZ: $0.46M on $0.42B
- @Rabby_io: $0.46M on $1.87B
- Unlabelled (0x5aaf): $0.35M on $0.41B
- @liquidtrading: $0.28M on $0.81B
- @invoxyz: $0.27M on $0.78B
All time, Phantom leads with $27.8M earned on $54.3B, then BasedApp ($15.5M) and MetaMask ($13.0M).
The spread in take rates is wild tho. On a $10k trade, Trust Wallet and MetaMask keep ~$10 (the 0.1% max), Phantom ~$5, fomo ~$4.50, and HyperDash ~$1.50.
Wallets charge for convenience, terminals compete on price.
Why does Hyperliquid care?
It pays nothing for any of this distribution. The app adds its own fee on top, Hyperliquid still collects its full trading fee, and most of that goes into buying back HYPE. Every new frontend is free distribution.
@pumpfun and @sharexyz haven't published their builder addresses yet, so their flow isn't in these numbers.
The endgame?
Every wallet, casino, social app and terminal plugs into one book. The more of them plug in, the deeper that book gets, and the harder it becomes to justify building your own.
NFA ofc.
1 image on X
What came next · since 28 Oct 2026
Show how the covered asset moved
This data piece reports the numbers without making a call on the token, so price moves since publication are shown as market context.
No follow-up pieces on this subject yet. This is the latest take.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.
Research, advisory and builds for breakout teams shipping real tech.