Phantom, the wallet best known for making Solana feel approachable, has quietly built a $20 million revenue stream from a single integration. The wallet has earned that figure in builder code fees on Hyperliquid since launching the partnership in July 2025, processing $37 billion in trading volume along the way.

How builder codes turned wallets into trading platforms

Here’s how this works. Hyperliquid’s builder code program lets third-party apps, wallets, and frontends route user trades directly to Hyperliquid’s perpetual futures market. In return, those apps earn a share of the trading fees generated. Phantom’s integration allows users to trade perpetuals natively inside the wallet, with the wallet handling the routing and Hyperliquid handling the matching engine.

The initial results were promising but modest. Phantom’s builder code integration produced $1.2 million in fees early on. The jump from $1.2 million to $20 million in under a year suggests the kind of compounding user adoption that most crypto products spend years chasing.

Over 100 teams are now participating in Hyperliquid’s builder code program. Phantom is the largest beneficiary so far.

Why this matters more than another partnership announcement

$20 million in fees on $37 billion in volume means the wallet is capturing roughly 5.4 basis points per dollar traded.

For Hyperliquid, the builder code program solves a different problem: distribution. By incentivizing 100-plus teams to funnel trades through builder codes, Hyperliquid effectively outsourced its customer acquisition to an army of third-party apps. The $37 billion in volume flowing through Phantom alone validates that strategy.

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