Author: @BlazingKevin_, Researcher at Blockbooster

In today’s perpetual DEX race, the arms race over “liquidity” and “security” has entered its second half, while “ecosystem vibrancy” is redefining the moat for onchain exchanges.

On one side stands Hyperliquid, whose pioneering Builder Code mechanism has already cultivated a robust application network comprising over 80 active developers. From seamless integration with mainstream wallets to bespoke terminals for hardcore quant institutions, this ecosystem has generated cumulative revenue of $64.22M. On the other side is Lighter—a technically rigorous player backed by top-tier capital (Founders Fund, a16z) and obsessively focused on institutional-grade security on Ethereum L2. In Lighter’s current landscape, ecosystem application revenue remains at “$0”; all protocol-level revenue relies entirely on its unique “retail-free + institutional-paid” two-tier pricing model.

The stark contrast between $64.22M and $0 reflects not only a disparity in scale but also a head-on collision between two divergent paths of onchain finance evolution. This article dissects the top ten Builder applications within the Hyperliquid ecosystem, using real onchain data to reveal how its ecosystem flywheel operates.

1. How Does Builder Code Reshape the Revenue Landscape?

1.1 What Is Builder Code?

Hyperliquid’s Builder Code mechanism allows third-party developers to attach a Builder Code when submitting orders to Hyperliquid, thereby collecting an additional fee (up to 0.1%) on every executed trade. Core features of this mechanism:

Onchain transparency: All Builder revenue is fully traceable onchain.

Flexible pricing: Each Builder sets its own fee rate (0–0.1%).

User-invisible: Fees are deducted from the base trading fee; user experience remains unchanged.

Permissionless: Any developer may register a Builder Code.

As of March 2026, the Hyperliquid Builder Code ecosystem comprises over 80 active Builders, with historical cumulative revenue of $64.22M and 30-day revenue of approximately $5.6M.

2. Top Ten Hyperliquid Applications: Ecosystem Mapping & Business Logic Breakdown

2.1 “Traffic Is King”: Wallet Giants Delivering a Downward Strike

2.1.1 Phantom

Product Positioning

Phantom is Solana’s most mainstream wallet, with over 3 million monthly active users. Starting in H2 2025, Phantom directly integrated Hyperliquid perpetual contract trading into its wallet interface—enabling users to trade perpetuals without ever leaving the wallet. This marks Phantom’s pivotal transition from a “storage tool” to a “trading platform.”

Revenue Mechanism

Phantom collects an extra 0.050% fee per Hyperliquid perpetual trade via Builder Code. Based on $3.48B in 30-day trading volume, this yields $1.74M ($3.48B × 0.050%), matching reported revenue exactly—indicating exceptionally high authenticity.

User Profile

Phantom’s Hyperliquid users are primarily retail users from the Solana ecosystem, characterized by:

• Already holding Solana assets and seeking leveraged trading without switching wallets
• Familiar with DeFi, but unwilling to learn complex standalone trading platforms
• Medium trading frequency; average revenue contribution per user: $139 (30-day), classifying them as moderately active
• 121,800 unique users—the highest among all Builders—demonstrating massive user scale

Core Value Proposition

“Your wallet is your exchange.” Phantom solves the core pain point that users already manage assets inside Phantom—and switching to another platform (e.g., Hyperliquid’s official site) requires extra steps. By embedding the trading interface directly into the wallet, Phantom drastically lowers the barrier to entry. For Solana users, Phantom serves as their primary gateway to the DeFi world—a traffic advantage no other Builder can replicate.

Competitive Edge

Phantom’s core advantages are its user base (3M MAU) and brand trust. Other Builders must acquire users actively; Phantom simply activates new functionality among its existing users. Its 121,800 unique users are 3.6× more than second-place MetaMask (33,800).

2.1.2 MetaMask

Product Positioning

MetaMask is Ethereum’s largest wallet, with over 30 million global monthly active users. In 2025, MetaMask integrated multi-chain DeFi operations—including Hyperliquid perpetual trading—via its MetaMask Portfolio feature. Like Phantom, MetaMask treats Hyperliquid as a critical component of its multi-chain trading suite.

Revenue Mechanism

MetaMask collects trading fees via Builder Code. Data shows $688.4K revenue from $688.4M in trading volume—implying a fee rate of ~0.10% (near the maximum cap), though the official rate remains undisclosed. This rate is notably higher than Phantom’s (0.050%), likely reflecting lower fee sensitivity among MetaMask users.

User Profile

MetaMask’s Hyperliquid users are predominantly mid-to-advanced Ethereum ecosystem users:

• Hold Ethereum assets and seek Hyperliquid’s high-performance trading experience
• Familiar with DeFi, but prefer operating dApps through MetaMask
• Average revenue contribution per user: $136 (30-day), closely aligned with Phantom’s users
• 33,800 unique users—roughly one-quarter of Phantom’s scale

Core Value Proposition

“The lowest-friction onramp for Ethereum users to Hyperliquid.” MetaMask users typically lack familiarity with the Solana ecosystem, and Hyperliquid’s official site requires separate registration. MetaMask offers a familiar interface, lowering the psychological barrier to cross-chain exploration.

2.1.3 Rabby

Product Positioning

Rabby is a professional Ethereum wallet developed by the DeBank team, renowned for its security-first design:

Pre-signature transaction simulation: Preview results before signing

Multi-chain asset management

Built-in DeFi interaction interface

Recently integrated Hyperliquid perpetual trading

Revenue Mechanism

Rabby charges a 0.05% Builder Code fee, generating $118.4K revenue from $583.18M in trading volume. Average revenue per user is $42.55—the lowest among all Top 10 Builders—indicating dominance of small- and medium-sized retail traders.

User Profile

Rabby’s users are security-conscious Ethereum ecosystem participants:

• 11,500 unique users—moderate scale
• Prioritize security; choose Rabby specifically for its safety features
• Low average revenue contribution ($42.55) suggests predominantly small-value trades
• Relatively conservative usage of Hyperliquid

Core Value Proposition

“A security-first DeFi interface.” Rabby’s key differentiator is pre-signature simulation, allowing users to see actual transaction outcomes before signing—significantly reducing risks of phishing and accidental errors. For security-focused users, Rabby is irreplaceable.

2.2 “One-Stop Concierge”: Super Apps & Account Abstraction Gateways

2.2.1 BasedApp

Product Positioning

BasedApp (Based) is a crypto super app positioned as the “onchain Robinhood.” Core features include:

• Hyperliquid perpetual contract trading (primary revenue source)
• Crypto Visa debit card (spend onchain assets directly)
• Multi-chain asset management
• Social features (copy trading, trade sharing)
• Revenue Mechanism

Based charges a 0.025% Builder Code fee—lower than Phantom’s (0.050%)—but achieves higher trading volume ($1.94B vs. $3.48B). This reflects Based’s strategy: attract high-frequency traders with low fees, prioritizing volume over margin.

User Profile

Based’s user profile is uniquely distinct:

• High-net-worth DeFi-native users: average revenue contribution per user = $326.67—2.4× Phantom’s
• 42,700 unique users, yet far higher per-user trading volume than Phantom
• Willing to pay a premium for the “super app” experience
• Visa cardholders spend onchain assets directly in daily life
• Core Value Proposition

“Full lifecycle management of onchain assets.” Based solves the pain point that DeFi users’ assets remain trapped onchain, unable to be conveniently spent offchain. Based’s Visa card bridges onchain assets and real-world spending—a unique value proposition unavailable from any other Builder.

2.2.2 Tria

Product Positioning

Tria is a multi-chain account abstraction wallet positioned as “the lowest-friction onramp from Web2 to Web3.” Core features:

• No seed phrase (uses MPC technology; login via email/social accounts)
• Zero gas fees (Tria covers gas)
• Unified multi-chain account (same address works across all EVM chains)
• Built-in Hyperliquid perpetual contract trading
• Up to 15% APY (via DeFi protocols)
• Crypto Visa card

Revenue Mechanism

Tria collects Hyperliquid trading fees via Builder Code. $340.44M in trading volume generates $312K revenue—implying a fee rate of ~0.092%, near the maximum cap. This reflects low fee sensitivity among Tria users (its core appeal is “zero gas fees,” not low trading fees).

User Profile

Tria’s users represent the archetypal Web2-to-Web3 newcomers:

• New users who have never used MetaMask or Phantom
• Login via Google/Apple accounts—no private key management required
• Average revenue contribution per user: $182.52—mid-tier
• Only 1,900 unique users—but extremely high per-user trading volume ($179,179)

Core Value Proposition

“Let Web2 users enter DeFi invisibly.” Tria solves Web3’s biggest UX pain points: complex seed phrase management, unintuitive gas fees, and cumbersome multi-chain operations. Through account abstraction, Tria hides all complexity—users trade Hyperliquid with just an email login.

2.3 “Hardcore Harvesters”: Quant Terminals & High-Frequency Trading Engines

2.3.1 Tread.fi

Product Positioning

Tread.fi is an institutional-grade algorithmic trading terminal and OEMS (Order Execution Management System), founded by David Jeong, former VP of Quantitative Trading at Morgan Stanley. It closed a $3.5M pre-seed round in July 2024.

Core Features:

• Unified multi-exchange terminal: Connects simultaneously to Binance, Bybit, OKX, Hyperliquid, and other CEXs and Perp DEXs
• Algorithmic execution suite: TWAP, VWAP, market-making bots, basis arbitrage
• vCeFi: Makes CEX trading data verifiable onchain for DeFi lending and risk attestation
• Self-hosted TaaS: Institutions deploy privately in their cloud; API keys never leave local environments

Revenue Mechanism

Tread.fi collects Hyperliquid trading fees via Builder Code. $1.91B in trading volume yields $381.8K revenue—implying a fee rate of ~0.020%. Notably, Tread.fi serves only 4,200 users—but achieves $1.91B in volume, averaging ~$454,762 per user: a hallmark of institutional/quant users.

User Profile

Tread.fi’s users are the most institutionalized among all Builders:

• Quant market makers, arbitrage bots, hedge funds
• Massive daily volume, but minimal user count (4,200)
• Average revenue contribution per user: $321.93—second only to BasedApp
• Require professional tools like TWAP/VWAP execution

Core Value Proposition

“The professional tool layer for institutional traders on Hyperliquid.” Tread.fi solves the pain point that Hyperliquid’s official interface lacks institutional-grade algorithmic execution. Quant institutions need TWAP order splitting, cross-exchange hedging, and vCeFi risk attestation—all core capabilities of Tread.fi.

2.3.2 Insilico

Product Positioning

Insilico Terminal is a professional trading interface built for speed and usability, developed by veteran traders and engineers with decades of experience. Positioned as a “supercharged trading interface,” it focuses on:

• Ultra-low latency order execution
• Professional-grade charting and analytics
• Multi-account management
• Advanced order types (conditional orders, trailing stops, etc.)
• Revenue Mechanism

Insilico charges an ultra-low 0.010% Builder Code fee, yet $1.48B in volume still generates $147.9K revenue. Average revenue per user reaches $1,100—one of the highest among all Builders—confirming its user base consists of ultra-high-frequency traders.

User Profile

Insilico’s users are professional quant traders and HFT specialists:

• Only 2,600 unique users—but per-user volume averages ~$569,231 (extremely high)
• Average revenue per user: $1,100—indicating extremely high trading frequency
• Extremely sensitive to latency and execution quality
• Demand professional tools and willingly pay for them

Core Value Proposition

“The fastest professional trading terminal on Hyperliquid.” Insilico solves the pain point that although Hyperliquid’s native interface is already fast, professional traders require further customization (hotkeys, multi-screen layouts, conditional orders, etc.). Insilico delivers these tools while maintaining an ultra-low add-on fee (0.010%).

2.4 “Boundary-Breaking New Forces”: AI Trading & Cross-Asset Bridges

2.4.1 Minara AI

Product Positioning

Minara AI is an AI-powered crypto trading assistant whose flagship feature is “AI Trading Autopilot”—executing trading strategies via natural-language commands, eliminating manual intervention. In 2025, Minara topped Product Hunt’s daily leaderboard, becoming one of the most talked-about AI trading tools.

Key Features:

• Natural-language trading commands (“Buy $1,000 worth of BTC perpetuals”)
• AI-driven automated execution of quantitative strategies
• Multi-chain asset management
• Built-in Hyperliquid perpetual contract trading

Revenue Mechanism

Minara collects Hyperliquid trading fees via Builder Code. $584.07M in volume yields $210.3K revenue—implying a fee rate of ~0.036%.

User Profile

Minara’s users represent a new generation of AI-native retail traders:

• Interested in AI tools but unfamiliar with traditional technical analysis
• Seek “passive yield” enabled by AI
• Average revenue per user: $74.98—relatively low, indicating predominance of small-value retail traders
• 3,200 unique users—small scale but high growth potential

Core Value Proposition

“Enabling non-traders to participate in perpetuals.” Minara solves the high barrier to entry for perpetual trading—requiring understanding of leverage, funding rates, stop-losses, etc. The AI Autopilot encapsulates this complexity: users simply describe their goals.

2.4.2 Axiom

Product Positioning

Axiom is a Solana-based trading toolkit platform, originally launched as a meme-coin trading tool on Solana and later expanded to support Hyperliquid perpetual trading. Key traits:

• Ultra-low fees (0.010%)
• Clean, intuitive trading interface
• Supports both Solana and Hyperliquid
• Retail-focused

Revenue Mechanism

Axiom charges an ultra-low 0.010% Builder Code fee. Leveraging 33,500 unique users (second-largest user base) and $969.24M in volume, it still generates $96.9K revenue.

User Profile

Axiom’s users are Solana-native retail traders:

• 33,500 unique users—the second-highest among all Builders
• Average revenue per user: only $63.64—confirming dominance of small-value retail traders
• Migrated from Solana meme-coin trading to Hyperliquid perpetuals
• Extremely fee-sensitive (choosing Axiom’s 0.010% rate)

Core Value Proposition

“The lowest-cost onramp for Solana retail to Hyperliquid.” Axiom solves the pain point that Solana retail traders want to trade perpetuals but resist high fees. At 0.010%, Axiom offers the lowest fee among major Builders—drawing large numbers of fee-sensitive users.

2.4.3 Dreamcash

Product Positioning

Dreamcash is a perpetual contract frontend specialized in USDT0 collateral, uniquely deploying RWA-perpetuals (gold, silver, Tesla, NVIDIA stocks) on Hyperliquid via the HIP-3 mechanism.

Key Context: In February 2026, Tether made a strategic investment in Dreamcash and committed $200,000 weekly in liquidity incentives for the CASH market, with Selini Capital serving as the primary market maker.

Revenue Mechanism

Dreamcash collects trading fees via Builder Code and also earns market fees from HIP-3 operations. $1.38B in volume yields $297.6K revenue—implying a fee rate of ~0.022%.

User Profile

Dreamcash’s users consist mainly of USDT holders and RWA traders:

• Hold large amounts of USDT and seek leveraged trading without swapping tokens
• Crypto users interested in traditional financial assets (gold, equities)
• Average revenue per user: $171.60—mid-tier
• 7,900 unique users—moderate scale

Core Value Proposition

“A zero-friction onramp for USDT holders to Hyperliquid.” Dreamcash solves the pain point that Hyperliquid natively uses USDC as collateral, whereas many users hold USDT. Via the USDT0 bridge, Dreamcash enables USDT users to trade directly—no token swap required.

3. Lighter’s “Two-Tier Fee” Breakthrough

Lighter’s entire revenue stems from Premium Account fees—a selective, two-tier pricing system:

Lighter’s fee design is fundamentally inverted: Standard accounts are completely free; only Premium users generate revenue. The goal is to attract large volumes of low-frequency retail users (free) while charging high-frequency quant users (Premium)—forming a “retail-free + institutional-paid” dual-layer structure.

Current Revenue Data (as of March 9, 2026):

• 24-hour revenue: $102,374
• Annualized revenue: $37,366,536 (~$37.37M)
• 30-day revenue: ~$4.26M

Premium Account Share:

• Maker trades: 57.7% Premium (2,764 out of 4,794 trades)
• Taker trades: 34.5% Premium (2,832 out of 8,214 trades)

This implies ~40–58% of trading volume originates from paying Premium users, with the remainder from free Standard users.

According to Lighter’s official documentation (docs.lighter.xyz), Builder Code functionality is explicitly marked “coming soon.”

This means:

1. No third-party applications currently earn Builder Code revenue on Lighter
2. No data platform tracks independent revenue for Lighter ecosystem applications
3. Lighter’s “ecosystem application” revenue is effectively zero in data terms

Lighter’s current annualized revenue is ~$37M, with an estimated organic revenue base of $25M–$40M—primarily sourced from a stable cohort of quant market makers (Premium accounts).

4. Ecosystem Flywheel vs. Ultimate Security: The Decisive Battleground

4.1 Lessons from Hyperliquid’s Surge: Evolutionary Laws of Onchain Exchanges

The gap between Lighter and Hyperliquid appears superficially as a revenue disparity (12.5×), but fundamentally reflects a difference in ecosystem development stage.

Hyperliquid’s ecosystem flywheel is already operational:

1. High trading volume attracts Builders
2. Builders bring more users
3. More users drive higher trading volume
4. Higher revenue attracts more Builders

Lighter’s ecosystem flywheel has yet to ignite:

1. Builder Code is not yet live
2. Third-party application revenue cannot be tracked
3. Ecosystem applications lack revenue incentives
4. Ecosystem development lacks positive feedback loops

4.2 Moats of Both Sides

Lighter’s Unreplicable Advantages:

• Ethereum-grade security: ZK Rollup architecture provides security guarantees Hyperliquid cannot match
• Complete escape hatch: Users can withdraw assets independently via Ethereum under any circumstances
• Institutionally compliant: Inherits Ethereum’s regulatory recognition, making it more attractive to regulated institutions
• Backed by elite investors: Founders Fund, Ribbit Capital, a16z, and others

Hyperliquid’s Unreplicable Advantages:

• First-mover advantage: Builder Code ecosystem has run for 12 months, establishing strong network effects
• Fully mature onchain ecosystem: HyperEVM already hosts established DeFi applications
• Strong user recognition: Far greater brand awareness among retail users than Lighter
• Revenue scale: $53.11M/month in protocol revenue provides formidable financial backing

4.3 Conclusions & Implications

Wallets are the largest traffic gateways: Phantom ($1.74M) and MetaMask ($688K) together account for 43% of total Builder Code revenue—validating the commercial logic of “wallets = traffic.”

User segmentation is clear:

• Retail users (Phantom, Axiom, Rabby): Large user counts, low per-user contribution
• Institutional users (Tread.fi, Insilico): Small user counts, extremely high per-user contribution
• Super App users (Based, Tria): Moderate user counts, high per-user contribution

Fee rates correlate strongly with user type:

• Retail platforms (Axiom): 0.010% (lowest)
• Wallet platforms (Phantom, Rabby): 0.050% (mid-tier)
• Super Apps (Based): 0.025% (low, volume-driven)
• Institutional platforms (Insilico): 0.010% (low, but enormous volume)
• Revenue authenticity is generally high: Builder Code revenue is recorded onchain and cannot be falsified. Among the top 10 Builders, 8 receive “high” or “very high” authenticity ratings; only Dreamcash’s figures carry some uncertainty due to incentive funding.

Based on current data, Lighter’s ecosystem development hinges on the following critical milestones:

Builder Code launch timing: Once live, already-integrated apps like Phantom, MetaMask, and Based will immediately generate trackable revenue—projected initial monthly revenue: $500K–$1M.

EVM ecosystem maturity: After Lighter EVM launches, attracting DeFi protocols (DEXs, lending, stablecoins) to deploy is essential to build a complete onchain financial ecosystem.

Organic user growth: Post-incentive campaigns, Lighter must attract users through product merit—not incentives. Its current $37.37M annualized revenue represents an organic baseline, but sustained growth remains imperative.

4.3.1 Overall Comparison

Summary

Hyperliquid currently holds comprehensive superiority over Lighter—but their missions differ: Hyperliquid is an onchain financial operating system; Lighter is a more secure onchain exchange. Lighter’s value proposition lies in Ethereum-grade security and institutional compliance—attributes Hyperliquid cannot replicate. As Builder Code goes live and the EVM ecosystem matures, Lighter is poised to establish its own ecosystem flywheel in H2 2026.

About BlockBooster: BlockBooster is a next-generation alternative asset management firm built for the digital age. We use blockchain technology to invest in, incubate, and manage core assets of the digital era—from blockchain-native projects to real-world assets (RWA). As value co-creators, we strive to uncover and unlock the long-term potential of assets, capturing exceptional value for our partners and investors amid the tide of the digital economy. Disclaimer: This article/blog is for informational purposes only and reflects the author’s personal views—not necessarily those of BlockBooster.

This article is not intended to provide: (i) investment advice or recommendations; (ii) an offer or solicitation to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holding digital assets—including stablecoins and NFTs—carries extremely high risk, significant price volatility, and the possibility of total loss. You should carefully consider whether trading or holding digital assets is suitable for your financial situation. For specific questions, consult your legal, tax, or investment advisor. Information provided herein—including market data and statistics, if any—is for general reference only. Reasonable care was exercised in compiling such data and charts, but no responsibility is assumed for factual inaccuracies or omissions.