What is a builder code?
A builder code is the address of an app (the “builder”) that is attached to the orders it submits for you. Per Hyperliquid docs, the builder can add a fee to those orders. The fee goes to the builder, not to Hyperliquid, and it is charged on top of Hyperliquid's own trading fee.
How approval and the maximum fee work
Per Hyperliquid docs, before a builder can charge you, you approve a maximum fee for that builder address. The builder then attaches a fee to each order, up to your approved maximum. The protocol also caps what any builder can charge: 0.1% (10 bps) on perps and 1% on spot. Check the Hyperliquid docs for the exact current rules.
Builder revenue ranking
Builder revenue is a measure of how much trading flows through an app, not of its quality. The table covers named builders only.
| # | Builder | Category | 30d revenue | Share | Cumulative | Effective fee, 30d (bps) |
|---|---|---|---|---|---|---|
| 1 | Trust Wallet | Wallets | $1.74M | 17.4% | 17.4% | 9.76 |
| 2 | fomo | Copy trading | $1.51M | 15.2% | 32.6% | 4.47 |
| 3 | Metamask | Wallets | $1.44M | 14.4% | 47.0% | 9.91 |
| 4 | Phantom | Wallets | $1.42M | 14.2% | 61.2% | 5.32 |
| 5 | PocketUniverse | Other | $486k | 4.9% | 66.1% | 10.91 |
| 6 | HyperDash | Trading terminals | $470k | 4.7% | 70.8% | 1.65 |
| 7 | Rabby | Wallets | $428k | 4.3% | 75.1% | 2.24 |
| 8 | Liquid | Mobile apps | $293k | 2.9% | 78.0% | 3.38 |
| 9 | Invo | Copy trading | $280k | 2.8% | 80.9% | 3.50 |
| 10 | OneKey | Wallets | $225k | 2.3% | 83.1% | 5.98 |
| 11 | CoinDCX | Other | $221k | 2.2% | 85.3% | 3.55 |
| 12 | Insilico | Trading terminals | $169k | 1.7% | 87.0% | 1.00 |
| 13 | legend.trade | Copy trading | $162k | 1.6% | 88.6% | 5.51 |
| 14 | Bitget Wallet | Wallets | $104k | 1.0% | 89.7% | 4.86 |
| 15 | NEAR Intents | Other | $90.0k | 0.9% | 90.6% | 7.00 |
| 16 | Mass | Mobile apps | $81.9k | 0.8% | 91.4% | 5.63 |
| 17 | Metascalp | Trading terminals | $63.1k | 0.6% | 92.0% | 1.92 |
| 18 | Tread.fi | Trading terminals | $60.0k | 0.6% | 92.6% | 1.05 |
| 19 | Trasia | Mobile apps | $59.6k | 0.6% | 93.2% | 5.00 |
| 20 | Moonbot | Trading terminals | $59.5k | 0.6% | 93.8% | 1.51 |
| 21 | Borsa | Trading terminals | $53.1k | 0.5% | 94.4% | 0.52 |
| 22 | BasedApp | Mobile apps | $43.4k | 0.4% | 94.8% | 2.17 |
| 23 | Pear Protocol | Trading terminals | $40.2k | 0.4% | 95.2% | 5.47 |
| 24 | Rainbow | Wallets | $36.0k | 0.4% | 95.6% | 5.00 |
| 25 | Ult | Mobile apps | $34.7k | 0.3% | 95.9% | 5.00 |
| 26 | markets.xyz | Trading terminals | $32.2k | 0.3% | 96.2% | 3.36 |
| 27 | Tria | Mobile apps | $32.0k | 0.3% | 96.6% | 3.49 |
| 28 | Axiom | Trading terminals | $31.2k | 0.3% | 96.9% | 1.00 |
| 29 | Infinex | Mobile apps | $30.6k | 0.3% | 97.2% | 5.00 |
| 30 | Markets | Other | $24.1k | 0.2% | 97.4% | 4.42 |
Effective fee = revenue / volume, an average realised rate and not the fee each user is charged. All 121 apps are in the full table.
How concentrated is it?
The top 10 named builders earned 83% of 30-day revenue ($8.29M of $9.98M), and 73% of all-time revenue. Total users across the named builders: 886,617 (people using several apps are counted more than once).