Wu Shuo learned that, according to a CoinGecko report, as of May 25, 2026, Phantom has generated a total fee income of 20.63 million USD through integrating with Hyperliquid trading infrastructure, ranking first among third-party trading gateways, accounting for 31.8% of the total revenue from the top ten integrators; Based is in second place with 15.06 million USD. The report states that the Hyperliquid Builder plan allows third-party applications such as wallets, trading frontends, and Telegram Bots to import user trades and charge additional fees themselves; Phantom and Based together account for 54.8% of the revenue from the top ten integrators.

HYPE2.55%
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BlueChipSkeptic
· 10h ago
The remaining 45% among the top ten providers is split among eight companies, and the long-tail effect is also quite interesting.
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TheSkyInsideTheMirroredSphere
· 10h ago
Telegram Bot can also be integrated; will the next big hit emerge from the Telegram ecosystem?
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SushiRebalance
· 10h ago
Hyperliquid’s move is smart: it outsources the traffic entry point and focuses on the fundamentals underneath.
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AutumnTranquility
· 10h ago
The 31.8% share indicates that Phantom's user activity level truly holds up.
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