Hyperliquid (HYPE) now functions as a liquidity layer behind the scenes. It will power perpetual markets for Phantom Wallet’s 10 million users.
On July 10, Hyperliquid confirmed its partnership with Phantom, a self-custody wallet with an active user base above 10 million. Phantom users will access perpetual trading directly inside the wallet. The rollout date remains undisclosed. Ryan Watkins, founder of Syncracy Capital, said builder codes changed how he valued the platform.
I now believe it’s one of the most important features that enables Hyperliquid to outcompete centralized exchanges.
Trades settle through Hyperliquid’s backend, but Phantom users interact only with their wallet — most won’t know Hyperliquid powers the trading layer at all.
Builder Codes Support New Integrations
Builder codes let apps route trades to Hyperliquid’s order books and earn fees. At present, 22 developers use builder codes. Combined, they have earned about $9.5 million in fees. The largest share comes from @pvp_dot_trade, which alone accounts for about $7.2 million.
Builder codes now handle about 2–4% of Hyperliquid’s daily trading volume. No Phantom-specific usage data is public yet.
Furthermore, Hyperliquid Improvement Proposal 3 (HIP-3) aims to allow third parties to create their own perpetual markets on Hyperliquid’s layer-1. It remains under community discussion with no vote date. If approved, it will enable more apps and wallets to share revenue from trades they route.
Revenue and Trading Volume Outpace DeFi Rivals
Hyperliquid has generated about $700 million in cumulative fee revenue since launch. In May 2025 alone, the exchange recorded $248 billion in perpetual trading volume, or about $8 billion daily.
By comparison, dYdX handles about $19 million daily. GMX volume ranges between $50–$60 million daily. Hyperliquid’s BTC perpetuals volume sits near 50% of Bybit’s BTC perps and about 20% of Binance’s BTC perpetuals volume.
In May alone, Hyperliquid generated about $66 million in fees and conducted about $900 million in token buybacks and burns.
Hyperliquid’s ecosystem now includes 35+ protocols on HyperEVM. Total value locked (TVL) is around $1.75 billion. Stablecoin liquidity on the network floats near $3.7 billion. Daily wallet activity averages 500,000 unique addresses.
Rising Channel Holds as HYPE Eyes $50 Breakout, $69–$120 Target
On the daily chart HYPE to USD trades near $45.69, up about 4% on the day. It remains inside a rising parallel channel formed since June 21, creating a sequence of higher lows and higher highs.
Moreover, the mid-range EMA20 sits near $40.69, providing immediate support. Current resistance stands at $50, matching the previous swing high on the chart. A confirmed breakout above this level could open a path toward the $69–$120 range projected by analysts.
Additionally, a drop below channel support around $41 could expose the lower horizontal demand zone near $33–$34, where buyers stepped in last month.
Daily trading volume remains moderate (around 434 units), indicating steady accumulation. Traders may watch for a breakout accompanied by higher daily volume to confirm a move beyond $50.
