Trust Wallet surpasses MetaMask in HyperliquidX builder code revenue

Trust Wallet is quietly eating into the revenue lead that MetaMask and Phantom have long held in the Hyperliquid ecosystem. On a weekly basis, Trust Wallet now generates more builder code revenue than MetaMask, with the gap between all three major wallets narrowing fast.

The numbers tell the story

Look at the 24-hour snapshot first. Trust Wallet pulled in $25,482 in builder-fee revenue from trades executed on Hyperliquid, compared to MetaMask’s $22,306. Phantom still led that particular race with $41,827, but the fact that Trust Wallet has overtaken MetaMask on a daily basis is itself notable.

Zoom out to the seven-day view, and the picture gets more interesting. Trust Wallet generated approximately $183,410 in weekly revenue. MetaMask came in at roughly $192,000, while Phantom held the top spot at around $211,000.

Here’s the thing: Trust Wallet’s week-over-week growth clocked in at 7,436%. That’s not a typo. While MetaMask led some weekly snapshots with around $210,800, Trust Wallet’s growth rate suggests it’s on a fundamentally different trajectory than its competitors.

How builder codes actually work

Hyperliquid is a Layer 1 blockchain built specifically for perpetual futures trading. The builder code program is Hyperliquid’s way of rewarding the wallets and apps that route trades to its platform. Approved wallets can earn fees capped at 0.1% per order for trades executed through their interfaces.

Since the program launched, it has generated tens of millions of dollars in revenue across the ecosystem. Phantom alone has racked up over $20.6 million in cumulative builder revenue.

Why Trust Wallet’s surge matters

Trust Wallet is owned by Binance, the world’s largest crypto exchange. On a 30-day basis, DefiLlama data showed Trust Wallet’s revenue at $206,937, closely trailing both MetaMask and Phantom. The convergence across all three timeframes, daily, weekly, and monthly, points to a sustained trend rather than a one-off spike.

What investors should watch

For traders using these platforms, the wallet you choose to route your Hyperliquid trades through is generating revenue from your activity. The 0.1% cap keeps fees reasonable, but it’s worth understanding the economics.

Trust Wallet’s growth rate is the number to watch going forward. At current run rates, the weekly revenue gap between all three wallets is measured in tens of thousands of dollars rather than orders of magnitude.

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