Hyperliquid Builder Codes reach record volume of $984 million

Hyperliquid Builder Codes set a new daily record on 21 August. According to research by Blockworks Research, $984 million in perpetual futures was traded via these protocols that day, the highest daily volume ever. MetaMask and Phantom were among the biggest earners, while the HYPE token was trading at around $79 at the time of writing, up 2.1% in 24 hours.

Hyperliquid is available at OKX and Bybit.

In brief:

• Hyperliquid Builder Codes reach a record volume of $984 million in perpetual futures on 21 August.
• The combined revenue of all Builder Code protocols amounts to $782.000, the second highest level ever.
• MetaMask and Phantom are responsible for $143.000 and $114.000 in revenue respectively on that day.

Record Day for Builder Codes on Hyperliquid

Builder Codes are a mechanism on the Hyperliquid platform that allows third parties, such as wallets and other applications, to receive a share of trading revenue when users trade through their interface. On 21 August, these protocols together generated according to Blockworks Research a daily volume of $984 million in perpetual futures, a new record.

The total revenue for all Builder Code protocols combined amounted to $782.000 that day. That is the second highest level ever reached in a single day. The charts show that volume already began to rise sharply around 15 August after a relatively flat period earlier in August.

MetaMask and Phantom Earn the Most

Of the $782.000 in combined revenue, $143.000 went to MetaMask and $114.000 to Phantom. Both wallets thus benefit directly from the trading volume generated on Hyperliquid through their platform. This record fits a broader trend in which decentralised trading platforms post ever higher daily volumes and revenues.

The average order size per category varies considerably. Commodities markets show outliers on some days of up to over $8.000 per transaction, while crypto and other categories average lower. Whether the record of 21 August is exceeded in the short term will depend in part on broader market conditions and sentiment among traders.