Hyperliquid‘s Builder Codes ecosystem processed a record $984 million in daily perpetual futures trading volume on August 21, highlighting the growing role of third-party wallets and applications as distribution channels for the decentralized derivatives platform. The $984 million in notional volume was an all-time high for trades carrying Builder Codes, according to Blockworks Research data cited by Wu Blockchain. The figure measures perpetual futures activity routed by external applications through Hyperliquid rather than the exchange’s total trading volume.
Builder Code protocols simultaneously generated approximately $782,000 in combined revenue during the session, the second-highest daily total on record. MetaMask accounted for roughly $143,000 of that revenue, while Phantom generated approximately $114,000. Together, the two major crypto wallets contributed $257,000, or nearly 33% of the day’s total Builder Code revenue. The milestone demonstrates how Hyperliquid is increasingly functioning as underlying trading infrastructure for applications that want to offer derivatives without constructing their own exchange and liquidity network.
Builder Codes Turn Wallets Into Perpetual Trading Front Ends
Hyperliquid’s Builder Codes allow external applications to route orders into Hyperliquid while charging users an additional fee on the resulting fills. The system operates entirely onchain as part of Hyperliquid’s fee logic. Before an application can collect a builder fee, a user must authorize the builder address and specify the maximum fee it is permitted to charge. Users can subsequently revoke that authorization. For perpetual futures, builder fees can reach a maximum of 0.1% of trade value. Hyperliquid permits fees of as much as 1% for applicable spot transactions. Builders must also maintain at least $100 of USDC in perpetual-account value to participate.
The architecture creates a potentially significant business model for wallets and trading applications. Instead of directing customers to a separate centralized or decentralized exchange, an interface can integrate Hyperliquid’s liquidity and execution infrastructure while retaining its own user experience and collecting transaction-based revenue. The August 21 results show that model operating at meaningful scale. At $984 million, Builder Code perpetual volume came within $16 million of reaching $1 billion in a single day.
MetaMask and Phantom Expand Beyond Crypto Storage
MetaMask and Phantom’s contribution is particularly notable because both products originated primarily as self-custodial cryptocurrency wallets. Their expansion into perpetual futures reflects a wider shift toward wallets becoming comprehensive financial interfaces offering swaps, bridging, trading and other onchain services directly from a user’s existing account. For Hyperliquid, that model creates an alternative distribution strategy. Third-party applications can deliver users and order flow while Hyperliquid provides the underlying order book, margin system and settlement infrastructure.
Hyperliquid operates a fully onchain order book, with trades, funding and liquidations executed on its Layer 1 blockchain. Its perpetual contracts are linear derivatives whose value tracks an underlying asset, while funding payments between long and short traders help keep perpetual prices aligned with spot markets. The record also arrives as perpetual futures receive increasing attention beyond crypto-native venues. U.S. regulators are considering frameworks that could allow more leveraged and margined digital-asset trading to occur through regulated domestic platforms, increasing competition around a market historically dominated by offshore exchanges and decentralized protocols. Builder Code volume should not be confused with new capital entering cryptocurrency markets. The $984 million represents notional derivatives turnover, meaning the same capital can support multiple trades and leveraged positions.
Nevertheless, the record provides a clear measure of adoption for Hyperliquid’s infrastructure beyond its native interface. With nearly $1 billion of perpetual volume routed through Builder Codes in one day and $782,000 flowing to participating protocols, Hyperliquid is demonstrating that third-party distribution can become both a substantial source of trading activity and an independent revenue business for applications integrating its markets.