Hyperliquid Builder Fees Explained - What Third-Party Apps Charge to Route Your Orders

Hyperliquid

Someone Else's Interface, Hyperliquid's Order Book

More than 100 teams now route orders into Hyperliquid without running an exchange. You can open a perp from inside Phantom, from MetaMask, from a bridge aggregator, or from an AI chat app on your phone. The order goes to the same HyperCore order book either way. The fill is identical.

The difference is the fee. Every one of those apps is attaching a builder code to your order, and that code takes a cut.

How the Mechanism Works

The design is deliberately narrow. A builder cannot silently skim from you, and it cannot charge whatever it wants.

1. You approve the builder. Before any app can charge you, you sign an ApproveBuilderFee action with your main wallet, not an API or agent wallet. The prompt names the builder address and the maximum fee it may charge. This is the moment to actually read the number.

2. The app tags each order. Once approved, the app attaches a builder parameter to every order it sends: the builder's address plus a fee expressed in tenths of a basis point. If the app tags a higher fee than you approved, the order is rejected.

3. The fee comes out of the quote asset. Builder fees are collected in USDC on perps and in the collateral asset on spot. On spot markets the fee only applies to the selling side, so buying is untouched.

4. Builders claim through the referral flow. Accrued builder fees are withdrawn through the same rewards process as referral earnings, and every fill is published in a daily CSV per builder address, which is why the revenue leaderboards below are public rather than self-reported.

What It Actually Costs You

This is the part most traders never check. Hyperliquid's base perp fees are 0.045% taker and 0.015% maker. A 0.05% builder fee, which is what Phantom charges, more than doubles the cost of a taker fill.

Over a single trade that is lunch money. Over $1 million of monthly volume at 0.05%, the builder fee alone is $500 a month, and it does nothing to move you up Hyperliquid's VIP fee tiers because it is not protocol volume revenue.

Who Is Actually Earning This

Builder codes turned out to be one of Hyperliquid's more successful distribution decisions. The top ten builders have cleared more than $63.5 million in cumulative revenue, and over 100 teams have integrated.

MetaMask, Insilico, Infinex, Axiom (Axiompedia's Axiom fees breakdown covers its perps pricing), Tread.Fi, Dreamcash, and Mass round out the top ten.

Phantom is the instructive case. It processed $37 billion in perpetual volume in under a year without building an exchange, a matching engine, or a liquidity program. It shipped a trading tab into a wallet 137,000 people already had open, charged them 0.05%, and averaged about $150 of revenue per user.

Recent Integrations Worth Knowing About

Oku

Oku added Hyperliquid perps in July 2026. Its angle is funding: you can enter a position with assets sitting on Bitcoin, Solana, Ethereum, or 30-plus other chains, because Oku is a bridge and swap aggregator first and a perps frontend second. It routes through more than 20 DeFi tools including LiFi, Relay, CoW Swap, 0x, Kyber, and 1inch, and offers leverage on crypto, stocks, ETFs, commodities, and indices, up to 50x on the markets that allow it (crypto tops out at 40x, on BTC).

If you hold most of your capital outside the Hyperliquid ecosystem, this removes the bridging step that usually comes first.

Talis

Talis is an AI trading app that went live on iOS in July 2026. You describe a position in plain language and it builds and tracks the strategy, executing non-custodially against Hyperliquid. It bundles a strategy builder, a market assistant for scenario work, and performance tracking on the strategies you save.

It is a genuinely different interface model from an order book, and worth a look if you already think about positions in sentences rather than in limit prices. Our mobile trading guide covers the more conventional iOS and Android options.

Base App

The biggest name to arrive so far. Base App, Coinbase's consumer trading app, added perpetual futures in August 2026, and Hyperliquid's own weekly update confirmed the integration runs through builder codes. Eligible users get up to 50x leverage across more than 290 markets, including the stock and commodity perps that live on HIP-3 deployments.

The interface stays inside Base App. Matching, margin, and liquidation all happen on HyperCore, the same order book you would hit trading directly. Per reporting on the launch, the perps product is not offered to users in the US, UK or Canada.

This is the Phantom playbook at a larger scale: an app with an existing audience adds a trading tab rather than building an exchange. What it means for you as a trader is unchanged from every other builder integration on this page. You are paying a surcharge on top of Hyperliquid's base fees for the convenience of not leaving the app you were already in. If you would rather not, trading directly costs nothing extra.

Ult

Ult is a self-custody app for trading stocks, crypto and prediction markets, and its X profile says it is powered by Crypto.com. On September 26, 2026 it posted that it "routes perps through Hyperliquid," with up to 40x buying power where the feature is available, and Hyperliquid's weekly update listed it among the builder-code integrations. You sign in with a Google or Apple account rather than a seed phrase.

Two things to check before using it. The 40x is a ceiling, and on Hyperliquid only BTC reaches it among native crypto perps, so most markets will offer less. And Ult has not published its builder fee, so read the approval prompt before you sign it. If you want the version of this story aimed at funds rather than phone apps, our page on Bloomberg, Copper and Paxos covers the institutional routes that arrived the same week.

Xverse

Xverse is a Bitcoin wallet that says it has nearly 2 million users. On October 8, 2026 it announced perps in its iOS and Android apps, "powered by Hyperliquid," and Hyperliquid's weekly update listed it among the builder-code integrations. In the app you go to Trade, then Perps.

Source: Xverse, used under fair use for educational purposes

The new part is funding. Xverse's perps guide says you can send BTC straight from your Xverse wallet and the app converts and bridges it for you. You can also use USDC on Starknet held in its Xverse Cash account, which you can top up by bank transfer, card or Apple Pay. Either way you never handle a bridge yourself. The launch post also lists stock, commodity and currency perps. On Hyperliquid those are HIP-3 markets deployed by builders such as trade.xyz, not by Hyperliquid itself.

The usual checks apply. BTC goes up to 40x, which is Hyperliquid's own cap, and at launch the guide says only market orders are supported, with stop loss and take profit set when you open. Xverse has not published its builder fee, so read the approval prompt. Xverse also says perps are not available in the US and some other regions.

Not All Integrations Are Builder Codes

Worth repeating, because it is the most common mix-up: trade.xyz is not a builder-code integration. It is a HIP-3 deployer that stakes HYPE and runs its own markets, which is why you find CXMT, SpaceX, and commodity perps there and nowhere else. Builder codes route into existing books. HIP-3 creates new ones.

How to Check and Revoke Your Approvals

Approvals persist. Trading somewhere else does not cancel them, and most people have no idea how many they have accumulated.

Quick Recap

• A builder fee is an app surcharge on top of Hyperliquid's own trading fees, capped at 0.1% for perps and 1% for spot
• It requires an explicit ApproveBuilderFee signature from your main wallet, and you can hold at most 10 approvals
• Phantom charges 0.05%, which roughly doubles the cost of a base-tier taker fill
• Over 100 teams have integrated, earning more than $63.5 million cumulatively, with Phantom alone at $20.6 million
• Builder fees do not count toward your Hyperliquid VIP tier progression
• Trading directly at app.hyperliquid.xyz costs no builder fee at all