Original title: "Hyperliquid and Phantom's Win-Win Game: One Family Rises to New Highs, One Sits on the Ground to Earn"

Original author: Azuma, Odaily Planet Daily

On July 9, Phantom, a mainstream wallet application in the Solana ecosystem, announced a partnership with a decentralized exchange Hyperliquid has reached a partnership to leverage Hyperliquid's backend support to allow Phantom users to trade perpetual contracts directly within their wallets, going long or short on more than 100 tokens supported by Hyperliquid with up to 40x leverage.

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only 5 days from the conclusion of the partnership, but it is almost certain that this collaboration will be a win for both Phantom and Hyperliquid.

Hyperliquid: Reaching the Solana ecosystem, the currency price breaks through new highs

First of all, from the perspective of Hyperliquid, as the most powerful decentralized contract exchange at present, Hyperliquid's previous main position was in the EVM ecosystem, although there are some sporadic Solana DeFi projects (such as Ranger) trying to connect services between the two sides, but the overall reach rate of Solana users is not ideal. With the completion of the cooperation, Hyperliquid will use Phantom, the most mainstream wallet application in the Solana ecosystem, to reach Solana ecosystem users in the most direct and efficient way.

According to official data disclosed by Phantom in January this year, the wallet currently has 15 million monthly active addresses, which means that even if only 1% of addresses are converted, it will add 150,000 new users to Hyperliquid - based on Hyperliquid's current total number of about 540,000 users, which means nearly 30% of the user increase.

Additionally, Phantom disclosed that its wallet's built-in exchange service facilitated a total of 850 million transactions in 2024, with a trading volume of up to $20 billion. Currently, spot trading volume to contract volume on mainstream centralized exchanges is about 15% to 30% – even with a more conservative 30% assessment, this corresponds to an expected contract volume of about $66.6 billion.

On the morning of July 13, Phantom officially disclosed that its contract trading volume had exceeded $120 million, which is only 4 days after its launch of its contract trading function, which is quite impressive.

Affected by the growth expectations brought about by this cooperation, the hyperliquid token HYPE has also continued to hit new highs recently, temporarily trading at $49.13 as of 15:45 on July 14, leaving only the last sprint to hit the $50 mark.

Phantom: "Rebate" lies down to earn

For the other party, Phantom, this cooperation is also of great significance. On the one hand, the introduction of futures trading enriches Phantom's product functions and provides users with more diversified service content. On the other hand, Phantom is also expected to earn a significant new revenue with Hyperliquid's Builder Codes feature.

The so-called Builder Codes, or Hyperliquid, allow third-party builders (in this scenario, Phantom) to earn fees through transactions sent on behalf of users, which can be simply understood as a mechanism similar to "rebates".

Hyperformance data shows that just 5 days after the launch of the futures trading service, Phantom's "rebate" corresponding address (0xb84168cf3be63c6b8dad05ff5d755e97432ff80b) has received $102155 in Builder codes revenue.

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corresponds to an annual revenue of about $7.45 million even based on the above data, which may continue to be magnified several times given the expected growth in users and transaction volumes.

User: Better liquidity, lower rates

From the perspective of users in the Solana ecosystem, this cooperation between Phantom and Hyperliquid is obviously a boon. On the one hand, Hyperliquid's liquidity has obvious advantages over the current contract trading in the Solana ecosystem, which will provide better transaction execution prices for Solana ecosystem users. More importantly, Phantom and Hyperliquid offer attractive rates for users.

In its latest research, GLC Research pointed out that the median fee offered by Phantom and Hyperliquid is 0.095%, compared to the 0.3% fee for Jupiter contract trading, with the former having a significant rate advantage.

Overseas KOL JJ (@hyperliquidbull) added that Phantom and Hyperliquid provide users with near-institutional-grade fee pricing, which is almost equivalent to the pricing of Binance VIP-1, which typically requires more than $15 million in monthly trading volume.

Conclusion: The Future

closer look at this cooperation between Phantom and Hyperliquid, the most interesting thing is that as the main force of the Solana ecosystem, Phantom did not choose decentralized contract exchanges in the Solana ecosystem such as Jupiter and Drift, but chose it across ecosystems Hyperliquid, and all the integration work is done on the backend, and the front-end users are completely untouched.

This is almost the future of chain abstraction that we have imagined - products will no longer be limited by their native stack, complex technologies and concepts will be hidden behind the scenes, and users will directly enjoy convenient services in a non-perceptual way.

As two leading players on different tracks, Phantom and Hyperliquid have provided a good example through cooperation, which may provide some reference ideas for subsequent cooperation and innovation in the industry.

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