The decentralized finance (DeFi) landscape is evolving rapidly, and few protocols are reshaping the game as boldly as Hyperliquid. With its Builder Code mechanism nearing $10 million in cumulative revenue, it's clear that Hyperliquid isn't just another perpetuals DEX—it's emerging as a foundational layer for the next generation of trading applications. This shift is redefining how value flows through the ecosystem, empowering developers, attracting new users, and reinforcing the economic model of its native HYPE token.
At the heart of this transformation lies a simple yet revolutionary idea: let builders capture value directly from the transactions they enable. In this article, we’ll explore how Hyperliquid’s Builder Code works, who’s driving adoption, and what it means for the future of decentralized trading and token valuation.
What Is Builder Code? The Engine Behind Open Trading Infrastructure
For those unfamiliar with Hyperliquid’s ecosystem, Builder Code is a permissionless mechanism that allows developers to earn fees from trades executed through their applications. According to Hyperliquid’s documentation:
“Builder Code enables developers to charge a fee on orders placed on behalf of users. Each order can have a unique Builder Code, offering maximum flexibility. Users must pre-approve a maximum fee per developer and can revoke access at any time. The entire process is handled on-chain as part of the fee logic.”
In practical terms, this means any platform integrating Hyperliquid’s infrastructure can earn a share of transaction fees—up to 0.1% on perpetual contracts and 1% on spot trades—simply by routing volume through its interface.
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Users authorize this fee structure via a one-time signature, after which their trades contribute to the builder’s revenue stream. This model eliminates the need for platforms to bootstrap liquidity or build complex matching engines. Instead, they focus on user experience while leveraging Hyperliquid’s battle-tested infrastructure.
One early adopter, Felix Trade, already demonstrates this flow by enabling spot trading via @felixprotocol, showcasing how seamless integration can be. As more apps follow suit, we’re witnessing the rise of a true open financial stack—where infrastructure and application layers coexist symbiotically.
Who’s Leading the Builder Code Movement?
While still in its early stages, the Builder Code ecosystem has already generated around $9.5 million in total revenue, with significant concentration among top performers.
- @pvp_dot_trade leads the pack with approximately $7.2 million, proving that well-optimized interfaces can generate substantial returns.
- Over 22 new builders have joined the network, signaling growing interest in leveraging Hyperliquid as a backend engine.
- Platforms like @okto_web3, though currently earning only $662,000 from Builder Code, represent a broader trend: crypto-native tools expanding into multi-chain, user-first experiences.
But the real shift comes from non-native platforms entering the space. Projects like Liquid and Lootbase are building Robinhood-like interfaces tailored for mainstream users—simple, intuitive, and commission-free at the point of sale. These aren’t niche DeFi dashboards; they’re consumer-facing apps aiming for mass adoption.
This evolution challenges the initial assumption that only crypto-native platforms like Axiom would adopt Builder Code. Instead, we’re seeing a future where traditional fintech companies could plug into Hyperliquid’s infrastructure to launch crypto trading instantly—without building markets from scratch.
Could Robinhood Be Next? The Case for Mainstream Adoption
Consider Robinhood, a fintech giant with proven distribution power. In January 2025 alone, it reported:
- $144.7 billion in stock trading volume
- 166.6 million options contracts traded
- $20.4 billion in crypto volume
If Robinhood wanted to expand its crypto offerings—especially into perpetual futures—it faces two paths:
- Build a proprietary matching engine, liquidity pool, and risk management system (costly and time-consuming)
- Integrate with an existing, high-performance infrastructure like Hyperliquid
The second option is far more efficient. By allocating a small amount of capital—say, 1 million HYPE tokens (a negligible sum for Robinhood)—it could deploy a fully functional derivatives market powered by Hyperliquid’s infrastructure. Then, by embedding Builder Code into its app, Robinhood could capture a portion of every trade as revenue.
This approach would save millions in development costs and cut go-to-market time from years to weeks. More importantly, it aligns with a growing trend: large platforms outsourcing infrastructure to focus on user acquisition and experience.
As HIP-3 (Hyperliquid Improvement Proposal 3) rolls out—enabling permissionless spot listings—the incentive for such integrations will only grow stronger.
HYPE Token Valuation: Anchored in Real Cash Flow
While Builder Code fuels innovation at the application layer, the HYPE token serves as the core value accumulator at the protocol level. One of the most compelling aspects of HYPE is its protocol-funded buyback mechanism, which directly returns value to token holders.
Over the past 30 days (as of June 16, 2025), Hyperliquid has repurchased an average of $1.63 million per day** in HYPE tokens using protocol revenue—amounting to roughly **$146.4 million per quarter.
To assess what this cash flow implies for valuation, we compare Hyperliquid to traditional financial infrastructure firms using the "market cap / quarterly buyback" multiple—a common metric in public markets.
Industry Buyback Multiples Comparison:
- Tech Giants (e.g., NVIDIA, Google): ~296x
- Payment Processors (e.g., Visa, Mastercard): ~177x
- Banks (e.g., JPMorgan, Bank of America): ~73.3x
Given Hyperliquid’s high-margin, transaction-driven business model and strong network effects, the payment processing sector offers the most relevant benchmark. Like Visa or Mastercard, Hyperliquid scales with volume, benefits from increasing liquidity depth, and becomes more valuable as more participants join.
Applying the conservative 177x payment industry multiple:
$146.4 million (quarterly buybacks) × 177 = **$25.9 billion implied valuation**
With approximately 340 million HYPE tokens in circulation, this translates to a **target price of ~$76 per token**—a **72% upside** from the current $44 level.
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Why This Valuation Is Conservative
It’s crucial to emphasize that this estimate is intentionally cautious:
- It ignores HYPE’s utility as a Layer-1 native token, including staking rewards and governance rights.
- It doesn’t account for potential future upgrades or expanded use cases.
- It relies on historical data—not projected growth—as Hyperliquid continues to gain market share.
Moreover, unlike equity buybacks in traditional markets—which are often financed through debt or retained earnings—Hyperliquid’s buybacks are funded by real-time protocol revenue, making them more sustainable and directly tied to usage.
Frequently Asked Questions (FAQ)
Q: What exactly does Builder Code allow developers to earn?
A: Developers earn a fee—up to 0.1% on perpetual trades and 1% on spot trades—whenever users trade through their integrated interface. The fee is deducted automatically and paid out on-chain.
Q: Do users pay extra when using a Builder-integrated app?
A: No additional cost is incurred by users. The fee is taken from existing transaction fees—they simply choose which builder receives a portion of that fee when authorizing the app.
Q: How is HYPE different from other DeFi tokens?
A: HYPE benefits from continuous buybacks funded by protocol revenue, creating direct economic alignment with growth. It also plays a role in governance and network security as Hyperliquid’s native L1 token.
Q: Can non-crypto companies really use Hyperliquid?
A: Yes. Any platform needing fast, reliable trading infrastructure can integrate Hyperliquid via APIs and Builder Code—no blockchain expertise required.
Q: Is the $76 price target guaranteed?
A: No valuation is certain in crypto. However, this figure provides a data-backed floor based on current cash flows and comparable industries, offering investors a tangible reference point.
Q: How do I start using or building with Builder Code?
A: Developers can access documentation and SDKs directly from Hyperliquid’s official resources to begin integrating immediately.
Final Thoughts: A New Paradigm for Value Capture
Hyperliquid’s rise reflects a broader shift in DeFi: the separation of infrastructure and interface. By enabling anyone to build atop its robust trading engine—and profit fairly through Builder Code—it’s fostering an open ecosystem where innovation thrives.
Meanwhile, the HYPE token stands as a rare example of a crypto asset backed by real, measurable cash flow. With a conservative valuation suggesting significant upside and growing adoption across both niche and mainstream platforms, Hyperliquid may well be laying the groundwork for the next era of decentralized finance.
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Note: This article does not constitute financial advice. Always conduct your own research before making investment decisions.