Original Title: "The Win-Win Situation of Hyperliquid and Phantom: One Soars to New Heights, One Earns Passively"

Original Author: Azuma, Odaily Planet Daily

On July 9th, the mainstream Solana ecosystem wallet application Phantom announced a partnership with the decentralized exchange Hyperliquid, leveraging Hyperliquid's backend support to allow Phantom users to directly engage in perpetual contract trading within the wallet, with up to 40x leverage on over 100 tokens supported by Hyperliquid for long or short positions.

Although only 5 days have passed since the partnership was established, it is almost certain that this collaboration is a win-win situation for both Phantom and Hyperliquid.

Hyperliquid: Reaching the Solana Ecosystem, Price Surges to New Highs

Looking first from the Hyperliquid perspective, as the currently strongest decentralized exchange for contracts, Hyperliquid's main area of operation was in the EVM ecosystem. While there were some scattered Solana DeFi projects (such as Ranger) attempting to bridge the gap between the two services, the overall user reach to Solana users was not ideal. With the completion of the collaboration, Hyperliquid will leverage Phantom, the most mainstream Solana ecosystem wallet application, to directly and efficiently reach Solana ecosystem users.

According to official data disclosed by Phantom in January of this year, the wallet currently has 15 million monthly active addresses, meaning that even if only 1% of the addresses are converted, this will bring Hyperliquid 150,000 new users—based on Hyperliquid's current user base of around 540,000, this represents nearly a 30% user increase.

Moreover, Phantom also revealed that the exchange service integrated into its wallet facilitated 8.5 billion transactions in 2024, with a transaction volume of up to $200 billion. Currently, the ratio of spot trading volume to contract trading volume in mainstream centralized exchanges is about 15% - 30%—even using the more conservative estimate of 30%, this corresponds to an expected contract trading volume of about $666 billion.

On the morning of July 13, Phantom's official team disclosed that its contract trading volume had exceeded $120 million. At this point, only 4 days had passed since the launch of its contract trading feature, and such a remarkable start is quite impressive.

Due to the growth expectations brought about by this collaboration, the Hyperliquid token HYPE has recently continued to hit new highs. As of 3:45 PM on July 14, the price temporarily reached $49.13, with only one final push left to break through the $50 mark.

Phantom: "Rebate" Passive Income

For the other party, Phantom, this collaboration is also significant. On the one hand, introducing contract trading enriches Phantom's product functionality, providing users with more diverse services. On the other hand, with the help of Hyperliquid's Builder Codes feature, Phantom is also expected to gain a substantial new income.

The so-called Builder Codes allow third-party Builders (in this context, Phantom) to receive fees through transactions sent on behalf of users by Hyperliquid, which can be simply understood as a mechanism similar to a "rebate."

Hyperformance data shows that just 5 days after launching contract trading services, Phantom's "Rebate" corresponding address (0xb84168cf3be63c6b8dad05ff5d755e97432ff80b) has already earned $102,155 in Builder codes revenue.

Even based on the above static calculation, this translates to approximately $7.45 million in annual revenue. Considering the expected growth in users and transaction volume, this figure may still multiply several times over.

User End: Improved Liquidity, Lower Fees

From the perspective of users in the Solana ecosystem, Phantom's collaboration with Hyperliquid is clearly good news. On the one hand, Hyperliquid's liquidity has a significant advantage over the current Solana ecosystem's contract trading, providing Solana ecosystem users with better trade execution prices. More importantly, Phantom and Hyperliquid offer users highly attractive fee conditions.

In its latest research, GLC Research pointed out that the median fee provided by Phantom and Hyperliquid is 0.095%, compared to Jupiter contract transactions with a fee of 0.3%, highlighting the former's fee rate advantage.

Overseas KOL JJ (@hyperliquidbull) further added that Phantom and Hyperliquid provide users with near-institutional-level fee pricing, which is comparable to Binance VIP-1 pricing, usually requiring a monthly trading volume of over $15 million.

Conclusion: The Future of Chain Abstraction

Looking closely at Phantom and Hyperliquid's recent collaboration, the most interesting point is that as a key player in the Solana ecosystem, Phantom did not choose Jupiter, Drift, or other decentralized exchanges in the Solana ecosystem but instead opted for a cross-ecosystem integration with Hyperliquid, with all integration work completed on the backend, providing a seamless experience for frontend users.

This is almost the future of chain abstraction we once envisioned—where products will no longer be constrained by their native stack, complex technology and concepts will be hidden behind the scenes, and users will directly enjoy convenient services in a seamless manner.

As two leading players in different tracks, Phantom and Hyperliquid have provided a good example through their collaboration, perhaps offering some insights for future collaborative innovations in the industry.

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