vike

Recipe 36 of 65

How concentrated is Hyperliquid builder-code revenue?

Divide the fee_usd of the top builders from /v1/hyperliquid/builders?sort=fee by totals.fee_usd from /v1/hyperliquid/builders/stats over the same window.

GET /v1/hyperliquid/builders and GET /v1/hyperliquid/builders/stats answer it in two calls over the same window. With sort=fee the first ranks builders by fee_usd, their own revenue, and the second returns totals.fee_usd for every builder together and totals.builders, how many there are. The top-N share is the sum of the first N fee_usd values over the total. The full parameter lists are on Builder leaderboard and Builder ecosystem stats.

Quick answer

Read the top earners, then the total, over one window.

cURL
# the 10 biggest earners over the whole history
curl -H "X-API-Key: $VIKE_API_KEY" \
  "https://data.vike.io/v1/hyperliquid/builders?window=all&sort=fee&limit=10"
cURL — the total
# every builder's revenue together, and how many builders there are, over the same window
curl -s -H "X-API-Key: $VIKE_API_KEY" \
  "https://data.vike.io/v1/hyperliquid/builders/stats?window=all" \
  | jq '.totals | {fee_usd, builders, users}'

Example response

Captured from the live API on 2026-10-24 at 17:16 UTC, trimmed to 3 of 10 rows.

Over the whole history, 1,623 builders earned $121.0M. The top builder took 22.7% of it, the top three 46.1% and the top ten 68.8%. Over the last 30 days the top three took 42.5% of $11.03M. first_seen_lifetime is the builder's first fill ever, and active_days the days it had fills in the window.

Example response
{
  "window": {
    "window": "all",
    "start": "2024-10-27T18:15:13+00:00",
    "end": "2026-10-24T17:16:01.603000+00:00"
  },
  "sort": "fee",
  "order": "desc",
  "venue_volume_usd": 4463458678974.063,
  "market_share_window_start": "2025-12-31T23:59:59.856000+00:00",
  "builders": [
    {
      "builder": "0xb84168cf3be63c6b8dad05ff5d755e97432ff80b",
      "rank": 1,
      "fee_usd": 27480998.26096887,
      "volume_usd": 53792649451.47603,
      "share_volume_usd": 28176904162.59446,
      "fills": 23404031,
      "users": 196592,
      "revenue_per_user": 139.78696112236955,
      "fee_rate_bps": 5.108690228347697,
      "fee_usd_node": 9172286.378033819,
      "trader_fee_usd": 15352220.7217453,
      "builder_routed_deployer_fee_usd": 187200.8292099958,
      "closed_pnl_usd": 57622637.56178603,
      "active_days": 500,
      "crossed_fills": 23286565,
      "taker_pct": 99.4980950076506,
      "first_seen": "2025-06-12T01:30:06+00:00",
      "last_seen": "2026-10-24T17:15:57.104000+00:00",
      "market_share_pct": 0.6312796015190396,
      "first_seen_lifetime": "2025-06-12T01:30:06+00:00"
    },
    {
      "builder": "0x1924b8561eef20e70ede628a296175d358be80e5",
      "rank": 2,
      "fee_usd": 15676080.089275485,
      "volume_usd": 50482727134.180824,
      "share_volume_usd": 11125091192.86562,
      "fills": 57487245,
      "users": 44920,
      "revenue_per_user": 348.97774018867955,
      "fee_rate_bps": 3.10523638067515,
      "fee_usd_node": 970159.1193391078,
      "trader_fee_usd": 2018399.083531097,
      "builder_routed_deployer_fee_usd": 53378.85749004529,
      "closed_pnl_usd": -7776113.956749054,
      "active_days": 473,
      "crossed_fills": 28389145,
      "taker_pct": 49.38338060903771,
      "first_seen": "2025-07-09T06:19:12+00:00",
      "last_seen": "2026-10-24T17:15:37.656000+00:00",
      "market_share_pct": 0.2492482174254775,
      "first_seen_lifetime": "2025-07-09T06:19:12+00:00"
    },
    {
      "builder": "0xe95a5e31904e005066614247d309e00d8ad753aa",
      "rank": 3,
      "fee_usd": 12676170.16119398,
      "volume_usd": 14525571319.066662,
      "share_volume_usd": 11469845538.556074,
      "fills": 5845646,
      "users": 64871,
      "revenue_per_user": 195.40580785241448,
      "fee_rate_bps": 8.726796270350407,
      "fee_usd_node": 7451644.496916083,
      "trader_fee_usd": 9721516.182854015,
      "builder_routed_deployer_fee_usd": 107847.59864599966,
      "closed_pnl_usd": 7826267.217502982,
      "active_days": 432,
      "crossed_fills": 5505667,
      "taker_pct": 94.18406451570964,
      "first_seen": "2025-08-19T22:14:56+00:00",
      "last_seen": "2026-10-24T17:15:42.278000+00:00",
      "market_share_pct": 0.25697214567229837,
      "first_seen_lifetime": "2025-08-19T22:14:56+00:00"
    }
  ],
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}

Variations

The last 30 days. The same split over a recent window.

cURL — 30 days
# the 10 biggest earners of the last 30 days, to divide by the 30-day total
curl -H "X-API-Key: $VIKE_API_KEY" \
  "https://data.vike.io/v1/hyperliquid/builders?window=30d&sort=fee&limit=10"

A concentration index. The sum of squared shares (a Herfindahl index, 0 to 10,000) over the 500 biggest builders, the most one page returns.

cURL — index
# shares of the 500 biggest earners squared and summed
curl -s -H "X-API-Key: $VIKE_API_KEY" \
  "https://data.vike.io/v1/hyperliquid/builders?window=30d&sort=fee&limit=500" \
  | jq '[.builders[].fee_usd] as $f | ($f | add) as $t | [$f[] | (. / $t * 100) | . * .] | add'

Inside one builder. How concentrated one builder's own users are: volume share per decile of its users.

cURL — user deciles
# one builder's users split into ten volume deciles
curl -s -H "X-API-Key: $VIKE_API_KEY" \
  "https://data.vike.io/v1/hyperliquid/builders/0xb84168cf3be63c6b8dad05ff5d755e97432ff80b?window=30d&breakdown_limit=1" \
  | jq '.user_volume_distribution | map({decile, users, volume_share_pct})'

Before you rely on it

All-time favours the oldest builders

window=all reaches back to 2024-10-27, and builders started at different times: the top ten's active_days ran from 142 to 721. A young builder can lead the last 30 days and still sit low on the all-time board. Compare active_days and first_seen_lifetime, and read a 30-day board beside the all-time one.

Same window on both calls

Take the leaderboard and /builders/stats with the same window, a few seconds apart; each window ends at the newest fill. Builder history is still being filled in from the venue's published files, so all-time totals can grow for past dates. fee_usd is the builder's cut only; what users paid in total is trader_fee_usd.

Ask your agent

Connected to the Vike MCP server (https://vike.io/mcp) in Claude, ChatGPT or Cursor, ask it in plain words. The hl_builders tool answers with view: leaderboard, then view: stats, at 1 credit a call.

Ask your agent
What share of Hyperliquid builder-code revenue do the top 3 and top 10 builders take, all time and over the last 30 days?

One Hyperliquid builder: profile, users, fills, daily revenue series, retention

Recipe 35

What take rate does each Hyperliquid builder charge?

Recipe 37

Example response
{  "window": {    "window": "all",    "start": "2024-10-27T18:15:13+00:00",    "end": "2026-10-24T17:16:01.603000+00:00"  },  "sort": "fee",  "order": "desc",  "venue_volume_usd": 4463458678974.063,  "market_share_window_start": "2025-12-31T23:59:59.856000+00:00",  "builders": [    {      "builder": "0xb84168cf3be63c6b8dad05ff5d755e97432ff80b",      "rank": 1,      "fee_usd": 27480998.26096887,      "volume_usd": 53792649451.47603,      "share_volume_usd": 28176904162.59446,      "fills": 23404031,      "users": 196592,      "revenue_per_user": 139.78696112236955,      "fee_rate_bps": 5.108690228347697,      "fee_usd_node": 9172286.378033819,      "trader_fee_usd": 15352220.7217453,      "builder_routed_deployer_fee_usd": 187200.8292099958,      "closed_pnl_usd": 57622637.56178603,      "active_days": 500,      "crossed_fills": 23286565,      "taker_pct": 99.4980950076506,      "first_seen": "2025-06-12T01:30:06+00:00",      "last_seen": "2026-10-24T17:15:57.104000+00:00",      "market_share_pct": 0.6312796015190396,      "first_seen_lifetime": "2025-06-12T01:30:06+00:00"    },    {      "builder": "0x1924b8561eef20e70ede628a296175d358be80e5",      "rank": 2,      "fee_usd": 15676080.089275485,      "volume_usd": 50482727134.180824,      "share_volume_usd": 11125091192.86562,      "fills": 57487245,      "users": 44920,      "revenue_per_user": 348.97774018867955,      "fee_rate_bps": 3.10523638067515,      "fee_usd_node": 970159.1193391078,      "trader_fee_usd": 2018399.083531097,      "builder_routed_deployer_fee_usd": 53378.85749004529,      "closed_pnl_usd": -7776113.956749054,      "active_days": 473,      "crossed_fills": 28389145,      "taker_pct": 49.38338060903771,      "first_seen": "2025-07-09T06:19:12+00:00",      "last_seen": "2026-10-24T17:15:37.656000+00:00",      "market_share_pct": 0.2492482174254775,      "first_seen_lifetime": "2025-07-09T06:19:12+00:00"    },    {      "builder": "0xe95a5e31904e005066614247d309e00d8ad753aa",      "rank": 3,      "fee_usd": 12676170.16119398,      "volume_usd": 14525571319.066662,      "share_volume_usd": 11469845538.556074,      "fills": 5845646,      "users": 64871,      "revenue_per_user": 195.40580785241448,      "fee_rate_bps": 8.726796270350407,      "fee_usd_node": 7451644.496916083,      "trader_fee_usd": 9721516.182854015,      "builder_routed_deployer_fee_usd": 107847.59864599966,      "closed_pnl_usd": 7826267.217502982,      "active_days": 432,      "crossed_fills": 5505667,      "taker_pct": 94.18406451570964,      "first_seen": "2025-08-19T22:14:56+00:00",      "last_seen": "2026-10-24T17:15:42.278000+00:00",      "market_share_pct": 0.25697214567229837,      "first_seen_lifetime": "2025-08-19T22:14:56+00:00"    }  ],  "nextCursor": "eyJiIjoiMHgxY2MzNGY2YWYzNDY1M2M1MTViNDdhODNlMWRlNzBiYTliMGNkYTFmIiwiaGkiOiIyMDI2LTEwLTI0VDE3OjE2OjAxLjYwMzAwMCswMDowMCIsImxvIjoiMjAyNC0xMC0yN1QxODoxNToxMyswMDowMCIsInIiOjEwLCJ2IjoyNDQ2NDg3LjYxOTU0NzUwNH0"}