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Secret war on the wallet track: Is the rush to access Hyperliquid a good business?

Wallet platforms are rushing to connect to the Hyperliquid perpetual contract. Is it the technology dividend or the temptation of rebates? An in-depth analysis of Laojiucai teaches you to identify your needs and trade safely, and comes with a permanent discount code for mainstream CEX handling fees.

Secret war on the wallet track: Is the rush to access Hyperliquid a good business?

Secret war on the wallet track: Is competing to access Hyperliquid a good business?

The wallet circuit has been really busy recently. Following the underlying issues of TEE, a new round of focus has come again - major wallet platforms are rushing to access the perpetual contract trading function of Hyperliquid.

From established giants like MetaMask and Phantom to rising stars like Bitget Wallet, even some AI trading platforms want to get a piece of the pie. Is this the dividend of technology openness or the temptation of the rebate mechanism? Today, let’s dig into this muddy water to see if this is a good deal.

Background: Perps Track’s “DeFi Summer” Moment

If you pull the time back to 2025, you will find that the Perps DEX track is just like the DeFi Summer of that year, with all the heroes joining together and a melee.

Hyperliquid was undoubtedly the star of the day, experiencing both market surges and corrections. At the same time, new competitors continued to emerge, such as Aster, Lighter, and even "Brother Sun" also launched SunPerps, which stirred up the entire track.

Various wallets are no longer satisfied with just being an asset storage tool, and have launched sustainable trading capabilities within their own applications. Behind this, everyone is aiming at the same goal: Hyperliquid. A secret battle surrounding "access to Hyperliquid" began.

Core driving force: Builder Fee and rebate mechanism

Why is everyone flocking to Hyperliquid? A key reason is its innovative Builder Fee combined with Referral mechanism.

Simply put, this mechanism allows developers, quantitative teams, or aggregators (also known as "Builders") to charge an additional handling fee as a service fee when brokering user transactions. For users, the total handling fee remains unchanged, which is equivalent to Builder’s income being divided by Hyperliquid from its own income.

This is essentially an extremely smart opening strategy: Hyperliquid turns its order book into infrastructure, attracting various traffic platforms (such as wallets) to pick up. The platform has enriched its functions and Hyperliquid gained new users. It seems to be a win-win situation.

In the early days, this mechanism did allow some early access projects to make a lot of money, with dividends reaching tens of millions of dollars. But the questions that come with it are also interesting:

  • Why do MetaMask and Phantom, which have similar user bases, have access revenue that is 5 times different?
  • Why are top CEXs like Binance (BN) and OKX not participating?

To answer these questions, we have to look at how everyone “connects”.

Technical path: Game of two access methods

1. Open API access method (fast, but subject to restrictions)

This is the most direct way. Hyperliquid provides a complete API, covering all functions such as query, transaction, subscription, etc. The advantages are obvious:

  • Fast development, functions can be launched quickly.
  • Low data latency and good state consistency.

但劣势也很要命：

  • IP and geographical restrictions: Not friendly to global wallet platforms.
  • Current limiting challenge: The API has a call frequency limit, which is easily triggered when the number of users increases, resulting in unstable experience.
  • Weak control: Once Hyperliquid's API is upgraded or changed, the access party can only passively follow it and have to deal with user complaints.

This is equivalent to putting your life in the hands of others. MetaMask, Rabby, etc. have adopted this relatively "lightweight" approach to get online quickly, but it may also have hidden dangers.

2. Self-built read-only node access method (heavy, but excellent experience)

In order to circumvent API current limiting, another method is to deploy Hyperliquid's read-only node yourself. In this way, data on the chain can be obtained independently, reducing dependence on official APIs.

Phantom has chosen this more "heavy" path, and even forwards order requests through its own backend in order to pursue the ultimate stability and user experience.

But this path is costly:

  • Technically complex: Node maintenance and data synchronization are challenges.
  • Storage costs are huge: Data on the chain is growing rapidly, and storage costs may eat up profits.
  • Data consistency issue: If the self-built node data is delayed and inconsistent with the official order book, it may cause user transaction slippage and cause disputes.

The reality is very skinny: Why is this not necessarily a good business?

Although the access action is vigorous, a calm analysis shows that for most wallet platforms, accessing third-party Perps DEX may be a decision with a low investment-output ratio (ROI).

1. Mismatch between users and revenue structure

Hyperliquid's success is built on the typical "Whale Service Model". Data shows that the vast majority of its trading volume and open interest are concentrated in the hands of a handful of top whales. Most of those introduced by the wallet platform are ordinary retail users.

This creates a fundamental contradiction: the platform pays a high cost to access the functions, but it is difficult for the users it attracts to contribute core transaction volume and handling fees. Want to rely on that fee share to cover technical investment? Disaster.

2. The ultimate competition of the official entrance

For real perpetual contract traders, especially advanced players, what do they value more?

  • Complete chart analysis tools
  • Delicate stop-profit and stop-loss settings
  • Professional margin management model

These functions are still the most advantageous of Hyperliquid official front end. The simplified version of the transaction interface embedded in the wallet is more to meet the needs of "mobile terminal tracking and simple operations". Once Hyperliquid's own mobile app matures, these advantages of the wallet will be gone.

3. Complex reserves and migration costs

Access is not a one-and-done thing. If the popularity of Hyperliquid declines in the future, and other Perps DEXs such as Aster rise, what will happen to the wallet platform? The API interface and liquidation logic of each DEX are different, and the migration cost is extremely high. Today you are rushing to access hotspots, but tomorrow you may have to worry about how to go offline gracefully.

Inspiration and safety reminders for ordinary users

After talking about so many games on the platform, what inspiration does it have for us ordinary users?

  1. Recognize your needs: If you only want to try contracts occasionally, the convenient entrance built into the wallet may be enough. But if you are a serious trader, directly using DEX’s official front-end or a fully functional trading client is still a more professional choice.
  2. Safety first: No matter what platform you use to access transactions, make sure you are interacting with a formal and trustworthy contract. Be wary of transaction interfaces or links from unknown sources to prevent assets from being stolen.
  3. About Centralized Exchanges (CEX): The article mentioned that Binance, OKX, etc. have not actively participated in this access war. This is not surprising as the top CEXs themselves have large and mature perpetual contract trading markets. For many users, especially novices, CEX is still the main battlefield for contract trading from functions, liquidity to usage habits.

Want to experience the perpetual contract safely? Start with mainstream CEX

If you are interested in contract trading but feel that the threshold for DEXs such as Hyperliquid is too high, you can start with mainstream centralized exchanges (CEX). They have a friendly interface, sufficient liquidity, and comprehensive functions, making them more suitable for novices to learn and transition.

Important Tip: When choosing an exchange, be sure to look for the world's top, licensed and compliant platform, and stay away from those "pheasant exchanges" whose names you have never heard of. This is the first line of defense to protect the security of your funds.

For your convenience, here are some top CEX Permanent fee discount registration links. Use these links to register, and your transaction fees will be directly discounted. You can save a little bit:

Write at the end

Returning to the original question: Is it a good business for wallets to rush to connect to Hyperliquid?

For Hyperliquid, this is undoubtedly a successful ecological strategy, using benefits to attract a large number of builders to expand its boundaries. But for most connected wallet platforms, this is likely to be a deal that cannot be settled. Compared with the high cost of customized development and maintenance, compared with the limited retail fee sharing and user growth, the ROI is not optimistic.

This secret war may eventually become an involution between platform parties like many Internet stories, and the real winner may be the protocol itself that provides core value, as well as those top exchanges that provide users with a safe, stable, and low-fee trading environment.

As users, we might as well look at these hot spots calmly and put financial security and user experience first**. Whether you are exploring cutting-edge DEX or using mature CEX, choosing a reliable platform is always the most important first step.

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