CoinMeta data: According to a research report on the on-chain perpetual contract market published by Castle Labs, Hyperliquid has accumulated protocol revenue of over $1.4 billion, with over $1.26 billion used for repurchases in the public market of HYPE. Based on the volume of open contracts, its market share in on-chain perpetual contracts exceeds 56%. The report indicates that Hyperliquid has opened up its trading infrastructure to third-party wallets and applications through the Builder Codes mechanism, allowing them to access and generate revenue without having to develop their own perpetual contract trading systems. Among them, Phantom has accumulated revenue of over $25 million, and MetaMask has exceeded $10.5 million.