The Hyperliquid airdrop stacking opportunity (that everyone’s ignoring)
The worst place to trade on Hyperliquid is the main UI.
Why leave other airdrops on the table when you could switch platforms and still be exposed to Hyperliquid S2?
Here’s how Builder Codes let you stack multiple rewards with the same trades you’d make:
Multiple interfaces on one Hyperliquid
Builder codes were launched in 2024, where anyone could build a platform while using Hyperliquid as the backend.
Builders would only need to care about designing the frontend interface, while Hyperliquid provides the liquidity for users to trade.
These platforms can monetise by charging a fee on top of Hyperliquid’s trading fees, providing them with an extra source of revenue.
And more platforms are waking up to this idea:
Why would they need to build a perps platform from scratch, when they can bootstrap CEX-like liquidity directly from Hyperliquid?
Those who got in early have been reaping the rewards, with over $24 million in revenue since launch.
So instead of qualifying for just the Hyperliquid S2 drop, why not increase your exposure to other airdrops too?
We can trade on other platforms while still enjoying Hyperliquid’s deep liquidity, and get
But with 30+ Builder platforms to choose from, we have to choose the most optimal one for us:
What I’m looking for
These are the factors that I’m using to determine the most ideal platform for trading:
Builder fees (on top of Hyperliquid’s)
Builder fees can be set at a max of 0.1% on perps and 1% on spot.
So on top of the base 0.045% (perps) and 0.07% (spot) that we’re paying on Hyperliquid:
We will pay a maximum of 0.145% (perps) and 1.07% (spot) if the Builder activates the maximum fee.
This all depends on whether you’re comfortable with paying more fees to increase your exposure to more airdrops.
But most Builders charge less than the maximum fee, so I’m looking for those with low fees and high airdrop potential.
Possibility of an airdrop
Everyone’s salivating over the potential S2 drop, with up to 38.88% of HYPE tokens remaining in the community rewards portion.
But my priority is to interact with tokenless Builder platforms to increase my exposure to more airdrops.
But as always, points are purely speculative and could mean nothing in the end.
And it’s a bonus if I get other airdrops from the Hyperliquid ecosystem just by being active on the platform.
Ability to connect to my main wallet
I like platforms that allow me to connect my main airdrop wallet directly:
This lets me trade on the platform with my Hyperliquid L1 balance.
So it’s exactly the same as trading on Hyperliquid, except with a different UI and higher fees.
I would prioritise such platforms because my S1 points or HLP deposits could act as a multiplier for S2 (but it’s purely speculation).
Though some platforms are mobile-only and use Privy for logging in.
So I’m less keen on those because we’re essentially starting from scratch.
And I have to manage yet another wallet, which I don’t want to do.
We can transfer funds from our HyperCore (Hyperliquid L1) balance to our new wallets, but they all charge a $1 fee.
I don’t like using mobile for trading, so I’m completely skipping Telegram bots like pvp trade or Dextrabot.
All of the Builders can be found on @CMMHyperTracker’s dashboard, and here are my top picks:
Based
@BasedOneX fits all of my criteria and is my main Builder platform of choice for these reasons:
Builder Fees: 0.025% (Perps), 0.1% (Spot sells)
This is one of the lowest fees being charged by Builders, especially for Perps.
Possibility of an airdrop
Based recently received funding from Ethena, and sENA holders will benefit from Based XP (their points system).
The funding amount is undisclosed, but it could signal how Based is prepping for a drop soon.
They have a points system (XP), though the criterion for earning them is unknown (which is a good thing).
Based has already hinted at their token in their docs, so it’s just a matter of when.
Other ecosystem airdrops were distributed just by being active on Based:
They recently gave a generous drop that 6x-ed the fees spent for early adopters.
But I’m not expecting similar in the future since they’ve become more popular now, but they have an upcoming allocation for Upheaval.
Given their traction, I believe it’s worth trading here as they could get more ecosystem partnerships in the future.
Ability to connect to my main wallet
I’m able to connect my wallet and use my HyperCore balances right away, so this is a major bonus for me.
(no perks for now since they removed the 2,000 XP due to Sybil exploitation)
Axiom
Builder Fees: 0.01% (Perps)
The cheapest Builder Fees I’ve come across so far that are being charged.
Possibility of an airdrop
Axiom is still tokenless with a points system, and it’s quite likely that they could do an airdrop, given how they’re generating substantial revenue as a DeFi protocol.
Ability to connect to my main wallet
Axiom is a Solana-native platform, so I can’t connect to perps with my EVM airdrop wallet.
If I want to use Hyperliquid on Axiom, I’d first have to deposit SOL and convert it into USDC on Arbitrum.
This is too troublesome for me, and I don’t want to manage yet another wallet, so I’m giving this a skip.
But if you’re fine with the additional hassle, then it could be worth earning some points here given the low Builder fees.
Insilico
Builder Fees: 0.01% (Perps)
Another platform with low Builder Fees
Possibility of an airdrop
No points system or hints of an airdrop, so everything is purely speculative.
Though they’re the top 3 in Builder Revenue (just behind Based and Phantom)
Ability to connect to my main wallet
We can connect our Hyperliquid account to Insilico with an API key, but it’s something that I’d personally skip.
I’m not a fan of this so I’m giving this a skip.
Dexari
Builder Fees: Base of 0.05% (Perps) and 0.1% (Spot)
The perp fees are 2x that of Based, so it’s more expensive to trade here, and will hit almost 0.1% after considering Hyperliquid’s fees too.
Possibility of an airdrop
@DexariDotCom has a points system too.
Right now, the tasks to earn points are hosted on Taskon, but they are purely social tasks and I’m skipping it first.
But if there are more trading-related tasks, I would prioritise those.
Ability to connect to my main wallet
Dexari is mobile-only, but the UI is solid and I enjoyed using it (even when I don’t like trading on mobile).
It does allow you to import a seed phrase, but I went with the Passkey method to create my account.
My referral link (10% fee discount for the first 90 days)
Mass Money
Builder Fees: 0.055% (Perps) and 0.1% (Spot)
Their fees are slightly higher than Dexari.
Possibility of an airdrop
No official confirmation on the docs, but we’re earning MASS for every action we do on @massdotmoney (like trading perps).
Ability to connect to my main wallet
Another mobile-only wallet, so I can’t connect my main HL wallet unless I import a seed phrase or private key.
Which I won’t do this because my private key is on my Ledger wallet.
Their UI is pretty nice, and it’s another good option if you like mobile trading (though the fees are high).
Okto
Builder Fees: I can’t find it in their docs, but it could be 0.02%
(Based on my calculation of the Builder Revenue and volume)
Possibility of an airdrop
@okto_web3 ended S1 of their points, with S2 coming soon.
We have to swap $1,000 in perps to start unlocking points.
Ability to connect to my main wallet
Okto’s mobile wallet doesn’t support Ledger, so I’m not keen on being active here (since I have to create a new wallet that I have to manage).
My referral code (4% rebate for the 1st month)
DeFi App
I already wrote about @defidotapp in this review, where the gasless swaps are great, but the fees are high:
Builder Fees: Likely 0.1%, I couldn’t find it on their docs, but I saw it as the max fee while checking the HyperTracker dashboard
Possibility of an airdrop
Trading on DeFi App earns XP which goes towards Season 2 of the HOME airdrop
I didn’t participate in the 1st Season since fees are too high.
Ability to connect to my main wallet
I can connect with my main wallet like with Based, though there’s another option to use the smart contract wallet (which I won’t use).
I expected them to be much higher on the Builder rankings, given how they’re constantly being shilled on the timeline.
The extra 0.1% doesn’t feel worth it to me so I prefer trading on Based instead.
SuperCexy
Builder Fees: Base rate of 0.03% (perps) and 0.07% (spot)
Possibility of an airdrop
There’s no points system yet, but you could get a nice bonus if they ever do one just by being early.
Ability to connect to my main wallet
I can’t connect my airdrop wallet, but have to create a new one that’s tied to my email.
For this reason, I’m not keen on using @try_supercexy.
Rabby
Builder Fees: 0.05%
Possibility of an airdrop
No idea if Rabby or DeBank will ever launch an airdrop, but the fees that we pay on perps and swaps could play a factor.
Ability to connect to my main wallet
I’m able to use the funds I have on Hyperliquid directly on the Rabby UI (both mobile and extension), so it’s very convenient.
This is great for me to trade with my Ledger wallet on mobile since I can sign in without a hassle, so it’s one that I will do some swaps on.
Phantom
I’m just sharing about them since they’re fighting with Based to be the top Builder (and leading the rest by a whole lot of revenue), but I’ll likely skip this.
Builder Fees: 0.05%
Possibility of an airdrop
I don’t think there’ll ever be a Phantom airdrop, but you could do this to gain exposure (Builder fees generated could be a criterion)
Ability to connect to my main wallet
I can connect my main wallet, but perps seem to only be available on mobile for now (so I’m not keen on using this).
Rainbow
The next wallet to launch Hyperliquid perps, but no announcements about their feature yet, except for this teaser.
Kinto (lol)
They’re closing down, so there’s no point talking about them.
My verdict
Based is by far the best Builder platform to trade on, as all roads are favourable towards it:
Low Builder fees (with most given back through affiliates)
Potential BASED airdrop + other ecosystem airdrops
Ability to connect my HL wallet immediately to start trading
Based has overtaken Phantom in 24h revenue, which is no mean feat given they charge 50% less in Builder fees.
The volume traded on Based is almost 4x that of Phantom’s, and the user base is growing.
More and more platforms are jumping on the Builder Code hype, and we’re likely to see more cool platforms with (hopefully) lower fees.
Since I’m a bad trader, I’ll just stick to making infrequent trades on Based to position myself for multiple airdrops.
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