Among the distribution channel builders such as Hyperliquid Peru, Phantom is undoubtedly the fastest-growing In less than a month, Phantom contributed over $2.3 billion in transaction volume to Hyperliquid and captured $1.15 million in revenue from it. Based on this calculation, the annualized income exceeds $20 million, which is approximately 1/10 of Phantom Swap's annual revenue. Currently, Phantom accounts for almost 50% of Hyperliquid's distribution channel revenue This demonstrates the natural user advantage of Phantom as the gateway to the wallet channel, which provides the wallet with another revenue path besides DEX, without the need to do a Perp, just a commission like structure; Secondly, Phantom charges relatively high fees, with a revenue/transaction volume ratio of 0.05%, making it the most expensive tier. Other billion dollar level builders, such as Axiom, only charge 0.01% At present, wallets (Phantom, Okto), on chain transaction terminals (Axiom), and Telegram Bot (pvd_dot_trade) are the main types of Hyperliquid PERP distributors. The common feature of these products is that they do not have liquidity and are only responsible for extreme optimization in UI/UX and user experience, while the underlying liquidity is provided by Hyperliquid