The most profitable hyperliquid frontend per user isn't Phantom, isn't Based, isn't pvp.
It's insilico. $1,100 per user per month at a 0.01% fee.
Axiom charges the same 0.01% fee and makes $64/user.
One's a retail brokerage, the other is a hedge-fund terminal.
Comparing Phantom and Based Hyperliquid front ends.
Phantom had 121,800 users on Hyperliquid last month, Based had 42,700. Yet based earned more!
Revenue per user was $139 vs $326. Based users trade 5x harder per head.
@Alex4DeFi Fortunately the creator fees are performance fee only. And they have to have skin in the game with their own capital. So don't think there are malicious actors. But constantly earning high risk adjusted returns is hard, and most aren't doing it on Hyperliquid vaults currently.
A Hyperliquid vault advertising 1,672% APR has a realized monthly Sharpe only of 0.44.
A vault advertising 30% APR (PF1) has a Sharpe of 1.09.
The high-APR vaults are typically running $10k-50k TVL. the leaderboard sorts them to the top because the math is asymmetric, one good month on a small base produces eye-popping annualized numbers.
If you are depositing into a "1000%+ APR" vault, you are buying variance. probably a lot of it.
Here's every Hyperliquid user vault with TVL above $10k, plotted by displayed APR vs realized monthly Sharpe.
Yhe red cloud (negative Sharpe vaults) extends well into the "0% APR" zone. dozens of vaults advertise neutral-or-positive returns and are quietly losing money.
Meanwhile the only two vaults clearing Sharpe = 1.0 (IKAGI and PF1) are at very different APRs: 1,069% and 30%.
APR alone tells you nothing about consistency.
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9,450 user vaults exist on Hyperliquid. 241 have a TVL above $10k and are open. I computed the Sharpe for all of them.
38% have a negative Sharpe over the trailing 12 months. they're losing money risk-adjusted right now.
Only two of them have a Sharpe above 1