Crypto wallets turn trading integrations into fee revenue
Biteye’s analysis highlights how wallets earn revenue by connecting users to existing trading infrastructure, with sharply different contributions from swaps and perpetual contracts.
jienweng
Crypto wallets are expanding their trading services to capture more activity from existing users, according to a Biteye analysis. Its figures, attributed to DefiLlama and dated 2026-10-22, show how revenue sources differ across Phantom, MetaMask and Trust Wallet.
The analysis put Phantom’s revenue over the preceding 30 days above $7 million, mostly from in-wallet swaps and cross-chain services, with about $1.2 million from contract trading. MetaMask generated about $3.72 million, including about $2.23 million from traditional wallet transactions and $1.29 million from Hyperliquid contracts.
Trust Wallet showed a different mix: about $1.93 million in revenue, including $1.56 million from Hyperliquid perpetual contracts—more than 80%—and about $370,000 from swaps and cross-chain services. Biteye argues that integrating existing trading protocols gives wallets more ways to earn fees from their user bases.
