The Problem with Fixed Fee Builder Codes

Builder codes enable applications like wallets (Phantom) and trading interfaces (TreadFi) to route user transactions through perpetual protocols (Hyperliquid) while earning a share of the fees. The fee structure here really matters. Fixed minimums create barriers, while revenue sharing unlocks experimentation.

If a customer has ten dollars to spend on transaction fees. Under a traditional fixed-cost model, if the underlying protocol c