Hyperliquid Airdrop Project Ratings: Which Ones Are Worth Participating In?
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Hyperliquid Airdrop Project Ratings: Which Ones Are Worth Participating In?
Best Airdrops of the second half of 2025 are coming with a ton of valuable content!
Navigating Web3 tides with focused insightsAuthor: Aylo
Translation: TechFlow
If you've followed my content, you know how excited I am about the HyperEVM ecosystem.
In many ways, it reminds me of Solana's surge at the end of 2023. Right now, I still believe this is an ecosystem worth watching closely, with potentially many airdrop opportunities ahead.
For this reason, over the past few months, I've been introducing a new HyperEVM application every week in my new series, "Alpha Apps" (if you haven't checked it out yet, I highly recommend doing so).
But today, I want to share my complete airdrop tier list for Hyperliquid.
Ready? Here comes a massive dump of alpha (this took me a long time, haha).
PS: There’s also a specific plan on how to farm HyperEVM tokens at the end as a bonus—so make sure to read until the very end!
The Bull Case for Hyperliquid
Before diving into the airdrop tier list, let me first explain why I’m so confident in Hyperliquid and its ecosystem.
1. Hyperliquid Embodies the True Spirit of Crypto
Hyperliquid started as a top-tier, no-KYC, gas-free perpetual contracts DEX with exceptional design and user experience. It later expanded by building its own L1 blockchain.
Its “secret weapon” stems from this rare combination:
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Self-funded: No predatory private rounds; the token generation event (TGE) was the starting point for development, not an exit opportunity.
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Successful airdrop: 30% of the token supply was distributed in a genesis airdrop, and since launch, HYPE has appreciated over 10x.
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Product-first strategy: Build products users actually need → gain loyal users → reward them via large-scale airdrops → then expand by launching their own chain (rather than releasing an empty, unattractive chain).
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Generous future incentives: 40% of the HYPE supply (worth billions of dollars) is reserved for future rewards. This could include another airdrop—an important growth catalyst.
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Strong tokenomics: 99% of trading fees are used to buy back HYPE tokens.
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Lean and efficient team: Only 11 people, with each employee generating over $100 million annually on average.
Unlike most projects that fade away after “predatory mining,” Hyperliquid has grown stronger post-airdrop. All key metrics are rising, making it the first decentralized perpetual exchange capable of truly competing with giants like Binance.
2. Hyperliquid Is a Money Tree, and HYPE Is Undervalued
Current annualized revenue is approximately $1.37 billion (based on around $114 million in monthly fees).
Beyond that, 99% of revenue goes toward buying back HYPE. At this rate, all circulating HYPE could theoretically be repurchased within less than 9 years.
Across the entire crypto industry, no other protocol has such a powerful economic model—it's truly one-of-a-kind.
3. The Ecosystem Is Growing Rapidly
The Hyperliquid TVL chart says it all—growth is accelerating.
Prominent DeFi projects (like Ethena, EtherFi, Pendle, and Morpho) are expanding to HyperEVM. If these high-quality teams are investing resources here, it’s a strong signal that real value exists.
Meanwhile, native Hyperliquid projects like Kinetiq and Liminal are emerging (more on them below).
Additionally, the recent integration of native USDC support eliminates a major risk factor, giving the ecosystem another positive boost.
4. HYPE Is a Powerful Collateral Asset
For any L1 blockchain, having a strong collateral token is crucial:
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Ethereum → ETH
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Solana → SOL
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BNB Chain → BNB
Today, most L1s lack such tokens, limiting DeFi growth.
But HyperEVM has HYPE—one of the strongest assets in crypto. This alone is a major bullish argument.
5. Builder Codes: A Brilliant Distribution Strategy
Builder Codes allow developers to use Hyperliquid’s core infrastructure to build trading apps and earn a portion of fees from the trades they generate.
This effectively turns DeFi builders into distribution partners for Hyperliquid—a true win-win model.
A prime example is Phantom, which launched its own perpetual trading feature powered by Hyperliquid.
Rabby Wallet has also hinted at similar moves, while protocols like Ranger Finance and Mass are leveraging this strategy. It’s undoubtedly a brilliant growth move by Hyperliquid.
6. HIP-3 Is a Game Changer
HIP-3 allows anyone to create a new perpetual market by staking 1 million HYPE (about $42 million). Deployers can set parameters and receive up to 50% of fee revenue.
Unlike Builder Codes (focused on distribution), HIP-3 focuses on product expansion.
More markets → more users → more fees → more buybacks → more appeal.
If you want to deeply understand HIP-3’s impact, take some time to read up on it.
7. Synergy Between Hyperliquid and HyperEVM
People often see Hyperliquid and HyperEVM as two separate things. In reality, they’re two sides of the same ecosystem.
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HyperEVM → Programmability: It extends Hyperliquid’s engine, making it programmable and composable with other DeFi projects.
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Hyperliquid → Liquidity & Cash Flow: The exchange brings instant volume, credibility, and revenue to the chain.
This creates a unique feedback loop: DeFi protocols on HyperEVM can directly tap into Hyperliquid’s deep liquidity and order book, while still benefiting from the flexibility of EVM smart contracts.
Airdrop Tier List
Alright, by now you likely agree that Hyperliquid is an ecosystem worth watching, full of potential opportunities.
Next, when it comes to airdrops, a solid watchlist is your most powerful tool. And I’ve already curated a list of projects worth paying attention to.
To clarify, this isn’t an exhaustive list—just projects I personally find promising and have used. Always do your own research (DYOR).
S-Tier: Unit, Kinetiq
These two are no-brainers. In my view, they represent the easiest and highest-potential airdrop opportunities on Hyperliquid.
Unit
I’ve mentioned this before, but I’ll emphasize it again: Unit may be one of the most important airdrop opportunities in the Hyperliquid ecosystem.
Unit is the asset tokenization and cross-chain bridging layer behind spot trading on Hyperliquid. It enables users to deposit, withdraw, and trade major crypto assets like BTC, ETH, and SOL directly on Hyperliquid.
Since launch, Unit has performed exceptionally well, currently boasting over $1 billion in TVL, over $115 billion in annualized trading volume, and significant revenue contributions to the ecosystem. To date, over 98% of its revenue has been directly used to buy back HYPE tokens.
How to prepare for UNIT and future HYPE airdrops:
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Deposit assets like BTC, ETH, or SOL via app.hyperunit.xyz or through the Hyperliquid interface.
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Trade these assets in Hyperliquid’s spot markets.
You can further enhance your position by performing cross-chain swaps between Hyperliquid chains or interacting with Unit assets on HyperEVM.
This referral link gives you fee discounts.
Kinetiq
In my opinion, Kinetiq is another S-tier protocol on Hyperliquid.
Kinetiq is the leading liquid staking protocol on Hyperliquid, allowing users to stake HYPE and receive Kinetiq Staked HYPE (kHYPE) in return. kHYPE is fully liquid, usable across DeFi, and automatically accrues staking rewards.
As the most anticipated liquid staking token (LST) on Hyperliquid, Kinetiq has attracted over $1.7 billion in TVL since launching on July 15, spanning 15,000 wallets, making it a key protocol on HyperEVM.
Kinetiq has launched a points program. While exact rules aren’t fully disclosed, points appear to be earned based on holding kHYPE and using kHYPE in DeFi (currently most points flow to Pendle’s YT-kHYPE).
If you want a simple way to earn points, deposit kHYPE into Kinetiq’s Earn vault—you’ll simultaneously farm multiple protocols.
A reasonable approach is to value Kinetiq similarly to Jito on Solana. Importantly, it hasn’t been over-mined: $1.7 billion in TVL across ~15,000 wallets remains a healthy ratio.
Another factor that could give Kinetiq massive FDV in the future is its new product: Launch. This is the first Exchange-as-a-Service (EaaS) platform built on HIP-3, enabling anyone to deploy and operate their own perpetual market without needing to stake 1 million HYPE.
I just looked at my tweet before the JTO airdrop—I think history might repeat itself here, with a similar scale of rewards (this applies to UNIT in my view too).
If you’re bullish on HYPE, now you know how to put it to work.
A-Tier: Liminal, Hyperbeat
Strong protocols with solid momentum, interesting use cases, and among the top opportunities on Hyperliquid.
Liminal
Liminal is a delta-neutral yield platform that lets you earn real, substantial returns without market risk.
Its operation is simple, somewhat similar to Ethena’s model, but Liminal offers more flexibility, letting users customize delta-neutral yield strategies.
Here’s how it works:
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Deposit USDC into the Liminal platform.
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Choose one of two strategies:
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Liminal Classic Strategy: Platform-managed.
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Custom Portfolio: Build your own delta-neutral trading portfolio based on personal preferences.
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Then relax and earn yield—no need to worry about market direction.
Important note on configuration:
By default, Liminal operates in “Standard” mode. In this mode, Liminal manages custody and strategy execution for you—the simplest option. However, the downside is: your spot and perpetual trading volume may not count toward activity on Hyperliquid or Unit, potentially missing out on Unit airdrops.
To fix this, switch your account to Institutional mode. In this case, assets remain in your sub-account, and Liminal only executes trades on your behalf (no fund security risk—Liminal cannot withdraw your funds).
Regardless, I really like what Liminal is building. It’s a unique protocol becoming a cornerstone of Hyperliquid’s yield ecosystem. Since launch, the platform has distributed over $1.4 million in yield to users.
I’ve personally deposited part of my stablecoins into Liminal and plan to hold long-term.
Start earning yield on Liminal
Hyperbeat
Hyperbeat is a one-stop DeFi protocol for the HyperEVM ecosystem.
The platform partners with top protocols and infrastructure providers to offer a full suite of products, including:
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Staking: You can liquid-stake HYPE into beHYPE, built in collaboration with EtherFi.
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Yield: HyperBeat partners with top infrastructure providers and strategists to launch various vaults on HyperEVM. Yields are attractive, letting you earn points across all major HyperEVM protocols.
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Morphobeat: A permissionless, standalone lending market powered by Morpho, where you can lend and borrow all your favorite assets on HyperEVM.
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Masterswap: One-click cross-chain transfers, moving assets from any chain to HYPE on HyperEVM. Hyperbeat automatically selects the best route—for example, swap SOL on Solana to HYPE on HyperEVM in one click.
HyperBeat has launched a points program with a total supply of 51 million Hearts.
Currently, less than 12% of Hearts remain claimable. If you want to participate in a potential HyperBeat airdrop, act fast.
Notably, the reward system has six tiers. This setup suggests airdrops may be allocated based on tier, meaning it’s not too late to start using HyperBeat and climb the ranks.
How to start earning Hearts?
Deposit assets into vaults and farm multiple HyperEVM protocols. Whether you hold HYPE, BTC, stablecoins, or gold, there’s an option for you.
I personally deposited HYPE into the Ultra HYPE vault, earning 6% APY while farming six protocols—very efficient.
If you hold HYPE, you can also liquid-stake it into beHYPE (currently 10 million Hearts available). I did this too. Good news: beHYPE will soon be accepted as cash collateral on the EtherFi Card (get yours now).
HyperBeat offers diverse ways to utilize capital while offering exciting airdrop potential. Whether through staking, yield vaults, or cross-chain transfers, HyperBeat creates diversified opportunities for users.
Start earning yield on HyperBeat
B-Tier: Hyperlend, Felix, Project X, Ventuals
Still reliable, high-quality protocols with meaningful airdrop potential. Though slightly more complex or uncertain than S and A-tier plays, they remain noteworthy opportunities within the Hyperliquid ecosystem.
Hyperlend
Hyperlend is a lending protocol built on Hyperliquid and recognized by Aave governance as a friendly fork.
Its main products include:
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Lending Markets: Support borrowing and lending assets like HYPE, uBTC, and PT-kHYPE on HyperEVM.
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HLP Vault: HLP is a Hyperliquid vault that participates in market-making and liquidation processes, earning trading fee revenue. The IOU tokens issued by the vault are transferable and DeFi-compatible, improving capital efficiency.
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Hyperloop: One-click leveraged looping positions using any two tokens (one deposited, one borrowed).
There are many interesting lending strategies to explore on Hyperlend—for example, the PT-kHYPE loop strategy, which maximizes yield on HYPE (though it may miss airdrop eligibility).
As the current most popular lending protocol, Hyperlend excels in product design and UX—especially the HLP Vault and Hyperloop features.
That said, because it’s an Aave fork, I place it in B-tier, as forks historically have more limited upside potential.
Still, it’s a solid protocol worth trying.
Felix
Felix is another protocol offering a full suite of lending products, similar to Hyperlend, but with unique twists.
Its core product is a CDP that allows you to deposit assets like HYPE, kHYPE, or uBTC and borrow feUSD against them. It also includes a native model built on the Morpho stack.
They’ve also launched hUSDL, a treasury-backed stablecoin tailored for Hyperliquid’s trading environment, usable as collateral for lending, settlement, and future HIP-3 markets. Interestingly, yield generated from hUSDL support can be used to buy spot HYPE, which is then redistributed as rewards to fuel HyperEVM growth.
Felix currently has $380 million in TVL and an estimated annualized fee revenue of $18.5 million.
Its points program is ongoing, and compared to Hyperlend, farming is less saturated—making it worth a try.
Project X
Project X aims to become the leading DEX aggregator across the entire EVM ecosystem.
As phase one, they’ve just launched their own DEX on HyperEVM. Phase two involves becoming a DEX aggregator within EVM, while phase three remains undisclosed.
Since launch, the protocol has gained strong momentum, quickly becoming the #1 DEX on HyperEVM with TVL surpassing $100 million. I believe Project X should have no problem maintaining its lead on HyperEVM.
The real test will come when they enter phase two and attempt to capture market share across the broader EVM ecosystem.
It’s unclear how sticky funds will be post-airdrop, or how large the TAM is for a DEX (especially a Uniswap fork) on HyperEVM.
Nevertheless, the team has strong marketing capabilities, the project is fully self-funded, and they’re actively promoting upcoming new features. This is a key reason I place it in B-tier, and I believe its airdrop potential is worth anticipating.
How to participate?
Project X has launched a points program.
If you have liquidity provision (LP) experience, Project X could be a good choice.
For example, if you’ve already staked HYPE into kHYPE, you can deploy it into the kHYPE-HYPE liquidity pool (currently the largest on Project X).
Here are other major liquidity pools you might consider:
Provide liquidity or trade on Project X
Ventuals
Ventuals’ mission is to transform startup valuations into tradable perpetual contracts via HIP-3. This means you can go long or short on your favorite pre-IPO companies with leverage.
Crypto innovation has always revolved around tokenization and unlocking new markets. For example, ICOs made early-stage private funding liquid and accessible to everyone from day one.
Now, with Ventuals, we're entering a new frontier: trading companies before IPO. This adds market-driven pricing efficiency to startup valuations (decided by markets, not a few bankers) and democratizes an asset class once limited to accredited investors.
Ventuals hasn’t launched on mainnet yet, so we must wait and see how they execute. But the opportunity is undeniably compelling (and perfectly showcases HIP-3’s potential).
How to participate?
Ventuals is currently only on testnet, waiting for HIP-3 standards to go live on Hyperliquid mainnet. In the meantime, you can start testing their product (testnet activity may count toward airdrops).
Another immediate step is depositing assets into the Ventuals vault on Hyperbeat. Currently, this seems the best way to get early exposure to Ventuals while also earning Hyperbeat Hearts.
C-Tier: Hypurrfi, Hyperswap
In my view, these protocols have lower airdrop potential compared to others, but they’re still worth mentioning (and might surprise us).
Hypurrfi
Hypurrfi is another native HyperEVM non-custodial lending protocol, with these unique aspects:
1/ HypurrFi offers a smooth UX and supports multiple assets, allowing users to quickly deposit and borrow funds.
With HypurrFi, you can also quickly enter leveraged positions via collateralized borrowing, redepositing assets to amplify long exposure.
2/ HypurrFi is the origin of USDXL, a hybrid-backed synthetic dollar, with protocol revenue used to purchase U.S. Treasuries as an additional safety layer.
3/ They’ve partnered with BrahmaFi to launch crypto cards for select users based on HypurrFi points rankings.
Points program is live
You can check this page to better understand what matters and the multipliers.
Hyperswap
As the name suggests, Hyperswap is a native AMM DEX on Hyperliquid, allowing users to swap assets directly on HyperEVM.
Hyperswap was the first native AMM on HyperEVM and received significant early attention. However, over time, its market share has gradually declined since Project X launched.
Data charts clearly show that the day Project X launched (with $40 million TVL on day one) marked the peak of Hyperswap’s TVL.
Nonetheless, I believe the project’s vision remains interesting and deserves a spot here—even if its potential may not match other top-tier projects.
If you’re interested in their vision, read this article to learn more:
Summary
This article shares my complete tiered list of airdrop opportunities in the HyperEVM ecosystem.
Of course, this is entirely subjective and reflects only my personal views. I hope this helps you identify the most promising protocols worth your time and attention.
A Quick Tip
If your capital is limited, instead of spreading it thin across too many protocols, focus on 3–4 projects with the strongest synergies. This has been my strategy, and it’s worked quite well.
As GCR said: “The man who chases two rabbits catches neither.” In airdrop farming, this is a principle worth sticking to.
Bonus: Airdrop Farming Example
Here’s a simple HyperEVM airdrop farming plan you can follow:
Do spot trading on Unit to convert part of your portfolio into Hyperliquid assets.
Liquid-stake HYPE into kHYPE, then deploy it into Kinetiq vaults or other DeFi protocols (like Hyperbeat, Hyperlend, Felix).
Use spot assets on Unit (like uBTC or other major assets) for borrowing operations.
Allocate stablecoins to Liminal (Institutional mode) and stablecoin vaults on Hyperbeat.
Risk Warning
Always invest only what you can afford to lose, and ensure you fully understand your actions.
Finally, pick the strategy that suits you best—and take action now!
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