AIrdrop Agent

Hyperliquid

DeFi · Hyperliquid

A perp DEX on its own L1 that ran one of crypto's largest airdrops with zero VC funding

Participation

Open now

Token

Live · $HYPE

Potential
Total funding

—

Major VCs
—
Last verified

2026-08-03

Potential is AirdropAgent's editorial assessment and does not confirm an official distribution.

Tasks

Participation programme live
  1. Go to the official app (https://app.hyperliquid.xyz/) and connect your wallet.
  2. Deposit funds via the bridge (fees and time vary by conditions).
  3. Start trading on Perp or Spot markets.
  4. Sign up for the referral program to earn rewards from trades made via your link.
  5. Stake HYPE with a validator to earn yield and fee-tier benefits.
Check the official site

Overview

Hyperliquid is a perpetuals and spot exchange running on its own L1 chain. It took no VC funding and distributed 31% of total supply to the community in November 2024. $HYPE is already listed, with a market cap of about $12.12B and FDV of about $54.49B per CoinGecko. No new airdrop has been announced, but standing programs such as referrals, staking, and the HLP vault remain open.

Analysis

Credibility signals

  • Zellic completed audits in July and November 2023.
  • DefiLlama shows Bridge TVL of about $5.92B, HLP about $219.1M, and Spot Orderbook about $136.4M.
  • $HYPE is already trading, with a market cap around $12.12B, down 22.8% over 30 days.

What's unclear

  • No lead investor or total raise figure is publicly confirmed.
  • Unlock schedules beyond the Genesis allocation are not disclosed.
  • Roughly 6% of supply allocation is not identified in public materials.

Concerns

  • An order execution outage lasting about 20-37 minutes occurred in July 2025, with about $2M in reported compensation.
  • Hyperliquid was added to Singapore MAS's Investor Alert List in June 2026.

Related guides & analysis

Token & distribution status

Token
Live
Ticker
$HYPE
TGE
Not announced
Allocation
Published

Allocation

  • Nov 29, 2024, 07:30 UTC: TGE, with the Genesis allocation of 310M HYPE (31% of supply) distributed to early users. This was effectively the first season and has already been fully distributed.
  • No official record confirms the exact claim deadline or eligibility conditions.
  • No new points program or second airdrop season has been announced since the TGE.
  • Future emissions (38.888%) are designed to release gradually as community rewards, but the exact release pace is unknown.

Tokenomics

  • Total supply: 1 billion $HYPE.
  • Genesis allocation: 31% (310M HYPE), fully unlocked and distributed to early users at the TGE on Nov 29, 2024.
  • Future emissions/community rewards: 38.888%.
  • Core contributors: 23.8%.
  • The remaining roughly 6.3% allocation is not identified in public materials.
  • Detailed unlock schedules beyond Genesis are unknown.

AirdropAgent view

This is our analysis of public information, not an official programme rule.

  • With no active new airdrop campaign, the practical options are the existing standing programs.
  • Start by generating a referral link to accumulate rewards from your own and others' trades.
  • If you hold spare HYPE, stake it with a validator for yield and fee benefits.
  • If comfortable providing liquidity, the HLP vault is another option.
  • Developers can integrate via Builder Codes as a revenue source.

Security & risks

Verified security information

  • Zellic conducted audits on Jul 10-12 and Nov 23-24, 2023.
  • Official docs list a bug bounty program page, though reward details are not disclosed.
  • Around Jul 29, 2025, an API/order execution outage lasted about 20-37 minutes, with roughly $2M in reported compensation.

Key risks

  • Perp trading incurs hourly funding payments.
  • Leveraged positions carry liquidation risk.
  • Smart contract risk exists around the L1 and validator set.
  • Bridge deposits and withdrawals carry operational risk.
  • A ~20-37 minute order execution outage occurred in July 2025, with about $2M in reported compensation.
  • Hyperliquid was added to Singapore MAS's Investor Alert List (IAL) on Jun 26, 2026.
  • USDH trading was sunset in June 2026, requiring holders to swap into USDC or similar.

Recent moves on X

Only posts about joining or distribution, shown as posted. Click through for the original.

What's next

  • RWA open interest under HIP-3 has set new monthly highs since its October 2025 launch.
  • Portfolio margin entered beta with expanded limits on Jun 25, 2026.
  • TWAP orders gained trigger price and min/max price features on Aug 3, 2026.
  • No new tokenomics-related roadmap has been announced officially.
Visit the official site

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