Hyperliquid airdrop project ratings: Which ones are worth participating in?

Author: Aylo

Translation: TechFlow

If you’ve followed my content, you’ll know how excited I am about the HyperEVM ecosystem.

In many ways, it reminds me of the Solana craze at the end of 2023. At present, I still believe this is an ecosystem well worth watching, with many potential airdrop opportunities in the future.

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, I highly recommend you do).

But today, I want to share my complete Hyperliquid airdrop tier list.

Are you ready? I’m about to drop a ton of alpha (this took me a long time, haha).

PS: At the end of the article, there’s a specific plan on how to farm HyperEVM as an extra bonus, so make sure to read to the end!

Bull Case for Hyperliquid

Before getting into the airdrop tier list, I want to explain why I’m so confident in Hyperliquid and its ecosystem.

1. Hyperliquid Embodies the True Spirit of Crypto

Hyperliquid started as a KYC-free, gas-free, top-tier UX and design perpetual DEX. It later expanded to build its own L1 blockchain.

Its “secret weapon” comes from the following rare combination:

• Self-funded: No vampire private rounds, the project’s token generation event (TGE) is the starting point for growth, not an exit.

• Successful Airdrop: 30% of the token supply was distributed in the genesis airdrop, and since launch, the HYPE token price has increased over 10x.

• Product-First Strategy: Build products users truly need → attract long-term users → reward users with large-scale airdrops → expand by building their own chain (not launching an unattractive empty chain).

• Generous Future Rewards: 40% of HYPE supply (worth billions of dollars) is reserved for future incentives. This may include another airdrop, serving as a major growth catalyst.

• Strong Tokenomics: 99% of trading fees are used to buy back HYPE tokens.

• Lean and Efficient Team: Only 11 team members, with each employee generating over 100 millions USD in annual revenue on average.

Unlike most projects that fade away after “mercenary mining,” Hyperliquid has grown even stronger post-airdrop. All key metrics are rising, and it’s becoming the first decentralized perpetual exchange that can truly compete with giants like Binance.

2. Hyperliquid Is a Cash Cow, HYPE Is Undervalued

Current annualized revenue is about 1.37 billions USD (based on monthly fees of around 114 millions USD).

In addition, 99% of revenue is used to buy back HYPE. At this rate, theoretically, all circulating HYPE could be bought back in less than 9 years.

No other protocol in the crypto industry has such a strong economic model—truly one of a kind.

3. The Ecosystem Is Growing Rapidly

The Hyperliquid TVL chart says it all—growth is accelerating.

Some well-known DeFi projects (such as Ethena, EtherFi, Pendle, and Morpho) are expanding to HyperEVM. If these top teams are investing resources here, it’s a strong signal that there’s real value.

Meanwhile, native Hyperliquid projects like Kinetiq and Liminal are also emerging (more on these later).

Additionally, the recent integration of native USDC support has eliminated a major risk factor, bringing another positive boost to the ecosystem.

4. HYPE Is a Powerful Collateral Asset

For any L1 blockchain, having a strong staking token is crucial:

• Ethereum → ETH

• Solana → SOL

• BNB Chain → BNB

Today, most L1s lack such a token, which limits DeFi growth.

But HyperEVM has HYPE, arguably one of the strongest assets in crypto. That alone is a huge bullish reason.

5. Builder Codes: A Brilliant Distribution Strategy

Builder Codes allow developers to build trading apps using Hyperliquid’s core infrastructure and earn a share of fees from the trades they drive.

This effectively turns DeFi developers into Hyperliquid’s distribution partners, creating a true win-win model.

A prime example is Phantom, which launched its own perpetual trading feature via Hyperliquid.

Rabby Wallet has also hinted at similar moves, and protocols like Ranger Finance and Mass are leveraging this strategy. It’s fair to say this is a brilliant growth strategy for 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 millions USD). Deployers can set parameters and receive up to 50% of the fee share.

Unlike Builder Codes (which focus on distribution), HIP-3 is about product expansion.

More markets → more users → more fees → more buybacks → more attractiveness.

If you want to dive deeper into 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 are two sides of the same ecosystem.

• HyperEVM → Programmability: It extends Hyperliquid’s engine, making it programmable and composable with other DeFi projects.

• Hyperliquid → Liquidity & Cash Flow: The exchange brings instant trading 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 using the flexibility of EVM smart contracts.

Airdrop Tier List

Alright, by now you should agree that Hyperliquid is an ecosystem worth watching, full of potential opportunities.

Next, when it comes to airdrops, a good watchlist will be your most powerful tool. I’ve compiled a list of projects worth your attention.

Note: This is not an exhaustive list, but rather projects I personally think are worth watching and have used myself. Please always DYOR.

S Tier: Unit  , Kinetiq

These two projects are no-brainers. In my view, they are the easiest and most promising airdrop opportunities on Hyperliquid.

Unit

I’ve mentioned it before, but I want to emphasize again: Unit may be one of the most important airdrop opportunities in the Hyperliquid ecosystem.

Unit is the asset tokenization and cross-chain bridge layer behind spot trading on Hyperliquid. It allows users to directly deposit, withdraw, and trade major crypto assets like BTC, ETH, and SOL on Hyperliquid.

Since launch, Unit protocol has performed excellently, with TVL now exceeding 1 billion USD, annualized trading volume over 115 billions USD, and contributing significant revenue to the ecosystem. To date, over 98% of revenue has been used directly to buy back HYPE tokens.

How to prepare for UNIT and future HYPE airdrops:

• Deposit BTC, ETH, SOL, etc. via app.hyperunit.xyz or through the Hyperliquid interface.

• Trade these assets on Hyperliquid’s spot market.

Additionally, you can try cross-chain transfers between Hyperliquid or interact with HyperEVM using Unit assets.

Here’s a referral link for fee discounts.

Kinetiq

In my view, Kinetiq is another S-tier protocol on Hyperliquid.

Kinetiq is the leading liquid staking protocol on Hyperliquid, where users can stake HYPE and receive Kinetiq Staked HYPE (kHYPE) in return. kHYPE is fully liquid, usable in DeFi, and automatically accrues staking rewards.

As the most anticipated liquid staking token (LST) on Hyperliquid, Kinetiq has attracted over 1.7 billion USD in TVL and covered 15,000 wallets since its launch on July 15 (UTC+8), becoming a key protocol for HyperEVM.

Kinetiq has launched a points program. While the specific rules haven’t been fully disclosed, it appears that points are earned by 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, you can deposit kHYPE into Kinetiq’s Earn vault, allowing you to farm multiple protocols at once.

A reasonable approach is to value Kinetiq using a ratio similar to Jito on Solana. Importantly, it’s not over-farmed yet: about 15,000 wallets with 1.7 billion USD in TVL is still a healthy ratio.

Another factor that could bring huge FDV to Kinetiq in the future is its new product: Launch. This is the first Exchange-as-a-Service (EaaS) platform built on HIP-3, allowing anyone to deploy and operate their own perpetual market without the 1 million HYPE staking requirement.

I just looked at my tweet before the JTO airdrop, and I think history is very likely to repeat itself here, with a similar order of magnitude for rewards (in my view, this also applies to UNIT).

If you’re bullish on HYPE, now you know how to put it to work.

Try Kinetiq now

A Tier: Liminal  , Hyperbeat

Strong protocols with solid momentum, interesting use cases, and still among the top opportunities on Hyperliquid.

Liminal

Liminal is a Delta neutral yield platform that lets you earn real and substantial returns without taking market risk.

Its operation is simple and somewhat similar to Ethena’s model, but Liminal offers more flexibility, allowing users to customize asset allocation for delta-neutral yield strategies.

Here’s how it works:

• Deposit USDC to the Liminal platform.

• Choose one of two strategies:

  • Liminal Classic Strategy: Platform-managed.

  • Custom Portfolio: Build your own delta-neutral trading portfolio.

• Then, just relax and wait for returns—no need to worry about market direction.

  

Important Adjustment:

By default, Liminal is set to “regular” mode. In this mode, Liminal manages asset custody and strategy for you, which is the simplest option. However, your spot and perpetual trading volume may not be counted as Hyperliquid or Unit account activity, potentially causing you to miss out on Unit airdrop opportunities.

To fix this, you can switch your account to institutional mode. In this case, assets are kept in your sub-account, and Liminal only executes trades on your behalf (no need to worry about fund safety, as Liminal cannot withdraw your funds).

In any case, I really like what Liminal is building. Liminal is a unique protocol and is becoming a pillar of the Hyperliquid yield ecosystem. Since launch, the platform has distributed over 1.4 million USD in yield to users.

I personally have some stablecoins deposited in Liminal and plan to hold long-term.

Start earning on Liminal now

Hyperbeat

Hyperbeat is a one-stop DeFi protocol in the HyperEVM ecosystem.

The platform partners with top protocols and infrastructure providers to offer a full suite of products, including:

• Staking: You can liquid stake HYPE into beHYPE, built in partnership with EtherFi.

• Yield: HyperBeat collaborates with top infrastructure providers and strategists to launch various vaults on HyperEVM. Yields are attractive, letting you earn points across all major HyperEVM protocols.

• Morphobeat: A permissionless and independent lending market powered by Morpho, where you can lend and borrow all your favorite assets on HyperEVM.

• Masterswap: One-click cross-chain, moving assets from any chain to HYPE on HyperEVM. Hyperbeat automatically selects the best route—for example, swapping 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 are still available. If you want to participate in a potential HyperBeat airdrop, you need to act quickly.

Notably, the rewards system is divided into six tiers. This setup may suggest that the airdrop will be distributed based on tiers, 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 a 6% APY (UTC+8) while earning points from six protocols—very efficient.

If you hold HYPE, you can also liquid stake it as beHYPE (currently, 10 million Hearts are available). I did this as well. The good news is that beHYPE will soon be listed as cash collateral by EtherFi Card (get it now).

HyperBeat offers multiple ways to put your capital to work, while also providing interesting airdrop potential. Whether through staking, yield vaults, or cross-chain asset transfers, HyperBeat creates diverse opportunities for users.

Start earning on HyperBeat now

B Tier: Hyperlend , Felix , Project X , Ventuals

Still reliable, high-quality protocols with a chance for meaningful airdrops. While more complex or uncertain than S and A tier plays, they remain potential airdrop opportunities worth watching in the Hyperliquid ecosystem.

Hyperlend

Hyperlend is a lending protocol based on Hyperliquid and is recognized by Aave governance as a friendly fork.

Its main products include:

• Lending Market: Supports lending and borrowing assets like HYPE, uBTC, and PT-kHYPE on HyperEVM.

• 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.

  

• 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 looping strategy can earn you the highest yield on HYPE (but you’ll miss out on airdrop opportunities).

As the most popular lending protocol currently, Hyperlend’s product design and UX (especially the HLP Vault and Hyperloop features) are excellent.

That said, since it’s an Aave fork, I’ve placed it in the B tier, as historically, forks tend to have more limited upside potential.

Nevertheless, it’s still a reliable protocol worth trying.

Try Hyperlend

Felix

Felix is another protocol offering a full suite of lending products, similar to Hyperlend, but with some unique features.

Its core product is a CDP, allowing you to deposit assets like HYPE, kHYPE, or uBTC and borrow feUSD against them. There’s also a native model built on the Morpho stack.

They’ve also launched hUSDL, a treasury-backed stablecoin. It’s tailored for Hyperliquid’s trading environment and can be used as collateral for lending, trade settlement, and future HIP-3 markets. Interestingly, hUSDL’s yield can be used to buy spot HYPE, which is then redistributed as rewards to drive HyperEVM growth.

Currently, Felix’s TVL has reached 380 million USD, with projected annualized fee revenue of 18.5 million USD.

Their points program is ongoing, and compared to Hyperlend, there’s less farming activity, making it a protocol worth trying.

Try Felix

Project X

Project X aims to become the leading DEX aggregator for the entire EVM ecosystem.

As a first step, they’ve just launched their own DEX on HyperEVM. Next, they plan to become a DEX aggregator within EVM, with the third phase still under wraps.

Since launch, the protocol has gained strong momentum and quickly became the top DEX on HyperEVM, with TVL surpassing 100 million USD. I believe Project X will have no problem maintaining its lead on HyperEVM.

The real test will come as they move to the next phase and try to capture market share in the broader EVM ecosystem.

It’s unclear how sticky the funds will be after the airdrop ends, and the total addressable market (TAM) for a DEX on HyperEVM (especially a Uniswap fork) is also uncertain.

Nevertheless, the team’s marketing ability is strong, the project is fully self-funded, and they’re actively promoting upcoming features. That’s why I’ve placed it in the B tier, and I think its airdrop potential is worth looking forward to.

How to participate?

Project X has already launched a points program.

If you have experience as a liquidity provider (LP), Project X can be a good choice.

For example, if you’ve staked HYPE as kHYPE, you can deploy it to the kHYPE-HYPE liquidity pool (currently the largest pool on Project X).

Here are some other major liquidity pools you might be interested in:

Provide liquidity or trade on Project X

Ventuals

Ventuals’ mission is to turn startup valuations into tradable perpetual contracts via HIP-3. This means you can go long or short on your favorite private companies and use leverage.

Innovation in crypto has always revolved around tokenization and unlocking new markets. For example, ICOs made early project private rounds liquid and open to everyone from the start.

Now, with Ventuals, we’re entering a new frontier: trading companies before their IPO. This not only adds a layer of market pricing efficiency to startup valuations (determined by the market, not a handful of bankers), but also democratizes an asset class once reserved for qualified investors.

Currently, Ventuals hasn’t launched on mainnet, so we still need to see how they execute this mission. But one thing’s for sure—this opportunity is very attractive (and perfectly showcases HIP-3’s potential).

How to participate?

Ventuals is currently only live on testnet, waiting for the HIP-3 standard to go live on Hyperliquid mainnet. In the meantime, you can start testing their product (testnet activity may count toward the airdrop).

Another step you can take right now is to deposit assets into the Ventuals vault on Hyperbeat. This currently seems to be the best way to get early exposure to Ventuals while also earning Hyperbeat Heart.

Try Ventuals

C Tier: Hypurrfi ,  Hyperswap

In my view, these protocols have slightly lower airdrop potential compared to others, but they’re still worth mentioning (and might bring some surprises).

Hypurrfi

Hypurrfi is another native non-custodial lending protocol on HyperEVM, with some unique features:

1/ HypurrFi offers a smooth user experience and supports multiple assets, allowing users to quickly deposit and borrow funds.

With HypurrFi, you can also quickly enter leveraged positions by borrowing against collateral, then redepositing to go long with leverage.

2/ HypurrFi is the birthplace of USDXL, a hybrid-backed synthetic dollar whose protocol revenue is used to buy treasuries as an extra layer of protocol security.

3/ They’ve also partnered with BrahmaFi to launch a crypto card for specific users based on their points ranking on HypurrFi.

Points program is live

You can check this page for a clearer understanding of key content and highest multipliers.

Try HypurrFi

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 to launch on HyperEVM and gained a lot of early attention. However, over time, since Project X launched, Hyperswap’s market share has gradually declined.

From the data chart, it’s clear that the day Project X launched (first-day TVL reached 40 million USD) (UTC+8) marked the peak of Hyperswap’s TVL.

Nevertheless, I think the project’s goals are still interesting and it deserves a spot on this list—even if its potential may not match other top projects.

If you’re interested in their goals, you can read this article for more details:

Try Hyperswap

Summary

This article shares my complete tiered list of HyperEVM airdrop opportunities.

Of course, this is entirely subjective and only represents my personal views. I hope this article helps you filter out the protocols you’re most interested in and worth your time.

A Bit of Advice

If your funds are limited, rather than spreading them across too many protocols, focus on 3-4 projects with the strongest synergies. This is the strategy I’ve always used, and it works quite well.

As GCR said: “He who chases two rabbits catches neither.” This is also a good principle to stick to when farming airdrops.

Bonus: Airdrop Farming Example

Here’s a simple HyperEVM airdrop farming plan for your reference:

Trade spot on the Unit platform and convert part of your portfolio into Hyperliquid assets.

Liquid stake HYPE to generate kHYPE, then deploy it to Kinetiq vaults or other DeFi protocols (such as Hyperbeat, Hyperlend, Felix).

Use spot assets on Unit (such as uBTC or other major assets) for lending operations.

Allocate stablecoins to Liminal (institutional mode) and Hyperbeat’s stablecoin vaults.

Risk Warning

Only ever invest what you can afford to lose, and make sure you fully understand your actions.

Finally, choose the strategy that suits you best and take action now!