Hyperliquid airdrop and points: what's actually known

Hyperliquid did one of the largest airdrops in crypto, and that is exactly why “Hyperliquid airdrop” is now a phishing keyword. This page sticks to what has been published: by the Hyper Foundation, in Hyperliquid’s docs, in its API, and on each ecosystem project’s own site. It makes no predictions about future airdrops.

The HYPE genesis event (29 November 2024)

The Hyper Foundation announced the HYPE genesis on 28 November 2024 and launched the token at 07:30 UTC on 29 November 2024, with a maximum supply of 1,000,000,000 HYPE. Its announcement gave this split:

The announcement said the genesis distribution “strictly excludes core contributors” and that there were “no allocations for private investors, centralised exchanges, or market makers.” It also said tokens “will be emitted over time, with 76.2% going to the community,” which is everything except the core-contributor share.

What the chain itself shows. Hyperliquid’s info API (tokenDetails for HYPE, read 4 November 2026) lists 94,023 genesis balances. Four are allocation addresses: a system address holding about 428.1M HYPE, and addresses holding exactly 238M, 60M and 3M, which match the contributor, foundation and grants shares. The other 94,019 addresses held about 270.9M HYPE, a median of about 64 HYPE each. That is our reading of the API, not a figure Hyperliquid has published. It is consistent with the announcement: 428.1M is 388.88M plus about 39.2M, roughly the gap between the 310M allocated and the 270.9M that reached users.

Genesis balances were written into HYPE’s ledger when the token was created, so recipients didn’t claim anything. Keep that in mind when you see a “claim” page.

How Hyperliquid’s points program worked

Eligibility for the genesis distribution came from points. Hyperliquid’s points page records:

• Closed alpha, through 31 October 2023: points were distributed for this period too.
• Phase 1, 1 November 2023 to 1 May 2024: 1,000,000 points a week for six months, based on weekly activity ending Wednesdays at 00:00 UTC and paid on Thursdays. Criteria were updated on a recurring basis and weren’t published in full.
• Referrals: “Affiliates earned 1 point for every 4 points their referred users earned.”
• L1 phase, 29 May 2024 to November 2024: 700,000 points a week, with a multiplier for activity from 1 to 28 May 2024.

The page also says “Hyperliquid reserves the right to modify previous point distributions under its sole discretion.” It doesn’t give a points-to-HYPE conversion rate, and it describes no program after November 2024.

Is there a second Hyperliquid airdrop?

Nothing has been announced. Here is everything official we could find that bears on it, as of 4 November 2026:

• The reserve exists. 38.888% of supply was set aside for “future emissions and community rewards” at genesis. Hyperliquid hasn’t published a schedule, criteria or season for it.
• Part of it is already being used. Hyperliquid’s staking docs say “Staking rewards come from the future emissions reserve.” The API’s futureEmissions field read about 410.2M HYPE on 4 November 2026, down from the roughly 428.1M in the genesis system address. Staking pays about 2.37% a year at 400M HYPE staked, per the docs. See how to stake HYPE.
• No current points program. Hyperliquid’s docs describe only the past phases above.

Anything beyond that, such as “Season 3”, snapshot dates or a “confirmed airdrop 2”, is not from Hyperliquid. We don’t speculate on it, and you shouldn’t trade or sign anything based on it. Hyperliquid’s terms also restrict the United States, Ontario and sanctioned territories, and say you must not use a VPN to get around that.

Ecosystem points programs

Several apps built on Hyperliquid run their own points programs. These are separate from Hyperliquid and from HYPE. We list only programs described on the project’s own docs or site, checked on 4 November 2026; “last updated” is the date the page itself shows.

What each page says:

• Dexari Points (help center, updated 17 June 2026): “Dexari is currently in Points Season 2, with weekly distributions every Wednesday.” Points come from trading spot and perps in the app, using features, referrals and missions, with tier multipliers up to 3x. No token is mentioned.
• Hyperbeat Hearts (docs, updated 24 July 2025): “Hearts is Hyperbeat’s points program”, with 51M Hearts in total handed out weekly for using Hyperbeat products; referrers get 10% of their referrals’ Hearts. “Points formula is not public.” No end date or token is mentioned.
• Rysk Points (docs, updated 1 May 2026): weekly epochs from 29 August 2025 with a 1,000,000-point weekly budget, based on onchain and referral activity whose criteria are “not public”. The epoch table stops in May 2026 and the page states no end.
• Based XP, Gold and Diamonds (docs): “Season 3 has concluded. Seasons 1 and 2 have also concluded,” with Season 3 ending 4 May 2026. Points came from Hyperliquid trading through Based Terminal and from Based Card use. Based’s token page says the $BASED TGE “took place on 30 March 2026”, with 23.5% to the Season 1 and 2 community and 5% to Season 3 participants.
• Kinetiq kPoints (docs, updated 6 October 2026): “Kpoints distributions have stopped,” and details “are kept entirely private”. Kinetiq’s KNTQ token launched on 27 November 2025; the kPoints page doesn’t connect the two.
• HyperLend Points (docs): weekly from 24 March 2025 with an undisclosed formula; “The official points season ended on Oct 22 2025.” HyperLend “reserves the right to modify past point distributions”.
• HyperSwap Point Program (docs): “Point Program is ended for now.” Points came from swaps, liquidity and referrals, and the page says the 25,000,000 points represent “25% of the total supply”.
• HypurrFi Points (docs): “HypurrFi Points Season 2 (Season Mew) has ended.” Points came from lending, borrowing and liquidity, plus the HypurrFi card.
• PVP Points (docs): weekly from 27 July 2024 for trading through pvp.trade wallets, referrals and clans; “As of February 15, 2025, all points have been distributed.”
• Ventuals Points (docs, updated 3 February 2026): the page still calls its vHYPE points program “ongoing”, but Ventuals shut down in June 2026 and says there will be no Ventuals token.

What these pages have in common: most don’t publish their formulas, several reserve the right to change past distributions, and none of the running programs promises a token or any value for points. Felix, Liminal, Nest, trade.xyz, Pear Protocol and HyperDash describe no points program of their own in their docs. We couldn’t read Valantis’s or Unit’s docs pages (blocked to automated checks), so they aren’t listed.

Earning points through DeFi apps means taking those apps’ risks: smart-contract bugs, liquidation on borrowed positions, and, with leveraged perps, losses larger than any reward. A fee you pay to earn points is a certain cost; the points have no promised value.

Airdrop scams: the fake claim site

Fake airdrop and “claim” pages are one of the most common phishing hooks in crypto, and Hyperliquid’s size makes it a favourite target. The usual pattern: an ad, a reply on X or a DM points you to a site that looks like Hyperliquid or an ecosystem app, says you’re eligible, and asks you to connect and sign. The signature is an approval or transfer that empties the wallet. Our glossary calls this a wallet drainer.

How to protect yourself:

• There is no HYPE to claim. Genesis HYPE arrived without a claim step, and no new airdrop has been announced.
• There is no Elysium token. Kinetiq’s Elysium layer-2 uses HYPE for gas; Bankless reported on 19 October 2026 that there is no Elysium token or official points program for now. Lookalike Kinetiq domains such as kineitiq.cc and kinetlq.vercel.app have already appeared.
• Use bookmarked official links. Check every domain against our official links page. Hyperliquid’s own example of a fake domain is hyperliguid.xyz.
• Never share a seed phrase, and never sign something you don’t understand. Hyperliquid support never DMs you first. If you have already signed something, follow Hyperliquid’s I got scammed/hacked steps and move funds you still control to a new wallet.

More tricks, with examples: Hyperliquid scams to avoid.

What can go wrong