My Hyperliquid Airdrop Tier List (How I’m farming the HyperEVM)
Best airdrops to farm for H2 2025
Welcome to the alpha please newsletter.
If you’ve been following my work, you know how excited I am about the HyperEVM ecosystem.
In many ways, it reminds me of the early Solana boom back in late 2023. For now, I still think it’s one of the most interesting ecosystems to watch, with plenty of potential airdrop opportunities ahead.
That’s why, for the past months, I’ve covered a new HyperEVM app every week in my new Alpha Apps newsletter series (if you haven’t checked it out yet, you should).
But today, I want to share my full Hyperliquid airdrop tier list.
Get ready, I’m dropping a lot of alpha (this took a really long time lol).
PS: I also added a bonus section at the end with a concrete plan on how to farm the HyperEVM. So stick around until the end.
The bull case for Hyperliquid
Before diving into the tier list, I want to explain why I’m bullish on Hyperliquid and its ecosystem.
1/ Hyperliquid embodies the real ethos of crypto
Hyperliquid started as a perp DEX with no KYC, no gas fees, and top-tier design and UX. It later expanded into building its own L1.
The “secret sauce” comes from a rare combination:
Self-funded → No extractive private rounds where TGE is an exit event instead of the beginning.
Successful airdrop → 30% of supply distributed in the genesis airdrop, with HYPE up more than 10x since launch.
Product-first approach → Build something people want → get long-term users → reward them with a big airdrop → expand by building your chain (instead of launching an empty chain with zero traction).
Big rewards still ahead → 40% of HYPE supply (billions of dollars) is reserved for future incentives. This may include another airdrop and is a major growth catalyst.
Strong tokenomics → 99% of fees are used to buy back HYPE.
Lean, agile team → Just 11 people building Hyperliquid, with >$100M average revenue per employee.
Unlike most projects that fade after mercenary farming, Hyperliquid only got stronger post-airdrop. Every metric is up and to the right. It’s becoming the first decentralized perps exchange to truly compete with giants like Binance.
2/ Hyperliquid is a cash cow, and HYPE is undervalued
Current annualized revenue sits at ~$1.37B (based on ~$114M in monthly fees).
On top of that, 99% of revenue is used to buy back HYPE. At this pace, all circulating HYPE could theoretically be bought back in less than 9 years.
No other protocol in crypto has economics this strong. Truly one of a kind.
3/ The ecosystem is growing fast
The Hyperliquid TVL chart says it all - growth is accelerating.
Some of DeFi’s biggest names (Ethena, EtherFi, Pendle, Morpho) are expanding into HyperEVM. If sharp teams like these are allocating resources here, it’s a strong signal something real is happening.
At the same time, Hyperliquid-native projects like Kinetiq and Liminal are emerging (more on them later).
On top of that, the recent integration of native USDC support removes a big risk factor and serves as yet another positive catalyst for the ecosystem.
4/ HYPE is a strong collateral asset
For any L1 to thrive, it needs a strong collateral token:
Ethereum → ETH
Solana → SOL
BNB Chain → BNB
Most L1s today lack this, which limits DeFi growth.
But HyperEVM has HYPE, arguably one of the strongest assets in crypto. That alone is a big bull case.
5/ Builder Codes: a brilliant distribution strategy
Builder Codes let developers build trading apps using Hyperliquid’s core infrastructure and earn a share of fees from the trades they route.
This effectively turns DeFi builders into distribution partners for Hyperliquid in a true win-win model.
One of the best examples is Phantom, which launched its Perps via Hyperliquid.
Rabby Wallet is hinting at doing the same and protocols like Ranger Finance or Mass are also leveraging it. Honestly, this is a brilliant growth strategy for Hyperliquid.
6/ HIP-3 is changing the game
HIP-3 allows anyone to create new perp markets by staking 1M HYPE (~$42M). Deployers set parameters and earn up to 50% of fees.
Unlike Builder Codes (distribution), HIP-3 is about product expansion.
More markets → more users → more fees → more buybacks → more traction.
If you want to learn more about the implication of HIP-3, just give yourself some time to read this piece:
7/ The synergy between Hyperliquid and the HyperEVM
People often talk about Hyperliquid and the HyperEVM as if they were separate. In reality, they’re two sides of the same thing.
HyperEVM → programmability: it extends Hyperliquid’s engine, making it programmable and composable with the rest of DeFi.
Hyperliquid → liquidity & cash flow: the exchange brings instant volume, credibility, and revenue to the chain.
This creates a unique feedback loop: DeFi protocols on the HyperEVM can directly tap into Hyperliquid’s deep liquidity and order books while still using the flexibility of EVM smart contracts.
This kind of synergy doesn’t exist elsewhere and is yet another point that reinforces the bullish case for the Hyperliquid ecosystem.
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Airdrop Tier list
Okay, so I’m sure that by now, you’ll agree there are plenty of reasons to believe that Hyperliquid is an interesting ecosystem to focus on.
Now, when it comes to airdrops, having a good watchlist can be your best asset. And you know what? That’s exactly what I’ve put together for you here.
This isn’t exhaustive. It’s just projects I think are worth watching and have personally used. DYOR.
S-tier: Unit, Kinetiq
Two no-brainers. In my opinion, these are the easiest and highest-potential airdrops to farm on Hyperliquid.
Unit
I’ve said this before, but I’ll say it again: I think Unit is possibly the best airdrop opportunity when looking at how important it is to Hyperliquid.
Unit is the asset tokenization and bridging layer behind spot trading on Hyperliquid. It allows users to deposit, withdraw, and trade major crypto assets like BTC, ETH, and SOL directly into Hyperliquid.
Since launch, the protocol has seen impressive growth and traction. Unit now holds over $1B in TVL with more than $115B in annualized volume (and is generating a lot of revenue). So far, over 98% of those revenues have gone directly into buying back HYPE.
How to position yourself for UNIT & a future HYPE airdrop:
Use the interface at app.hyperunit.xyz or via Hyperliquid to deposit BTC, ETH, SOL and other assets natively
Trade these assets on Hyperliquid’s spot markets
You can also take it a step further by doing some back-and-forth bridging to and from Hyperliquid, or by engaging with the HyperEVM using Unit assets.
Here is a ref link that will get you a discount on fees.
Kinetiq
To me, Kinetiq is another S-tier protocol on Hyperliquid.
Kinetiq is the leading liquid staking protocol on Hyperliquid where you can stake HYPE and receive Kinetiq Staked HYPE (kHYPE) in return. kHYPE is fully liquid, usable across DeFi, and automatically accrues staking rewards.
This was by far the most anticipated LST on Hyperliquid. Since going live on July 15th, the protocol has already amassed over $1.7B in TVL across 15k wallets and position itself as a key protocol on the HyperEVM.
There’s also a points program live. The exact rules aren’t fully disclosed, but from what I’ve seen it’s a mix of holding kHYPE and using it across DeFi (with a large chunk of points currently flowing into YT-kHYPE on Pendle).
If you want a hassle-free setup to earn points, you can simply deposit your kHYPE into Kinetiq’s Earn vault (and you’ll also be farming multiple protocols at the same time).
A reasonable heuristic is to think of Kinetiq the same way you’d think of Jito on Solana with comparable valuation ratios. And importantly, it’s not overfarmed yet: $1.7B in TVL across ~15k wallets is still an healthy ratio.
Another factor that potentially gives Kinetiq a very big FDV in the future is its new product: Launch. This is the first Exchange-as-a-Service (EaaS) platform built with HIP-3, enabling anyone to deploy and operate their own perps without the 1M staked HYPE requirements.
I just had a look at this tweet that I posted just before the JTO airdrop and I feel history has a good chance of repeating here with rewards of similar order of magnitude (this also holds true for UNIT imo).
So if you are bullish on HYPE, you know how to put them to work.
A-tier: Liminal, Hyperbeat
Strong protocols with solid traction, interesting use case and still among the top opportunities on Hyperliquid.
Liminal
Liminal is a delta-neutral yield platform that lets you earn real and juicy yield without taking market exposure.
Simple concept and somewhat similar to what Ethena is doing, except that with Liminal you have the full flexibility to decide your own portfolio allocation for delta-neutral farming.
Here’s how it works:
Deposit USDC into Liminal
Choose if you want to allocate into Liminal classic strategy or build your own custom portfolio of delta-neutral trades
Sit back, relax, and collect yield without worrying about market direction
One tweak to be aware of:
By default, Liminal is set to “Regular” mode. In this setup, Liminal manages custody and strategies for you. It’s the easiest option, but there’s a catch: your spot and perp volumes may not count toward your Hyperliquid or Unit account activity. That means you could miss out on potential Unit airdrop.
To fix this, you can switch your account to Institutional mode. In that case, assets stay under your custody in a sub-account, and Liminal execute trades on your behalf. (Don’t worry, Liminal will never have access to, or be able to withdraw, your funds).
Anyways, I really like what Liminal is building. It’s truly a one-of-a-kind protocol that’s shaping up to become another pillar of yield on Hyperliquid. And they’re doing great work, since launch over $1.4M has already been distributed to users.
I’ve got a nice chunk of my stables parked there and plan to keep holding.
Hyperbeat
HyperBeat is a one-stop-shop DeFi protocol for the HyperEVM ecosystem.
The platform has partnered with top protocols and infrastructure providers to offer a full product suite consisting of:
Staking: You can liquid stake your HYPE into beHYPE, built in collaboration with EtherFi.
Earn: HyperBeat works with top infra providers and strategists to propose different vaults on the HyperEVM. Yields are attractive and let you earn points across all major HyperEVM protocols.
Morphobeat: Permissionless and isolated lending market powered by Morpho, where you can lend and borrow all your favorite assets on the HyperEVM.
Masterswap: Move assets from any chain into HYPE on HyperEVM. Hyperbeat auto-routes the best path - for example, swap SOL on Solana to HYPE on HyperEVM in one click.
HyperBeat has been running a points program with a capped supply of 51M Hearts.
Right now, less than 12% of Hearts remains up for grabs. So be quick if you want exposure to a potential HyperBeat airdrop.
What is also interesting is that the reward system is structured into six tiers. This setup might be a hint toward a tier-based airdrop, which would mean it’s not too late to start using HyperBeat and climbing the ranks.
Best way to start earning Hearts?
Deposit into a vault and farm multiple HyperEVM protocols. You’ve got plenty of options depending on which asset you want exposure to (HYPE, BTC, Stablecoins, and even Gold).
I’ve personally deposited into the Ultra HYPE vault, earning 6% APY on my HYPE + points across six protocols. Super capital efficient.
Additionally, if you’re holding HYPE, you can simply liquid stake it into beHYPE (10M Heart up for grabs), which I’ve also done. The good news is that beHYPE will soon be listed as cash collateral for the EtherFi Card. (grab yours now).
So you’ve got the point - lots of ways to put capital to work with HyperBeat, plus the added upside of an interesting airdrop potential ahead.
If you want to give it a try, here’s my referral link:
B-Tier: Hyperlend, Felix, Project X, Ventuals
Still solid protocols to farm with a decent shot at meaningful airdrops. A bit more complex or less certain than S- and A-tier plays, but definitely worth having on your watchlist.
Hyperlend
Hyperlend is a lending and borrowing protocol built on Hyperliquid that was recognized as a friendly fork by Aave governance.
Its main product offers consist of:
Lending and Borrowing: classic market to lend and borrow your favorite asset o the HyperEVM (HYPE, uBTC, and even PT-KHYPE, etc). You know the drill of how these works by now.
HLP Vault: HLP is a Hyperliquid vault open to everyone that engages in market-making and liquidation processes, earning a portion of trading fees (yields are usually juicy). As such, the HLP Vaults on Hyperlend give you exposure to these returns while issuing an IOU that is transferable and DeFi-compatible, allowing your assets to work even harder (a really cool feature).
Hyperloop: A one-click way to open a leveraged loop position using any two tokens: one is supplied, one is borrowed.
There are plenty of interesting lending and borrowing strategies to discover on Hyperlend. One of the standout ones is the PT-kHYPE loop, where you can earn the highest yields on your HYPE (though you’ll forgo airdrop exposure).
Overall, Hyperlend is the lending protocol that has gained the most traction so far. It’s also my favorite in terms of UX and product design, especially with the HLP Vaults and Hyperloop.
That said, the fact that it’s an Aave fork is why I placed it in the B-tier as historically, forks tend to be more limited in upside potential.
Still, it’s a solid protocol to try.
Felix
Felix is an another protocol offering a full suite of borrowing and lending products. In a sense, it is pretty similar to Hyperlend but with a few tweaks.
The core product is a CDP that lets you deposit assets like HYPE, kHYPE, or uBTC and borrow feUSD against them. Alongside this, there’s also a vanilla model built on the Morpho stack.
They also launched hUSDL, a treasury-backed stablecoin. It’s custom-built for Hyperliquid’s trading environment, serving as collateral for borrowing/lending, trade settlement, and in the future HIP-3 markets. What’s also interesting is that the yield from hUSDL’s backing is used to buy spot HYPE, which is then redistributed as rewards to drive HyperEVM growth.
So far, Felix managed to get some solid traction with around $380M in TVL and $18.5M in expected annualized fees.
Their points program is ongoing, and it also seems less farmed than Hyperlend, which is another good reason to give Felix a shot.
Project X
Project X’s vision is to become the leading DEX aggregator across the entire EVM ecosystem.
As a first step, they’ve just launched their own DEX on the HyperEVM. The next step is to evolve into a DEX aggregator within the EVM, with phase three still [REDACTED] for now.
Since launch, the protocol has already gained strong traction and quickly became the #1 DEX on the HyperEVM, crossing $100M+ in TVL. I don’t think Project X will have any problems keeping its lead on the HyperEVM.
The real test will be when they enter their next phase and try to capture market share across the broader EVM ecosystem.
It’s still unclear how sticky capital will be post-airdrop, or how big the TAM really is for a DEX on the HyperEVM (especially one that’s a fork of Uniswap).
Still, the team are good marketeers, the project is fully self-funded, and they’re actively hyping upcoming features. That’s why I put them in the B-tier and I think the airdrop could be good.
How to take advantage?
Project X already has a points program live.
If you’ve got some experience with LP’ing, Project X could be a nice farm.
For example, if you’ve staked HYPE into kHYPE, you can deploy it into the kHYPE-HYPE pool (which is currently the largest pool on Project X).
Here are a few other main pools you might want to check out:
Ventuals
Ventuals’ mission is to turn startup valuations into tradable perpetual futures on Hyperliquid via HIP-3. This means you’ll be able to long or short your favorite pre-IPO companies with leverage.
A big part of crypto innovation has always been about tokenization and unlocking new markets. For instance, ICOs, made private VC rounds on early stage projects liquid and available for every one from day one.
Now, with Ventuals, we’re entering a new frontier: trading traditional companies before they IPO. This could add a new layer of efficiency to startup valuations (letting markets price companies instead of a handful of bankers behind closed doors), while also democratizing access to an asset class once reserved for accredited investors.
For now, Ventuals is not live yet, so we still need to see how they will execute on their mission. But what is sure is that the opportunity is compelling (and it perfectly showcases the power of HIP-3).
How to take advantage:
Ventuals is currently only live on Testnet. They are waiting for the HIP-3 standard to go live on Hyperliquid Mainnet. In the meantime, you can already start testing their product (and maybe testnet will even count for an airdrop).
Another step you can take today is to deposit into the Ventuals vault on Hyperbeat. Right now, this looks like one of the best ways to get early exposure to Ventuals (plus, you’ll also be earning Hyperbeat Heart).
C-tier: Hypurrfi, Hyperswap
In my view, these have lower airdrop potential compared to the other plays, but they still deserve a mention (and could end up being a surprise).
Hypurrfi
HypurrFi is another non‑custodial lending protocol native to the HyperEVM. What set HypurrFi apart is:
1/ A quick deposit and borrow feature with a smooth UX and a good range of assets.
With HypurrFi, you can also quickly loop into leveraged positions by borrowing against your collateral, to acquire more asset re-deposit to go leverage-long.
2/ Hypurffi is also the home to USDXL, an hybrid backed synthetic dollar where protocol revenue is used to acquire treasuries as additional protocol security.
3/ They also partnered with BrahmaFi to release a crypto card available for select users according to points ranking on HypurrFi.
Point program is live
You can check out this page for a clearer view of what counts and the top multipliers.
Hyperswap
As the name suggests, Hyperswap is a Hyperliquid-native AMM DEX that lets you swap assets directly on the HyperEVM.
It was the first native AMM to launch and gained a lot of early traction. But over time, it progressively lost market share once Project X entered the scene.
If you look at the chart, you can clearly see that the day Project X launched (with $40M in TVL on day one) marked the peak of Hyperswap’s TVL.
Still, I think the project has an interesting vision and, in my view, it still deserves a spot on this list - even if its potential might be smaller than the other top-tier plays.
If you’re curious to dig deeper into their vision, here’s a good read:
Wrapping up
Here I’ve shared with you my full tier list of HyperEVM airdrop opportunities.
Of course, this is totally subjective and just my personal view. My hope is that with this post, you’ll be able to filter out the protocols you find most interesting and worth your time.
One piece of advice I’ll leave you with: if you don’t have a lot of capital, it’s often better to focus on 3–4 plays more heavily that with the most synergy between them rather than spreading yourself across too many protocols. That’s the strategy I’ve been using so far, and it has worked pretty well.
And in the words of GCR: “He who chases two rabbits catches neither.” I think that’s a good philosophy to stand by when farming airdrops.
Bonus: Example Farming Setup
Here’s a simple plan you could follow to farm the HyperEVM:
Trade spot on Unit → Convert part of your portfolio into Hyperliquid assets via Unit.
Liquid stake HYPE into kHYPE → Then deploy into Kinetiq vaults or DeFi (Hyperbeat, Hyperlend, Felix).
DeFi with Unit spot assets → Use uBTC or another major for lending/borrowing.
Stables → Split between Liminal (Institutional mode) and Hyperbeat’s stablecoin vaults.
As always: only risk what you can afford to lose, and make sure you understand what you’re doing.
Now it’s up to you to decide what’s best.
And that’s your alpha.
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Crypto currencies are very risky assets and you can lose all of your money. Do your own research.
Those are really good, fam
Is it still worth farming airdrops? I stopped with farming in 2021 and just trade using Cycle strategy since then