What is The Hyperliquid Season 2 Airdrop?

Hyperliquid Season 2 is the current airdrop farming cycle tied to onchain activity across HyperEVM, a Layer 1 chain developed by the team behind the Hyperliquid perps DEX. It’s not officially confirmed, but the community treats it as live based on active point systems and unclaimed $HYPE emissions.

Most farming setups run through a stack of early-stage apps where users farm multiple point systems at once. Staking $HYPE into stHYPE or LHYPE, looping into HypurrFi or HyperLend, borrowing feUSD or KEI, and pairing into LPs on HyperSwap or KittenSwap are all part of the meta.

The numbers show it’s still early. Only a small percent of $HYPE is on-chain, and more than 42 percent of the supply is reserved for future rewards.

If you’re active now, you’re inside a live airdrop environment with underused protocols, low wallet counts, and real upside for rotating smart capital.

How to Position for the Hyperliquid Airdrop

To participate in Hyperliquid Season 2 and maximize your airdrop eligibility, you’ll need to set up both layers of the stack: HyperCore (for trading and spot activity) and HyperEVM (for DeFi and on-chain yield). This setup ensures you can rotate funds, interact with protocols, and appear in all the relevant snapshots.

Step-by-step Hyperliquid onboarding flow:

1. Connect your wallet to HyperEVM: Use ChainList or add the network manually to MetaMask with RPC "https://rpc.hyperliquid.xyz/evm", Chain ID "999", Symbol "HYPE", and Explorer "https://purrsec.com".
2. Bridge funds to Hyperliquid: Send USDC or ETH to Arbitrum, then deposit into HyperCore using the native bridge or HyBridge.
3. Buy and move HYPE: Use the Spot market to buy HYPE, then click “Transfer to EVM” to move funds into the DeFi layer.
4. Get staking-ready: Keep some HYPE on HyperCore for native HYPE staking and move the rest to HyperEVM for liquid staking and protocol farming.

Top Hyperliquid Ecosystem Protocols to Use

Despite HYPE reaching an $11 billion market cap and $33 billion FDV, HyperEVM still sits below $1.5 billion in TVL with under $3.5 billion in stablecoin flows, pointing to a market where capital is early and competition is low. This means interacting now gives asymmetric access to multipliers and lower-cost farming routes.

Here are the top HyperEVM protocols to explore:

• HyperLend: The largest money market on HyperEVM, supporting lending and borrowing of HYPE, stHYPE, and stablecoins with high-cap fill rates and weekly point snapshots.
• HypurrFi: A flexible CDP protocol that lets you borrow native stablecoins like USDXL against HYPE-based collateral while earning incentives through loop strategies.
• Felix Protocol: Allows users to mint feUSD using HYPE or uBTC and deposit into stability pools; also ties into deeper farming mechanics with its vault and LP system.
• Hyperbeat: Converts HYPE into stHYPE, which is usable across DeFi protocols; includes auto-compounding vaults and ecosystem staking multipliers.
• Looped HYPE: Offers leveraged staking by minting LHYPE from stHYPE; designed for farmers targeting maximum point exposure across multiple protocols.
• HyperSwap: A Uniswap-style DEX with v2 and v3 pools, supporting concentrated liquidity and tight stablecoin ranges, making it ideal for active LP strategies.
• KittenSwap: A ve(3,3) model DEX with deep liquidity incentives, NFT point boosts via MechaCats, and a strong presence in early Season 2 farming.
• HyperUnit: Native bridge for BTC, ETH, and SOL into HyperCore and HyperEVM; likely to reward users with airdrops based on time-weighted TVL and volume.

Best Strategies to Farm Points

Farming points on Hyperliquid during Season 2 is about trading and rotating capital through underused decentralized protocols. The best strategies combine staking, LPing, borrowing, and bridging in a way that overlaps multiple protocols and point systems. Here are five ways to do it:

1. Delta Neutral Looped Lending with Perp Hedging

This strategy is built to maximize your on-chain presence while neutralizing HYPE price risk. It rotates staked assets through multiple protocols while farming yield and points across each layer.

Steps to execute:

1. Stake $HYPE into stHYPE using HyperBeat or LoopedHYPE.
2. Supply stHYPE to HypurrFi and borrow more HYPE or stables like USDXL.
3. Loop borrowed HYPE back into stHYPE and deposit it into HyperLend.
4. Open a 1x short on HYPE perps to hedge price exposure and earn funding APR.

Why it works: This stacks HypurrFi, HyperLend, HyperBeat, and Hyperliquid trading points while staying capital-efficient and risk-aware. When funding rates are positive, the hedge itself becomes a passive yield source, making this a rare low-risk farmable loop.

2. DEX Farming Across KittenSwap and HyperSwap

LPing on-chain is the heart of Season 2 and these two DEXs each reward in their own way. The key is knowing where your liquidity fits best.

What makes them different:

• KittenSwap follows the ve(3,3) model, rewarding deeper commitment and NFT holders.
• HyperSwap offers concentrated liquidity with better fee APRs and easier rotation across pairs.

Steps to farm DEX points:

1. Add liquidity to stable pools (e.g., feUSD/USDT0 or KEI/stHYPE) to avoid impermanent loss.
2. Stake LP tokens if required and track emissions via dashboards or Discords.
3. For KittenSwap, own a MechaCat NFT to boost points and future veKITTEN allocation.

Why it works: These are the highest-volume venues on HyperEVM, and every action like swap, LP, or stake is actively tracked for upcoming airdrops.

3. Stablecoin Minting for Multi-Protocol Yield

Minting native stables like KEI and feUSD gives access to undercrowded pools, vaults, and farming strategies. It’s a core primitive of the ecosystem.

Where to start:

• Use Keiko Finance to mint KEI with stHYPE or LHYPE as collateral.
• Use Felix Protocol to mint feUSD by locking HYPE or uBTC.
• LP minted stables into HyperSwap or KittenSwap pools, or deposit into Felix’s Stability Pool.

Why it works: You unlock multiple airdrop streams (Keiko, Felix, DEXs), gain on-chain visibility, and open up high-APR LP routes that are still early-stage.

4. NFTs and Identity Layers for Passive Boosts

Some of the best point multipliers aren’t in DeFi apps but are rather tied to identity and collectibles. These give protocol-native benefits and whitelist access for token drops.

What to pick up:

• Drip.Trade: Boost KittenSwap points and unlock veKITTEN share at TGE.
• HLNames: Claim .hl domains for identity-layer utility and potential name-based airdrop.
• Hypios and Hypers NFTs: Farm Hypio points, whitelist access, and future DAO allocation.

Why it works: These boost your farming backend with no extra capital requirements, and some will play into broader ecosystem roles in Season 2 and beyond.

5. HyperUnit Bridge Farming with Long-Term Exposure

Getting funds onto HyperEVM is only step one, staying there and routing smart volume through bridges can qualify for HyperUnit’s expected token drop.

How to approach it:

1. Use HyperUnit to bridge native ETH, BTC, or SOL into HyperCore.
2. Swap for USDC and move to HyperEVM using the native “Transfer to EVM.”
3. Keep funds active across protocols like HypurrFi, Felix, or DEX pools for max touchpoints.

Why it works: HyperUnit is likely using a volume and time-weighted formula to reward early users. Combining native bridging, holding, and active usage across the ecosystem unlocks compounding eligibility for multiple airdrops.

How Big Is the Hyperliquid Airdrop?

Season 1 of the HYPE airdrop was one of the largest in crypto history, distributing 31% of total supply at launch. Around 310 million tokens went to early users of the HyperCore trading platform, with claims reaching into seven-figure allocations for top wallets.

This genesis airdrop was valued at over $7 billion at the time, and it instantly placed HYPE among the most valuable native tokens in the market. The distribution heavily favored active traders and early adopters, rewarding usage of spot and perp markets prior to HyperEVM’s launch.

Now the focus shifts to what remains. Over 420 million HYPE is still locked for future emissions, tracked under non-circulating supply and likely tied to upcoming airdrops. For those who missed Season 1, this is a second window and it is still wide open, as barely 2.2% of HYPE is on the HyperEVM right now.

Risks When Farming Hyperliquid

Farming Season 2 offers real upside, but it also exposes you to DeFi-native risks that can eat into potential airdrops. Most protocols are still young, and few safeguards exist beyond what you implement yourself. Most common risks include but are not limited to:

• Smart contract risk: Many HyperEVM protocols are unaudited or just recently launched, making exploits or bugs a real possibility.
• Liquidation risk on perps: Using high leverage on the Hyperliquid perpetuals exchange can trigger liquidations if price moves suddenly or funding flips.
• Impermanent loss in LPs: Yield farming on KittenSwap or HyperSwap with volatile token pairs can lead to real capital downside if token prices diverge due to impermanent loss.
• Bridge and balance confusion: Transferring between HyperCore and HyperEVM requires care as funds sent to the wrong address type or chain layer may be unrecoverable.
• No guarantee of point value: Some protocols may cancel or dilute their points campaigns, and not every point translates to a token or reward.
• Social media compromise and scams: Official accounts like HyperFND's X profile have been compromised in the past, which can sometimes lead to scam token launches.
• Fake protocol impersonators: Lookalike dApps and phishing links often rank high on Google or circulate via Medium blog articles, draining wallets if used. Even ChatGPT incorrectly referenced such article.

Final Thoughts

Hyperliquid already pulled off what most projects dream of: a breakout exchange, an $11 billion token, and a historic airdrop. But the real play might just be what comes after. With DeFi usage still lagging behind and over 40% of HYPE unclaimed, HyperEVM is the next battlefield for farming airdrop points.