Hyperliquid Airdrop Season 2: Ultimate Guide

If you missed Hyperliquid’s first airdrop, no worries. There may still be a huge opportunity on the table.

In Season 1, Hyperliquid gave away 310 million HYPE tokens to nearly 94,000 early users. That single drop turned everyday traders into big holders.

But that airdrop was only about 30% of the total supply. Around 420 million HYPE tokens are still unclaimed, sitting in the community treasury. 

And based on everything we’re seeing (new DeFi apps launching, point farming systems going live, and rising talks on social media), it looks like Season 2 might already be underway. Yes, even though it’s not officially confirmed yet.

And in this guide, you’ll learn exactly what to do to position yourself. Even if you’re totally new to Hyperliquid, we’ll show you how to:

• Set up your wallet and get on the right network
• Fund your account and start staking HYPE
• Use Hyperliquid’s DeFi apps to earn potential points
• Avoid common mistakes that could cost you rewards

Let’s break it down step by step.

What is Hyperliquid and why should you care?

As noted in our Hyperliquid review, this is one of the fastest-growing decentralized exchanges in crypto. And it’s not built on Ethereum or Arbitrum like most others. It’s a custom Layer 1 chain designed specifically for ultra-fast, CEX-style trading, but without losing self-custody.

Here’s what makes it special :

• Extremely fast orderbook: Subsecond finality, smooth UI, low fees
• On-chain perps and spot trading: Just like a centralized exchange, but fully decentralized
• Now adding DeFi: With the launch of HyperEVM, you can now stake, lend, LP, mint stablecoins, and more

That means it’s becoming a full DeFi ecosystem, and early users who help build liquidity and usage could get rewarded.

Hyperliquid season 2 isn’t officially announced: everyone’s treating it like it is

Before we go further, let’s be clear: Season 2 is not officially confirmed by the team.

There hasn’t been a public announcement or token allocation breakdown yet. But nearly every serious airdrop hunter is already farming points on Hyperliquid’s new EVM layer (called HyperEVM). They’re staking tokens, adding liquidity, lending, borrowing.

Why?

Because all the signs are there:

• Hyperliquid still has over 40% of the HYPE supply untouched
• Most DeFi apps on HyperEVM now reward users with “points”
• The first airdrop came out of nowhere, so the next one might too

In the next section, we’ll show you how to set everything up so you’re ready to earn points and potentially qualify for Season 2.

Set up your wallet (step-by-step)

To qualify for a potential Hyperliquid Season 2 airdrop, you’ll need to interact with both layers of the ecosystem:

• HyperCore: the base trading layer with spot and perpetual markets
• HyperEVM: the new smart contract layer where DeFi activity happens

Here’s how to set everything up.

Step 1: Add the Hyperliquid network to MetaMask

To use Hyperliquid’s DeFi apps, your wallet must be connected to HyperEVM.

Open MetaMask (or some other EVM-compatible wallet, e.g. Coinbase Wallet), click your profile icon and add the Hyperliquid network.

Use the following settings:

• Network name: Hyperliquid
• RPC URL: https://rpc.hyperliquid.xyz/evm
• Chain ID: 999
• Currency symbol: HYPE

Once added, you’re connected to the HyperEVM network and ready for on-chain activity.

Step 2: Bridge funds to HyperCore

Before you can interact with HyperEVM, you’ll need to get some funds onto the network.

Visit Hyperliquid’s official site and connect your wallet. 

To start using Hyperliquid, you first need USDC on Arbitrum. From there, you can deposit directly into Hyperliquid.

There are two main ways to get USDC onto Arbitrum:

Option 1: Use a decentralized bridge like deBridge

If you’re already on another chain (like Ethereum or Polygon), this is the fastest non-custodial method.

1. Go to deBridge
2. Select your current chain (e.g., Ethereum) and choose Arbitrum as the destination
3. Select USDC as the asset to transfer
   
4. Connect your MetaMask or other EVM wallet
5. Enter the amount and confirm the transaction

Once the transaction completes, your USDC will appear in your Arbitrum wallet.

Option 2: Withdraw from a centralized exchange (like Binance)

If you’re holding USDC on a CEX, you can skip the deBridge entirely:

1. Go to your exchange’s withdrawal page
2. Select USDC
3. Enter your Arbitrum wallet address
4. Choose Arbitrum as the network
5. Confirm and withdraw

Your funds will be sent directly to your Arbitrum wallet.

Final step: Deposit into Hyperliquid

Now that you have USDC on Arbitrum, head over to Hyperliquid and:

1. Connect your wallet
2. Click Deposit in the top right menu
3. Choose how much USDC to move from Arbitrum into Hyperliquid

Once deposited, you’ll see the funds appear in your HyperCore wallet, ready to use for trading or buying HYPE.

Step 3: Buy HYPE tokens

Inside the Hyperliquid app, go to the spot market and swap your USDC for HYPE, the platform’s native token.

You’ll need HYPE for:

• Staking
• Providing liquidity
• Lending/borrowing
• Stablecoin minting
• Pretty much every airdrop-relevant activity

You don’t need to convert everything. Just buy enough to interact with a few protocols and keep some USDC for LPs or trading.

Step 4: Transfer HYPE to HyperEVM

Now that you’ve got HYPE in your HyperCore wallet, it’s time to move a portion of it to the EVM layer.

This is a crucial step. You can’t interact with most airdrop-eligible DeFi apps until your HYPE is on HyperEVM.

To do this:

• In the Hyperliquid app, open your wallet
• Select “Transfer to EVM”
• Enter the amount of HYPE you want to bridge over
• Confirm the transaction

After a short wait, your HYPE balance will appear in your EVM wallet, ready for DeFi use.

Step 5: Stake HYPE on HyperCore (optional but recommended)

While you don’t need to stake HYPE on HyperCore to use HyperEVM, doing so has a few benefits:

• You earn passive yield
• It helps secure the chain
• There’s a chance it could be considered in future airdrop snapshots

To stake:

• Go to the Staking tab inside Hyperliquid
• Choose how much HYPE to stake
• Confirm the transaction and you’ll start earning right away

You can stake some and move the rest to HyperEVM. That way, you’re active on both layers.

Once you’ve completed these steps, your wallet is fully prepped for what comes next: using HyperEVM apps to earn airdrop points.

Earn airdrop points (key actions)

Now that your wallet is set up and funded, it’s time to start using the Hyperliquid ecosystem. 

While Season 2 hasn’t been officially confirmed, most people believe it will follow the same logic as other major airdrops: the more useful and consistent your on-chain activity, the better your odds.

Here are the key ways users are farming points right now.

1. Stake HYPE or use liquid staking (stHYPE, LHYPE)

The simplest way to show you’re committed to the Hyperliquid ecosystem is to stake your HYPE.

You have two options:

• Stake HYPE directly
• Use liquid staking protocols to get stHYPE or LHYPE, which you can deploy across multiple DeFi apps

Here’s how it works:

• Deposit HYPE into a staking protocol like HyperBeat or LoopedHYPE
• Receive a liquid token (like stHYPE) in return
• Use stHYPE in liquidity pools, lending platforms, or to mint stablecoins

This lets you earn passive rewards while also unlocking more ways to farm points across the ecosystem.

2. Lend and borrow on HyperEVM money markets

HyperEVM now supports several lending and borrowing protocols. These are modeled after Aave and Compound, but optimized for the Hyperliquid token economy.

Two major protocols to use:

• HyperLend
• HypurrFi

Here’s what you can do:

• Supply assets like HYPE, stHYPE, or wrapped BTC/ETH (uBTC, uETH)
• Earn interest and farming points
• Borrow stablecoins like USDXL or KEI against your collateral
• Optionally loop your position by using borrowed funds to buy and restake HYPE

These actions all generate DeFi activity, which increases your visibility if a snapshot happens. Just be careful with leverage and always monitor liquidation risks.

3. Provide liquidity on DEXs (KittenSwap, HyperSwap)

One of the most common strategies is to add liquidity to trading pairs and stake the resulting LP tokens.

The two main DEXs on HyperEVM are:

• KittenSwap: a DEX with gamified point rewards
• HyperSwap: similar to Uniswap V3, offering concentrated liquidity

Best pairs to consider:

• HYPE/USDC
• stHYPE/KEI
• LHYPE/USDC

Each DEX tracks user contributions and assigns “points” based on time, volume, and sometimes NFTs.

Tip: KittenSwap gives you a point boost if you own a MechaCat NFT. It’s not required, but many users are buying them to multiply their farming rewards.

4. Mint stablecoins with Keiko or Felix

Some users are going a step further by minting stablecoins, one of the newest activities supported on HyperEVM.

Two stablecoin projects are now live (or in public testing):

• Keiko Finance (mint KEI)
• Felix (mint feUSD)

To mint:

• Lock up HYPE or stHYPE as collateral
• Mint stablecoins directly into your wallet
• Use them in liquidity pools or lending apps to double up on point generation

This is a riskier strategy (especially if HYPE drops in value), but it shows deep engagement with the ecosystem. Many believe stablecoin minting will be highly rewarded if Season 2 drops.

Advanced tips (maximizing points)

Once you’ve staked, lent, provided liquidity, or minted stablecoins, you might be wondering: what else can I do to stand out?

The reality is, we don’t have the confirmed, specific information. So, it’s about showing up in multiple places, across multiple protocols. 

That increases your odds of appearing in snapshot data, especially if Hyperliquid tracks cross-platform engagement like many other DeFi ecosystems.

Here are some strategies that go a level deeper.

Use a delta-neutral farming strategy (if you know what you’re doing)

One popular approach in the airdrop community is to use a delta-neutral loop. It’s designed to keep your exposure to price swings low, while still interacting with as many DeFi apps as possible.

Here’s what it might look like:

1. Stake HYPE and receive stHYPE
2. Supply stHYPE to a lending protocol like HyperLend
3. Borrow HYPE against your stHYPE collateral
4. Convert that borrowed HYPE into USDC or stablecoins
5. Short HYPE on the perps market to hedge your exposure

Now you’re active in staking, lending, borrowing, and trading. And all that is without taking on huge price risk. 

This approach won’t be for everyone, but if you’ve used similar strategies on Aave or Compound before, you’ll be comfortable with it.

Light trading activity helps, but isn’t required

Several community members believe that small spot or perp trades may help signal you’re an actual user, not just a passive airdrop hunter.

To cover this angle, you could:

• Make a few trades in the spot market (e.g., swap USDC to HYPE and back)
• Open a low-size position on the perps market (long or short, doesn’t matter)
• Close your positions after a few minutes or hours — no need to stay in

If you’d rather not trade, that’s ok. You can still farm plenty of potential points just by using DeFi protocols. But if you want to check every box, a little trading activity may help.

Rotate capital across multiple protocols

Some point systems may reward consistent deposits over time, not just one big interaction.

Instead of parking your funds in one pool or app, consider rotating through:

• A few different liquidity pools on KittenSwap or HyperSwap
• Multiple lending/borrowing pairs (HYPE, stHYPE, USDXL, KEI)
• Both stablecoins (KEI and feUSD)
• Minting and staking platforms for LHYPE or LoopedHYPE

This helps you touch more contracts and show activity across the whole ecosystem.

It might earn you more visibility if Hyperliquid does a complex snapshot like they did in Season 1.

Risks and warnings

Before you go all in, let’s talk about risk.

Interacting with DeFi protocols always carries some downside, especially in new ecosystems. Hyperliquid’s EVM layer is growing quickly, but it’s still early. Bugs, volatility, or exploits are possible.

Here’s how to stay smart.

Only use trusted protocols

Stick to the most well-known apps in the Hyperliquid ecosystem, such as:

• KittenSwap
• HyperLend
• HypurrFi
• Keiko
• HyperBeat
• HyperSwap

Newer apps may offer big yields or flashy point multipliers, but be careful. If the protocol hasn’t been battle-tested or is missing basic documentation, it’s safer to skip it.

Always verify contracts and wallet prompts

Before signing any transaction:

• Make sure you’re on the correct website
• Double-check the contract address
• Watch for unusually high gas or approval requests
• Never approve unlimited spending for a token unless you trust the app

Even experienced users can get caught by fake websites or malicious pop-ups. Taking 10 extra seconds to verify could save you a major loss.

Don’t overcommit your capital

This entire strategy (staking, lending, LPing, minting) is based on speculation.

There is no official announcement for Season 2 yet

If Hyperliquid never delivers another airdrop, you might only walk away with some yield, a few NFTs, and an expensive lesson in overexposure. 

So only use funds you’re comfortable locking up or losing, and don’t assume anything is guaranteed.

Conclusion: Prepare now, benefit later (if Season 2 happens)

Hyperliquid hasn’t officially announced a Season 2 airdrop. But that hasn’t stopped thousands of users from farming points, rotating capital, and positioning themselves early.

Why? Because the signs are all there:

• Over 40% of the HYPE token supply is still unclaimed
• A full suite of new DeFi apps has launched on HyperEVM
• Points systems are live across staking, lending, LPs, and stablecoin platforms
• The first airdrop rewarded real on-chain usage, not hype or wallets with big balances

If Season 2 follows the same playbook, the people who engaged early are the ones most likely to benefit. But even if no airdrop comes, you’ve learned how to:

• Navigate a high-speed, L1 trading platform with real DeFi infrastructure
• Use staking and lending strategies to earn passive yield
• Practice snapshot farming techniques that apply to dozens of other ecosystems

That’s time well spent. And if Season 2 drops? You’ll be more than ready.