The Hyperliquid airdrop was the HYPE genesis event at 07:30 UTC on November 29, 2024, when 310,000,000 fully unlocked HYPE (31.0% of the 1,000,000,000 max supply) went to eligible points holders, per the Hyper Foundation. As of October 2026, the Hyperliquid Docs points page lists no phase after November 2024 and no second airdrop.
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The Hyperliquid airdrop was the one-time genesis distribution of HYPE, the native token of the Hyperliquid blockchain. Tokens went to wallets that had earned points through trading and referrals before the event. The allocation arrived fully unlocked, and no share went to private investors, exchanges, or market makers.
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The Hyper Foundation set the genesis event for 07:30 UTC on November 29, 2024 and allocated 310,000,000 HYPE to eligible participants, fully unlocked. The same post says undistributed genesis tokens move to future emissions and community rewards, and that the genesis distribution strictly excluded core contributors.
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The genesis post split the fixed max supply into six buckets. Future emissions and community rewards are the largest, followed by the genesis airdrop, then core contributors. The foundation budget, community grants, and the HIP-2 liquidity program take the small remainder. Core contributor tokens carry a lockup and multi-year vesting.

Per the Hyper Foundation, core contributor tokens were locked for one year after genesis, with most vesting schedules completing between 2027 and 2028 and some continuing after 2028. The post also lists 388,880,000 unminted HYPE reserved for future emissions and community rewards.
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Eligibility came from Hyperliquid points, earned through trading activity and referrals during two phases: an initial six-month program and a later L1 phase that ran until November 2024. Affiliates earned a share of the points their referred users generated. Hyperliquid kept discretion to modify earlier point distributions.
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According to Hyperliquid Docs, the points program began on November 1, 2023, distributing 1,000,000 points weekly for 6 months until May 1, 2024, with separate points for the closed alpha period through October 31, 2023. The L1 phase began on May 29, 2024 and ended in November 2024 at 700,000 points per week.
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Referrers earned 1 point for every 4 points their referred users earned, per Hyperliquid Docs. The docs do not publish a points-to-HYPE conversion formula.
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Hyperliquid's official docs and foundation posts describe no second airdrop and no later points season. The documented points program is over. Treat any site or message advertising a new HYPE claim with suspicion, since unofficial claim pages are a common phishing route.
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People searching for a Season 2 or Season 3 airdrop should know the only official HYPE airdrop is the November 2024 genesis event described by the Hyper Foundation. The Hyperliquid Docs points page describes no points phase after November 2024. The Hyper Foundation does reserve 38.888% of supply for future emissions and community rewards, but it does not say how or when those tokens will be distributed.
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Recipients did not need to submit a claim. Tokens were credited to eligible Hyperliquid accounts at genesis, so checking means connecting the same wallet you traded with and looking at your spot balance. If you never earned points before the program ended, there is no late claim route.
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The Hyper Foundation lists the genesis distribution as going to eligible participants, and Hyperliquid Docs ties eligibility to points earned through November 2024. Never connect a wallet or sign a message on a site claiming to offer a new HYPE claim; only the official Hyperliquid app shows your balance.
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In the United States, the IRS position is that cryptocurrency received through an airdrop can be ordinary income, measured at fair market value when you gain control of the tokens. That value then becomes your cost basis for later sales. This is general education, not tax advice, so confirm details with a tax professional.
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IRS Revenue Ruling 2019-24 says a taxpayer has ordinary income from an airdrop of new cryptocurrency following a hard fork, equal to the fair market value when it is recorded on the ledger and the taxpayer has dominion and control. The ruling addresses hard forks specifically, so how it applies to a points-based genesis distribution is a question for a tax adviser.
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HYPE is the staking asset that secures Hyperliquid consensus and the gas token of the HyperEVM. Holders can move HYPE between spot and staking accounts and delegate to validators. Staking rewards come from the future emissions reserve, which is the same bucket that holds the unminted community supply.
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Per Hyperliquid Docs, transfers into staking are instant, delegations lock for 1 day, and moving HYPE from staking back to spot takes a 7-day unstaking queue. The same page says the reward rate is about 2.37% per year at 400M HYPE staked, scaling inversely with the square root of total stake.
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Supply split and genesis timing from the Hyper Foundation. Points phases from Hyperliquid Docs. Staking mechanics from Hyperliquid Docs. US tax position from IRS Revenue Ruling 2019-24. Checked October 5, 2026.
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