Hyper Bubbles: free real-time visualization of 250+ Hyperliquid perpetual markets
Crypto airdrops are back in the spotlight, and one name keeps appearing across the community: Hyperliquid Season 3. The first distribution turned early users into the largest airdrop winners in crypto history, and over 370 million HYPE tokens are still reserved for community rewards. This guide covers what the community knows and exactly how traders are preparing.
On November 29, 2024, Hyperliquid distributed 310 million HYPE, 31% of the token's total supply, to eligible early users. The distribution followed a points program that rewarded protocol participation for twelve months: 1,000,000 points per week from November 2023 to May 2024, then 700,000 per week through November 2024. Unlike most launches, which favor private investors, the genesis put a third of the supply directly in the hands of early users. That memory is the engine of the Season 3 narrative.
Season 3 is the community's name for the expected next distribution, following the two points phases traders nicknamed Season 1 and Season 2. Hyperliquid has never used the word season itself, and no criteria have been published. The thesis rests on observable signals: over 370 million HYPE tokens (about 39% of the total supply) are still allocated to community rewards (today funding staking), the HyperEVM expansion, multi-phase precedent across comparable ecosystems, and the fact that the team never declared the genesis final. A 2026 ecosystem illustration (one plane loaded with HYPE on the runway, one airborne) was read as a distribution hint, and a Solana memecoin named "Season 3" traded on the expectation in September 2026.
Eight activities that mirror what the first distribution rewarded. Sybil filtering is expected in any future campaign, so vary your patterns and stay consistent:
1. Bridge assets to Hyperliquid ($50–200 of USDC via the official bridge; Arbitrum is cheapest). 2. Trade perpetuals consistently across multiple sessions; volume was the core weight of the points phases. 3. Provide spot liquidity (ETH/USDC) and keep it active. 4. Use HyperEVM applications (HyperLend, Felix, Kinetiq, HyperSwap), the likely highest-signal area since HyperEVM is the layer a new campaign would most want to grow. 5. Hold an ecosystem NFT such as Hypurr. 6. Participate in governance where eligible. 7. Stay active weekly (at least one trade and one HyperEVM interaction). 8. Keep a working balance of $50–200 on-chain. Optimization: interact across multiple layers, spread activity over weeks, diversify behavior across wallets, and be early to new HyperEVM protocols.
Open your account through the Hyperliquid referral code HYPERBUBBLES for 4% off every trading fee, which makes every activity above cheaper to run (it has no effect on eligibility). Track the token on our live HYPE page and read the full referral guide.
Independent project, not affiliated with Hyperliquid. Community guide updated September 2026; no distribution is guaranteed. Nothing here is financial advice.