Did HLP depositors get the Hyperliquid Genesis airdrop?
The official public record does not provide an HLP-only recipient table or a formula that converts deposit size into a Genesis allocation. Secondary reporting and public wallet histories indicate that some users with HLP activity received HYPE, but that does not prove that every HLP depositor qualified or that HLP deposits carried a universal published multiplier.
That distinction matters. The official Hyperliquid Points documentation says criteria changed over time and rewards reflected contributions to the protocol, but it does not publish the scoring formula. The Hyper Foundation remains the primary source for HYPE and Genesis notices. Treat any precise HLP allocation calculator that is not backed by a dated primary notice as an estimate, not an official rule.
What is confirmed about the Genesis distribution?
The Hyperliquid Genesis event distributed HYPE to early protocol contributors in November 2024. Contemporary Blockworks coverage reported a 310 million HYPE community distribution, equal to 31% of total supply, with no investor allocation unlocked at Genesis.
The official points page confirms the campaign timeline:
- The original points program began on November 1, 2023.
- One million points were distributed weekly for six months, ending May 1, 2024.
- Activity from May 1 through May 28 received a multiplier, but the public page does not identify that multiplier as an HLP-specific rule.
- The L1 phase began on May 29, 2024 and ended in November 2024, with 700,000 points distributed weekly.
- Criteria were updated on a recurring basis, and Hyperliquid reserved discretion to modify prior distributions.
These facts establish the campaign windows. They do not expose a wallet-level scoring formula.
What can be said about HLP eligibility?
The defensible answer is narrower than many airdrop summaries suggest: HLP activity may have formed part of a wallet's broader contribution history, but official materials do not publish a universal HLP-only qualification rule. A wallet could also have trading, referral, market-making, or other activity, so receiving HYPE does not isolate the effect of its HLP deposit.
There is no official cohort table showing:
- HLP-only wallets versus wallets that also traded;
- the allocation attributable only to an HLP balance;
- a constant points-per-dollar-per-day rate;
- a fixed HYPE conversion for every point; or
- an HLP-only average allocation.
Without those fields, a worked example that claims an exact HYPE amount from a deposit balance would create false precision.
How were Hyperliquid points calculated?
Hyperliquid has not published the full scoring formula. The official page states that points rewarded contributions to the protocol, distributions were based on weekly activity, and criteria changed over time. That means public wallet activity can support an estimate, but it cannot reconstruct an official deterministic calculator.
For historical research, label evidence in three levels:
- Confirmed: dated statements in Hyperliquid or Hyper Foundation materials.
- Observed: wallet activity and allocations visible on-chain or in the protocol interface.
- Inferred: a proposed relationship between activity and allocation that has not been officially published.
Only the first level should be described as an official rule.
Why fixed conversion claims are unreliable
The Genesis allocation was not documented as a simple public exchange rate that every reader can apply to a points balance. Total supply percentages, campaign points and final wallet allocations are different quantities. Dividing one headline number by another can produce a historical average, but not an official conversion rule.
The same problem applies to recipient averages. Dividing total distributed HYPE by a reported recipient count produces an overall mean across a highly skewed distribution. It does not estimate what an HLP-only depositor received.
What Genesis does not prove about later campaigns
This historical event does not establish future eligibility, multipliers, snapshots, vesting or conversion rules. A later campaign must be evaluated from its own dated primary notices. Community shorthand can persist even when the underlying mechanism changes.
Use the current Hyperliquid airdrop guide for later-campaign research, and verify live claims against the Hyper Foundation or protocol interface. If a primary notice does not confirm a rule, label it unverified.
Genesis history versus an HLP decision today
A current HLP deposit should be evaluated from live vault mechanics, performance history, open positions, drawdown and the documented withdrawal lock — not from an assumed future token reward. The official HLP protocol-vault documentation explains HLP's functions and lockup but does not promise an airdrop.
For current mechanics, read the Hyperliquid vaults guide. For trading costs, use the Hyperliquid fees breakdown. Those are separate decisions from this historical recap.
Frequently Asked Questions
The official public record does not provide an HLP-only cohort table, so a universal claim cannot be verified. Some wallets with HLP activity received HYPE, but many wallets also traded or contributed in other ways. Deposit activity alone cannot be mapped to a guaranteed allocation from the published data.
The original program ran from November 1, 2023 through May 1, 2024. A separate L1 phase began May 29, 2024 and ended in November 2024. The official points page says criteria changed over time.
No complete HLP-only scoring formula is available in the official public documentation. Exact deposit-to-allocation calculators should therefore be treated as estimates unless they cite a dated primary rule.
No. Genesis documents one closed historical distribution. Later eligibility, snapshots, vesting and scoring require their own primary notices.
Check the live vault's performance window, drawdown, current positions, the documented lockup and your loss tolerance. Do not add an unconfirmed token reward to expected return.
Primary references: Hyperliquid Points documentation, Hyper Foundation, and HLP protocol-vault documentation. Contemporary distribution context: Blockworks. Not financial advice.