Tings

The platform runs a points programme, and 20% of points are reserved for testnet activity. The page states there has been no official announcement of a token launch or airdrop, so taking part is speculative.

The product idea is interesting and is worth separating from the airdrop. Markets on unusual indexes let businesses hedge risks that exchanges ignore, for instance a data centre exposed to GPU costs. Whether they attract enough liquidity to work is a separate question, and thin markets can move sharply on small orders.

Users should also understand what HIP-3 means. It lets third parties launch markets on Hyperliquid, so the quality of each market depends on the operator, its oracle and its risk settings. A market with a weak price source can be manipulated.

Given all that, the points are best seen as a marketing device. They pay for the effort of testing a new product, which has value to the team, but they promise nothing to you.

There is a deeper question behind the product: who takes the other side of a trade on a GPU price? Exchanges rely on market makers, and a new market on an unusual index may have none. Without them, spreads are wide and a single large order can move the price a long way. Points programmes try to solve this problem by paying people to trade in the early days, which means early volume can be artificial.

Judge a market by whether trading continues after the rewards stop, and not by how busy it is during the programme.