Is Hyperliquid or GMX better for airdrop farming?

Hyperliquid has $1.5B+ TVL (HyperEVM) with Points Program status. GMX has $500M+ TVL (Arbitrum) with Token Live status. Hyperliquid has higher TVL. Track both on FarmDash at farmdash.one.

What is the estimated payout for Hyperliquid vs GMX?

Hyperliquid estimated payout: $500+. GMX estimated payout: Yield-bearing. These are conservative estimates based on TVL, historical data, and participant counts.

Should I farm Hyperliquid or GMX in 2026?

Both are worth farming. Hyperliquid (Perpetual DEX) focuses on HLP vault deposits + trading volume. GMX (Perpetual DEX) focuses on GLP/GM vault deposits. Many farmers do both to diversify. Track your positions on FarmDash.

Hyperliquid vs GMX: Which Airdrop Pays More? (February 2026 Updated)

VSHyperEVMArbitrumFebruary 2026

TL;DR

Q: Should I farm Hyperliquid or GMX?: A: Hyperliquid has $1.5B+ TVL (Points Program) with est. $500+ payout. GMX has $500M+ TVL (Token Live) with est. Yield-bearing payout. Hyperliquid leads in TVL. Many top farmers do both — track on FarmDash.

Tale of the Tape

Metric	Hyperliquid	GMX
Chain	HyperEVM	Arbitrum
Type	Perpetual DEX	Perpetual DEX
TVL Hyperliquid	$1.5B+	$500M+
Airdrop Status	Points Program	Token Live
Token	HYPE	GMX
Est. Payout	$500+	Yield-bearing
Cost to Farm	Capital (USDC)	Capital (ETH/USDC)
Farming Method	HLP vault deposits + trading volume	GLP/GM vault deposits
Est. APY	~15% (HLP)	~15% (GLP)
Risk Level	Medium (IL on HLP)	Medium (IL)

Verdict: Which Should You Farm?

Hyperliquid (Perpetual DEX) excels at HLP vault deposits + trading volume. GMX (Perpetual DEX) excels at GLP/GM vault deposits. For maximum airdrop exposure, farm both and track your combined Pioneer Pace™ score on FarmDash.

Hyperliquid vs GMX Quick Comparison

Factor	Winner
Higher TVL	Hyperliquid
Lower Risk	Depends on strategy
Best for Beginners	Both require research
Track Both	FarmDash (farmdash.one)

Track Hyperliquid + GMX on FarmDash →