The biggest DEX airdrop ever is Hyperliquid’s HYPE drop from November 2024. It sent 310 million tokens, 31% of the supply, to roughly 94,000 wallets. On day one, that was worth more than a billion dollars. Within a month, the value had grown to several billion.
However, Hyperliquid did not invent the playbook. Decentralized exchanges have paid their early users since 2020, and the list of winners keeps growing. Below, we rank the seven biggest DEX airdrops in history. After that, we share our best bets for the next ones.
New to the topic? Then read our crypto airdrops explainer first.
The biggest DEX airdrops at a glance
| DEX | Tokens | Share of supply | Value at launch | Peak value (at ATH) |
|---|---|---|---|---|
| Hyperliquid | 310M HYPE | 31% | ~$1.2B | ~$27.6B |
| Uniswap | 150M UNI | 15% | ~$450M | ~$6.7B |
| Lighter | 250M LIT | 25% | ~$680M | ~$2.0B |
| dYdX | 75M DYDX | 7.5% | ~$770M | ~$2.1B |
| Jupiter | 1B JUP | 10% | ~$650M | ~$2.0B |
| 1inch | 90M 1INCH | 6% | ~$215M | ~$780M |
| Aster | 704M ASTER | 8.8% | ~$350M | ~$1.7B |
Value at launch uses the first-day price. Peak value uses each token’s all-time high, so it shows what the full drop was worth if nobody sold.
“Biggest” depends on the metric you pick. By dollar value, Hyperliquid wins by a mile. By reach, Jupiter leads with close to a million wallets. By fame, nothing beats Uniswap. Our ranking therefore weighs value, reach and impact together.
1. Hyperliquid (HYPE): the record holder
Hyperliquid launched HYPE on November 29, 2024. The team reserved 310 million tokens for users, and more than 94,000 addresses qualified. In addition, there was no VC allocation, so no investors were waiting to sell into the launch.
Those numbers still look unreal. According to ASXN data, the average wallet received around 2,915 HYPE. Two days later, that average stack was worth about $28,500. Meanwhile, the top 4% of wallets received 10,000 tokens or more.
Most recipients were regular perp traders who collected points for months. As a result, HYPE became the benchmark for every exchange token since. Our Hyperliquid review covers the platform in full.
2. Uniswap (UNI): the one that started it all
In September 2020, Uniswap gave 400 UNI to every wallet that had ever used the exchange. Nobody farmed it, because nobody saw it coming. In total, 150 million UNI became claimable for more than 250,000 addresses.
At launch, 400 UNI was worth around $1,200. Then the 2021 bull market arrived. According to Dune’s analysis, the average claim was worth about $12,000 at the top.
However, most people sold early, between $2 and $4 per token. Two years later, only about 7% of recipients still held their UNI. The lesson is simple: using new products early can pay, even before a token exists.
3. Lighter (LIT): the 25% drop
Lighter closed 2025 with a bang. On December 30, the perp DEX sent 250 million LIT straight to its points farmers. That equals 25% of the total supply.
There was no claim page and no lockup. Instead, tokens simply landed in wallets. At the launch price of $2.73, the drop was worth roughly $680 million.
Two points seasons decided the allocations, so consistent traders did best. Because of that, Lighter proved the Hyperliquid model could work twice. Our Lighter review dives deeper into the entire platform.
4. dYdX (DYDX): perps farming goes mainstream
dYdX rewarded its past traders in September 2021. The exchange set aside 75 million DYDX, or 7.5% of the supply. However, users first had to trade on its Layer 2 to unlock their share.
That rule cost many people their tokens. In fact, almost 25 million DYDX went unearned and returned to the treasury. US traders were also excluded.
For those who qualified, the payout was huge. At the first-day high of $14.24, the smallest tier was worth over $4,400. Meanwhile, the top tier cleared $135,000. Perp DEX farming was on the map, years before Hyperliquid.
5. Jupiter (JUP): the widest reach
Jupiter is Solana’s leading DEX aggregator. On January 31, 2024, it distributed 1 billion JUP to roughly 955,000 wallets. No other DEX airdrop has reached that many users.
Individual claims were smaller than on Hyperliquid, because the pie was split so widely. Still, the drop was worth hundreds of millions of dollars. In addition, Jupiter followed up with more “Jupuary” rounds for active users.
6. 1inch (1INCH): the Christmas surprise
The 1inch aggregator dropped its token on Christmas Day 2020. About 90 million 1INCH went to around 55,000 wallets. That was roughly 6% of the supply.
Like Uniswap, the drop was retroactive, so early swappers woke up to a gift. As a result, the average claim ran well into four figures. It also cemented a new habit in DeFi: use every promising DEX early.
7. Aster (ASTER): the 2025 rocket
Aster launched its token on September 17, 2025. The perp DEX airdropped 704 million ASTER, or 8.8% of the supply. Within days, the price multiplied and early farmers were paid handsomely.
However, the story has a flip side. Aster’s volume later cooled hard, and its market share dropped with it. So the payout was real, but timing your exit mattered. We track new rounds on our Aster project page.
Our best bets for the next big DEX airdrops
History rewards those who show up early. Therefore, here is where we would look next.
Hyperliquid. A large share of HYPE is still reserved for future community rewards. As a result, many farmers expect another round. Follow it on our Hyperliquid Season 3 listing.
Variational. This DEX uses a quote-based model with zero trading fees. It also lists stocks and commodities next to crypto. See our Variational airdrop page for the latest steps.
Arcus. The team behind dYdX built Arcus on Robinhood Chain, with backing from Robinhood Crypto. No airdrop is confirmed yet. Still, a future token is already part of the conversation, as our Arcus listing explains.
Trade.xyz. Built on Hyperliquid’s infrastructure, it focuses on stocks and indices around the clock. Because it sits inside that ecosystem, activity here may count twice. Details are on our Trade.xyz airdrop page.
Lighter. Half of the LIT supply is earmarked for the community, and only the first 25% has gone out. Farmers therefore keep trading there for a potential next drop. We watch it on our Lighter project page.
How to position for the next one
Every drop on this list rewarded real, consistent activity. Volume matters most on perp DEXs. However, volume does not have to mean price risk.
History and data both point the same way: farming DEXs is almost always a good idea. So don’t be lazy, and don’t fade them. However, don’t pick a random exchange on a whim either. Instead, stick with the big names. As a result, you are far more likely to actually cook when the drop lands.
Delta neutral farming is my bread and butter. It is not flashy, and it can take a year of grind. But every once in a while, the payout is huge. Our delta neutral airdrop farming guide explains the full method.
Next, pick your venues carefully. For example, our best perp DEX ranking compares the main platforms on fees and liquidity. In addition, our list of the best DEX airdrops shows which farms are active right now.
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Final Words
The biggest DEX airdrops share one pattern. Early, consistent users got paid, while latecomers got scraps. Uniswap proved it in 2020, and Hyperliquid proved it at a far larger scale.
Nobody knows which exchange drops next. Still, the playbook has not changed in six years. So pick a few strong platforms, trade with a plan, and stay patient.
That is also why we are diving much deeper into DEXs. Our reviews and comparisons break each platform down, so you can make the best choice possible. You can find them all under our exchange reviews tag.
FAQ
What is the biggest DEX airdrop ever?
Hyperliquid’s HYPE airdrop from November 2024 is the biggest. It distributed 310 million tokens, 31% of the supply, to about 94,000 wallets.
How much was the Uniswap airdrop worth?
Each eligible wallet received 400 UNI. That was worth around $1,200 at launch and about $12,000 at the 2021 peak.
Which DEX airdrop reached the most wallets?
Jupiter reached the most. Its January 2024 drop went to roughly 955,000 wallets on Solana.
Can you still farm DEX airdrops?
Yes. Several exchanges run points programs today, and some past winners may reward users again. However, no future airdrop is ever guaranteed.
Do you need a lot of money to farm DEX airdrops?
No, but capital helps on perp DEXs because volume drives allocations. Therefore, many farmers use delta neutral strategies to build volume with limited risk.
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