Hyperlink function do not support Dynamic Arrays

RonenBitmn 

Maybe try inserting an @ symbol:

=HYPERLINK(@A1:A3,B1:B3)

To make backward compatible perhaps use a relative name ThisRow:=R (in R1C1 notation):

=HYPERLINK(ThisRow A1:A3,B1:B3)

Note the Function Wizard can provide clues to the behaviour in such cases. Without using an intersection operator one sees arrays in the Friendly name and Result but not Link_Location:

Using bold type for arrays the function could therefore be written as:

HYPERLINK(Link_Location, Friendly_name) 

Entering an array in Link_Location results in a nested array which gets truncated by the calc engine. 

Compare with a function like CONCATENATE which only shows single value results:

CONCATENATE(Text1,[Text2],...)

Then arrays are handled in the normal way.

Not sure why HYPERLINK has this signature, perhaps it was originally designed to allow for text inputs longer than 255 characters in Excel 2003 versions and prior?