Hyperentanglement refers to entanglement between multiple degrees of freedom of a given system. It is a concept commonly encountered in some fields of quantum information processing, typically in the context of photonics.
As an example, this can mean that you have entanglement between the polarisation and the position degrees of freedom of a single photon.
A review paper on the subject can be found in 1610.09896.
Note first of all that there isn't anything fundamental about hyperentanglement. At the end of the day, a hyperentangled system is a "regularly entangled" system in which you just happen to have nonseparability between degrees of freedom that somehow "look different".
The reason for having a specific name for it is more practical than fundamental.
The simplest example of a hyperentangled system that comes to mind is a quantum walk. More specifically, one can implement a photonic quantum walk in which the walker degree of freedom is implemented as the position (or orbital angular momentum, or frequency, or time, or something else) of a single photon, and the coin degree of freedom is the photon's polarisation.
Already after a single step (assuming a bunch of things about the kind of quantum walk under consideration) one has a state of the form
where the first label characterises the walker (path, OAM, or anything else) dof, while the second one the polarisation dof. This is probably the simplest example of a "hyperentangled" photonic state. Again, note that this differs from a standard Bell state only in the physical substrate associted with the degrees of freedom, so there is nothing fundamental about it (which does not mean it is not interesting of course).
An example of such a OAM+polarisation quantum walk is studied in 1407.5424 (even though they don't use the term "hyperentanglement" there).
More generally, any vector beam (class of beams characterised by a space-variant polarisation in the transverse plane, see e.g. ncomms8706) qualifies.
More interesting states can be obtained by "hyperentangling" different degrees of freedom of different photons. An example of this is found in 1602.03769, in which entanglement of path and polarisation of two photons is exploited to get a four-qubit entangled state. Another example is 1507.08887, in which the authors implement a state in which there it entanglement between different hyperentangled states.