Hyperbolic metamaterials (HMMs) support propagating waves with arbitrarily large wavevectors over broad spectral ranges, and are uniquely valuable for engineering radiative thermal transport in the near field. Here, by employing a rational design approach based on the electromagnetic local density of states, we demonstrate the ability of HMMs to substantially rectify radiative heat flow. Our idea is to establish a forward-biased scenario where the two HMM-based terminals of a thermal diode feature overlapped hyperbolic bands which result in a large heat current, and suppress the reverse heat flow by creating spectrally mismatched density of states as the temperature bias is flipped. As an example, we present a few high-performance thermal diodes by pairing HMMs made of polar dielectrics and metal-to-insulator transition (MIT) materials in the form of periodic nanowire arrays, and considering three representative kinds of substrates. Upon optimization, we theoretically achieve a rectification ratio of 324 at a 100 nm gap, which remains greater than 148 for larger gap sizes up to 1 um over a wide temperature range. The maximum rectification represents an almost 1000-fold increase compared to a bulk diode using the same materials, and is twice that of state-of-the-art designs. Our work highlights the potential of HMMs for rectifying radiative heat flow, and may find applications in advanced thermal management and energy conversion systems.