Although there isn't a way to create rules to populate a hyperlink control with data at runtime, there is a way to dynamically set this control to create links to each list item. To do this follow these steps:
1. In a List View, drag a hyperlink control onto the view.
2. Select the newly created column.
3. In the Properties of the control, find Expressions, click the ellipsis on this property to create a new expression.
4. In the "Select an Expression for the Hyperlink Control" wizard, click Add.
5. Name the new expression (for example "Hyperlink").
6. In the "Edit Expression" wizard, notice that there is an empty box in "Expression Details".
7. In the context browser, expand the view and expand the SmartObject tied to the view.
8. Find the "Link to Item" field, drag this into the empty box.
9. Click OK.
10. Click OK on the Expression Editor.
11. Finish and check in the view.
After this has been configured the hyperlink control should work as expected when running the view or form that the view resides in.