Hyena is a USDe‑margined perpetuals DEX built on Hyperliquid’s HIP‑3 standard. It lets traders use Ethena’s USDe as collateral while earning native rewards on their margin during open positions. Launched on December 9, 2025 and developed by the Based team with support from the Ethena Foundation, it brings high‑performance, capital‑efficient perps on‑chain. Hyena also introduces HLPe vault mechanics that aggregate maker profits, fees, and funding into a transparent yield share.
HyEna is a perpetuals platform built on top of HyperLiquid with invite-only access.
A points program is live. Trading on HyEna accrues points for HyEna and may also contribute to future/retroactive rewards from HyperLiquid, TradeXyz, Unit, Ethena, and Based.
Points for HyEna, Ethena, and Based are visible in the platform’s Rewards section, while Unit, HyperLiquid, and TradeXyz are tracked retroactively.
Deposits are supported in multiple tokens, with balances converted to USDE.
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