HyENA Officially Launched: Powered by Ethena, USDe-margined Perp DEX lands on Hyperliquid

At 9 p.m. Beijing time on December 9, HyENA, a new Perp DEX developed by the Based team, officially landed on Hyperliquid and supports the use of USDe as margin. HyENA is supported by the Ethena Foundation and brings a new trading model to the on-chain perpetual market by improving the efficiency of capital utilization, allowing previously idle margin assets to continue to earn income during trading.

The launch of HyENA further expands USDe’s ecological landscape and introduces institutional-grade margin efficiency to the on-chain perpetual market.

More efficient perpetual trading with USDe

HyENA allows users to open perpetual futures positions with USDe as margin/collateral assets, and can earn up to 12% APY on eligible USDe margin in the first month of listing. This means that margin assets that could not generate income can now continue to earn interest during the holding period, achieving a “trading and earning while earning” experience.

HyENA is the first to support four trading pairs: BTC, ETH, SOL, and HYPE.

The launch also brings HLPe, a new primitive for DeFi, which integrates core income sources such as market-making income, transaction fees, and funding rates into a single treasury certificate, making the income structure more transparent and composable, and further improving the efficiency of capital use.

Powered by HIP-3: A perpetual marketplace deployed by Builder

HyENA is one of the first significant products built on Hyperliquid’s latest standard, HIP-3 (Builder-Deployed Perpetuals). Under the HIP-3 framework:

Builders need to stake HYPE to gain access to the marketplace deployment and take responsibility for it

Each DEX (including HyENA) can freely configure the parameters of the trading market (oracle, leverage, rates, position limits, etc.)

Builders can safely pause or settle marketplaces if necessary

The unified Dutch auction mechanism ensures fair deployment costs

Transaction fees at the protocol layer will be distributed proportionally to the deployer

With HIP-3, HyENA is able to launch new perpetual trading pairs faster, test more innovative incentives, and operate in a transparent, permissionless environment while inheriting the high performance and security of Hyperliquid’s underlying architecture.

Supported by Ethena, developed by Hyperliquid’s top builders

Based is the development team behind HyENA and the highest-paid builder in the current Hyperliquid ecosystem, outperforming Phantom. The Ethena Foundation is one of the key investors in Based and sees HyENA as a key step in propelling USDe to become a best-in-class margin asset on decentralized exchanges.

Edison Lim, Founder and CEO of Based App:

"HIP-3 opens the door to a completely permissionless builder-owned perpetual market, and HyENA will be one of the first major markets to realize the full potential of this standard. With USDe as the core margin, we allow us to continue to earn interest on our idle collateral assets as users trade, which is an important step in improving Hyperliquid’s capital efficiency. ”

Guy Young, Founder of Ethena:

"Users have shown a preference for using USDe as margin on centralized exchanges such as Bybit and Binance, especially with the support of reward mechanisms. The launch of HyENA will bring real high-frequency and real application needs to USDe in decentralized scenarios. This is a significant milestone in propelling USDe to become a Tier 1 margin asset in the on-chain perpetual market. ”

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