The launch of HyENA further expands the ecological landscape of USDe and introduces institutional-level margin efficiency to the on-chain perpetual market.
On December 9th at 9 PM Beijing time, the new Perp DEX developed by the Based team—HyENA—officially launched on Hyperliquid, supporting 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 enhancing capital utilization efficiency, allowing previously idle margin assets to continuously earn returns during trading.
The launch of HyENA further expands the ecological landscape of USDe and introduces institutional-level margin efficiency to the on-chain perpetual market.
More Efficient Perpetual Trading with USDe
HyENA allows users to open perpetual contract positions using USDe as margin/collateral and offers a maximum 12% APY return on eligible USDe margin during the first month of launch. This means that margin assets, which previously could not generate returns, can now continuously earn interest during the holding period, achieving an experience of "earning while trading."
HyENA initially supports four trading pairs: BTC, ETH, SOL, HYPE.
This launch also introduces a new DeFi primitive, HLPe, which consolidates core revenue sources such as market-making profits, trading fees, and funding rates into a single treasury certificate, making the revenue structure more transparent and composable, while further enhancing capital utilization efficiency.
Driven by HIP-3: A Perpetual Market Deployed by Builders
HyENA is one of the first important products built on Hyperliquid's latest standard, HIP-3 (Builder-Deployed Perpetuals). Under the HIP-3 framework:
Builders need to stake HYPE to obtain market deployment rights and assume corresponding responsibilities.
Each DEX (including HyENA) can freely configure the parameters of the trading market (oracles, leverage, fees, position limits, etc.).
Builders can safely pause or settle the market when necessary.
A unified Dutch auction mechanism ensures fairness in deployment costs.
Trading fees at the protocol layer will be proportionally distributed to the deployers.
With HIP-3, HyENA can launch new perpetual trading pairs more quickly, test more innovative incentive mechanisms, 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 is currently the highest-earning Builder in the Hyperliquid ecosystem, outperforming Phantom. The Ethena Foundation is one of Based's key investors and views HyENA as a crucial step in promoting USDe as a top-tier margin asset for decentralized exchanges.
Edison Lim, Founder and CEO of Based App:
“HIP-3 opens the door for completely permissionless builder-driven perpetual markets, and HyENA will be one of the first major markets to fully leverage the potential of this standard. By using USDe as the core margin, we allow previously idle collateral assets to continuously earn interest while users trade, which is an important step in enhancing Hyperliquid's capital efficiency.”
Guy Young, Founder of Ethena:
“Users have already shown a preference for using USDe as margin in centralized exchanges like Bybit and Binance, especially with the support of reward mechanisms. The launch of HyENA will bring real high-frequency and genuine application demand for USDe in decentralized scenarios. This is an important milestone in promoting USDe as a top-tier margin asset in the on-chain perpetual market.”
Related Links
Website: https://www.hyena.trade/
Access Code: BASE
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