HyENA launches officially: Ethena-backed, USDe-collateralized Perp DEX goes live on Hyperliquid
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HyENA launches officially: Ethena-backed, USDe-collateralized Perp DEX goes live on Hyperliquid
The launch of HyENA further expands the USDe ecosystem and introduces institutional-grade margin efficiency to on-chain perpetual markets.
Navigating Web3 tides with focused insightsAt 9 PM Beijing time on December 9, HyENA, a new Perp DEX developed by the Based team, officially launched on Hyperliquid, supporting USDe as margin. Backed by the Ethena Foundation and enhancing capital efficiency, HyENA introduces a novel trading model to on-chain perpetual markets, enabling idle margin assets to continuously generate yield during trading.
The launch of HyENA further expands the USDe ecosystem and brings institutional-grade margin efficiency to on-chain perpetual markets.
More Efficient Perpetual Trading with USDe
HyENA allows users to open perpetual positions using USDe as margin / collateral, and offers eligible USDe margin holders up to 12% APY yield during the first month post-launch. This means margin assets that previously generated no returns can now earn interest while positions are open, delivering a “trade and earn” experience.
HyENA initially supports four trading pairs: BTC, ETH, SOL, HYPE.
This launch also introduces a new DeFi primitive, HLPe, which consolidates core revenue streams—including market-making returns, trading fees, and funding rates—into a single vault token, making yields more transparent, composable, and capital-efficient.
Powered by HIP-3: Builder-Deployed Perpetual Markets
HyENA is among the first major products built on Hyperliquid’s latest standard, HIP-3 (Builder-Deployed Perpetuals). Under the HIP-3 framework:
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Builders must stake HYPE to gain deployment rights and assume associated responsibilities
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Each DEX, including HyENA, can freely configure market parameters (oracles, leverage, fees, position limits, etc.)
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Builders can safely pause or settle markets when necessary
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A unified Dutch auction mechanism ensures fair deployment costs
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Protocol-level trading fees are proportionally distributed to the deploying party
Leveraging HIP-3, HyENA can rapidly launch new perpetual pairs, experiment with innovative incentive mechanisms, and operate in a transparent, permissionless environment—all while inheriting the high performance and security of Hyperliquid’s underlying architecture.
Backed by Ethena, Built by a Top Hyperliquid Builder
Based, the development team behind HyENA, is currently the highest-earning Builder in the Hyperliquid ecosystem, outperforming Phantom. The Ethena Foundation is a key investor in Based and views HyENA as a critical step toward establishing USDe as a premier margin asset on decentralized exchanges.
Edison Lim, Founder & CEO of Based App:
"HIP-3 opens the door to fully permissionless, builder-owned perpetual markets, and HyENA will be one of the first major markets to fully leverage this standard. By making USDe the core margin asset, we enable otherwise idle collateral to generate continuous yield during user trading—an important leap forward in capital efficiency on Hyperliquid."
Guy Young, Founder of Ethena:
"Users on centralized exchanges like Bybit and Binance have already shown a clear preference for using USDe as margin, especially when incentivized. HyENA’s launch will bring real, high-frequency demand for USDe in decentralized environments. This is a major milestone in positioning USDe as a top-tier margin asset in on-chain perpetual markets."
Links
Website: https://www.hyena.trade/
Access Code: BASED
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