Overview
What is HyENA?
HyENA is a USDe-margined perpetuals DEX built on Hyperliquid‘s HIP-3 standard. The platform enables trading of perpetual futures contracts using USDe as collateral, allowing users to earn native rewards on their margin balances while trading. Unlike traditional perpetuals platforms where margin sits idle, HyENA turns that capital into a productive asset without incurring unproductive funding fees.
The platform launched on mainnet December 9, 2025, backed by Hashed with an integration partnership from Ethena. HyENA offers USDe-margined perpetuals across major pairs like BTC-USDe and ETH-USDe, combining trading functionality with yield-generating opportunities through its rewards programs.
Key features include base APR on all USDe margin balances, boosted rewards for qualifying positions, fee rebates for early adopters, and a Points program distributing 100 million points weekly based on organic trading activity.
Key Points
- Base USDe Rewards: All USDe margin balances earn native APR
- Boosted Rewards: 12% APR on eligible USDe margin for qualifying long positions during the initial month (claimable weekly)
- Fee Rebates: Position migration fee rebates available for the first 7 days of trading per account (until December 25, 2025)
Participation Guide
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Step 1: Acquire USDC
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Step 2: Visit Based Platform
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Step 3: Deposit USDe
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Step 4: Trade USDe-Margined Perpetuals
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Step 5: Open Qualifying Long/Short Positions
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Step 6: Claim Weekly Rewards
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Step 7: Share Referral Link
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Step 8: Provide Liquidity to HLPe Vault