HyENA Officially Launches: Ethena-Backed, USDe-Margined Perp DEX Lands on Hyperliquid

深潮Published on 2025-12-10Last updated on 2025-12-10

Abstract

HyENA, a new perpetual DEX developed by the Based team, has officially launched on Hyperliquid. Supported by the Ethena Foundation, it introduces a novel trading model that allows users to post USDe as margin. A key innovation is that eligible USDe earns up to 12% APY while being used as collateral, enabling traders to generate yield on otherwise idle assets. The platform initially supports perpetual contracts for BTC, ETH, SOL, and HYPE. It also introduces a new DeFi primitive, HLPe, which consolidates various revenue streams like maker profits and funding rates into a single vault share for greater transparency and capital efficiency. HyENA is one of the first major products built on Hyperliquid's new HIP-3 standard, which allows builders to deploy their own perpetual markets with customizable parameters by staking HYPE. This framework enables faster listing of new trading pairs and innovative incentives while inheriting Hyperliquid's high performance. The Based team, a top builder on Hyperliquid and backed by Ethena, views HyENA as a critical step in establishing USDe as a premier margin asset in decentralized finance, bringing a high-frequency use case from centralized exchanges onchain.

At 9 PM Beijing Time on December 9th, the new Perp DEX — HyENA, developed by the Based team, officially launched on Hyperliquid and supports using USDe as margin. HyENA is supported by the Ethena Foundation and introduces a new trading model to the on-chain perpetual market by enhancing capital efficiency, allowing idle margin assets to continuously earn yields during trading periods.

The launch of HyENA further expands the USDe ecosystem and introduces institutional-grade 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 eligible USDe margin can earn up to 12% APY in the first month after launch. This means that margin assets, which were previously non-yield-bearing, can now continuously generate interest during holding periods, enabling a "trade while earning" experience.

HyENA initially supports four trading pairs: BTC, ETH, SOL, and HYPE.

This launch also introduces the new DeFi primitive HLPe, which integrates core revenue sources such as market-making yields, trading fees, and funding rates into a single vault certificate, making the yield structure more transparent, composable, and further enhancing capital efficiency.

Powered by HIP-3: Builder-Deployed Perpetual Markets

HyENA is one of the first major 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 permissions and assume corresponding responsibilities

  • Each DEX (including HyENA) can freely configure market parameters (oracle, leverage, fees, position caps, etc.)

  • Builders can safely pause or settle markets when necessary

  • A unified Dutch auction mechanism ensures fair deployment costs

  • Protocol-level trading fees will be proportionally distributed to the deployer

Leveraging HIP-3, HyENA can list new perpetual trading pairs faster, test more innovative incentive mechanisms, and operate in a transparent, permissionless environment while inheriting the high performance and security of Hyperliquid’s underlying infrastructure.

Supported by Ethena, Developed by a Top Hyperliquid Builder

Based is the development team behind HyENA and is currently the highest-earning Builder in the Hyperliquid ecosystem, having outperformed Phantom. The Ethena Foundation is one of Based’s key investors and views HyENA as a critical step in advancing USDe as a premier margin asset for decentralized exchanges.

Edison Lim, Founder and 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 realize the potential of this standard. By using USDe as core margin, we enable idle collateral to continuously earn yield while users trade, which is a significant step forward for Hyperliquid’s capital efficiency.”

Guy Young, Founder of Ethena:

“Users on centralized exchanges like Bybit and Binance have already shown a preference for using USDe as margin, especially with reward incentives. The launch of HyENA will bring genuine, high-frequency, real-demand use cases for USDe in decentralized scenarios. This is a major milestone in advancing USDe as a primary margin asset for on-chain perpetual markets.”

Related Links

X: https://x.com/hyenatrade

Website: https://www.hyena.trade/

Access Code: BASE

Related Questions

QWhat is HyENA and on which platform was it officially launched?

AHyENA is a new Perp DEX (Perpetual Decentralized Exchange) developed by the Based team. It was officially launched on the Hyperliquid platform.

QWhich stablecoin does HyENA support as margin collateral, and what additional benefit does it offer to users?

AHyENA supports USDe as margin collateral. A key benefit is that users can earn up to 12% APY on their USDe margin while their positions are open, allowing their collateral to generate yield.

QWhat new DeFi primitive did HyENA introduce, and what is its purpose?

AHyENA introduced a new DeFi primitive called HLPe. It consolidates core revenue sources like market making yields, trading fees, and funding rates into a single vault token, making the yield structure more transparent and composable, thereby improving capital efficiency.

QWhat is the name of the Hyperliquid standard that HyENA is built on, and what are its key features?

AHyENA is built on the Hyperliquid standard HIP-3 (Builder-Deployed Perpetuals). Its key features include requiring builders to stake HYPE for market deployment rights, allowing builders to configure market parameters, enabling builders to pause or settle markets, and distributing protocol trading fees to the deployer.

QWhich trading pairs are initially supported on the HyENA platform?

AHyENA initially supports four trading pairs: BTC, ETH, SOL, and HYPE.

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