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
