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Hyena Trade

"Trade Perpetuals 24/7 While Your Margin Earns Real Yield"

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Rating & Utility

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Utility Score 94%

How We Calculate Utility Score

Our Utility Score is calculated based on a weighted analysis of Platform Functionality, User Experience (UX), Ecosystem Integration, and Active Usage. We evaluate the practical value of the tools, feature availability, cross-chain support, and real-world adoption metrics across the Web3 ecosystem.

Note: Utility scores are dynamic and update as apps release new features or add network support. Users should evaluate features based on their own use cases.

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Overview

HyENA is a USDe-margined perpetual futures DEX built on Hyperliquid's HIP-3 Builder-Deployed Perpetuals framework, launched on mainnet December 9, 2025, by the Based team in collaboration with the Ethena Foundation. Its primary value proposition is turning idle trading collateral into a productive, yield-generating asset—enabling traders to earn up to 12% APY on their USDe margin while simultaneously holding open perpetual positions.

Developed by Based—currently the highest-revenue builder in the Hyperliquid ecosystem—HyENA is strategically backed by the Ethena Foundation, the team behind the USDe synthetic dollar protocol with over $10 billion in scale. The platform represents a deliberate convergence of two of DeFi's fastest-growing narratives: yield-bearing stablecoins (YBS) and high-performance on-chain perpetual markets. It launched with support for major trading pairs including BTC-USDe, ETH-USDe, SOL-USDe, and HYPE-USDe, and has since expanded to over 12 pairs, accumulating over $600M in trading volume and $48M+ in open interest within weeks of launch.

Secure

HyENA markets are secured by Valantis and stHYPE, Hyperliquid's liquid staking token, ensuring robust on-chain collateral protection.

Web

Accessible via browser at app.hyena.trade using any existing Hyperliquid wallet; no new account creation or separate wallet setup required.

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