HyENA

Trade crypto and earn yield on your margin simultaneously

24h Volume

$0.00

Venue

Total OI

$0.00

Open

Assets

Listed

Exclusive

Assets

Growth

Markets

Collateral

USDe

Margin

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Live Markets

All active markets listed by HyENA. Click column headers to sort by volume, open interest, or funding.

Asset	Category	Price				Max Lev	Cross	Trade
No markets found

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About HyENA

A structured walkthrough of asset coverage, architecture, pricing, risk, and fees.

Protocol Overview & Architecture

USDe-margined perpetuals that keep earning yield while positions stay open.

HyENA is a highly capital-efficient perpetual DEX built on Hyperliquid's HIP-3 framework by the Based team and powered by Ethena. Its core differentiator is the use of USDe (Ethena's synthetic dollar) as the sole collateral and quote asset.

All contracts on HyENA are linear derivatives where both margin and P&L are settled in USDe, giving traders direct USD-based exposure without any USDe/USD or USDe/USDT conversion friction. A unique advantage of this architecture is that users automatically earn native USDe yield and additional boosted rewards on their full margin balances while keeping positions open.

Markets & Asset Directory

Three asset tiers with leverage ranging from 3x to 40x.

Canonical Perps — Established blue-chip assets with deep liquidity on major centralized exchanges such as BTC/USDe, ETH/USDe, SOL/USDe, and HYPE/USDe.
Direct Spot Perps — Assets that have spot liquidity on major CEXs but lack a standard USDC-margined perp market on Hyperliquid.
Premarket Perps — Pre-TGE or newly launched tokens that do not yet have a robust spot oracle. If an assumed total supply changes, HyENA uses a formal Market Resolution process to halt and settle the premarket contracts upon the token's official spot listing.

Pricing & Oracle Mechanics

Tailored pricing models across canonical, direct-spot, and premarket assets.

HyENA utilizes Chaos Labs as its primary oracle provider and employs tailored pricing mechanisms for its different asset tiers.

Oracle Pricing Models
- Canonical — Re-uses Hyperliquid's published oracle, a weighted median of CEX prices.
- Direct Spot — Derived directly from a weighted median of CEX spot prices, polled approximately every 500 milliseconds.
- Premarket — Uses an 8-hour exponential moving average (EMA) of its own mark price to bootstrap a self-referential oracle from internal trading activity.
Shared Mark Price Formula — Across all asset types, the mark price is calculated as the median of up to four components: (1) the oracle price plus a 150s EMA of the basis, (2) the HyENA DEX orderbook median, (3) a weighted median of external CEX perp prices, and (4) a 30s EMA of component 2.

Risk Controls & Protections

Isolated Margin Only — All positions utilize `noCross` isolated margin, meaning risks are strictly compartmentalized. Traders can add or remove margin dynamically from active positions as long as they stay above maintenance requirements.
Liquidations & ADL — Liquidations trigger when equity falls below the maintenance margin, ranging from 1.25% at 40x to 16.7% at 3x leverage. Under-margined positions are sent as market orders to the book. Large positions are liquidated partially, 20% at a time, with a 30-second cooldown. Because there is no backstop liquidator vault, Auto-Deleveraging (ADL) acts as the final solvency safeguard in extreme conditions.
Premarket Clamps — For volatile premarket assets, upside manipulation is restricted by two asymmetric clamps: the mark price is capped at 3x the 8-hour EMA, and the oracle price is capped at 4x its 1-month average.

Fees & Funding Rates

Standard Hyperliquid-style funding on regular markets, heavily dampened funding on premarkets.

Trading Fees — As a HIP-3 DEX, HyENA charges 1.11x the standard Hyperliquid base fees. Base taker fees start at 0.0500% and maker fees at 0.0167%, while traders retain the standard Hyperliquid rebate structure and can reduce fees by up to 40% via HYPE token staking.
Funding Rates — Funding is paid hourly to keep perpetual prices aligned with the underlying oracle.
- Canonical & Direct Spot — Utilize the standard Hyperliquid funding calculation, which includes a fixed interest rate of 0.01% every 8 hours plus a premium, capped at ±4% per hour.
- Premarket — Funding rates are aggressively dampened to 1% of the standard calculation to prevent extreme funding spikes and penalization in illiquid conditions.

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Cross Margin Note

How cross-margin is scoped on HyENA.

Cross margin scope depends on your account mode. Standard Account: cross margin stays within the same HIP-3 DEX only. Unified Account / Portfolio Margin: DEXes sharing the same collateral (e.g. USDC or USDH) can cross-margin together. DEX Abstraction is not compatible with cross margin. Deployers enable cross margin per market — not every listing supports it.

USDe margin crosses within HyENA. Scope may expand under Unified Account if other DEXes use USDe. Enablement is per market, so not every listing on HyENA will necessarily support cross margin at launch.