HyENA is a decentralized exchange (DEX) that facilitates the trading of perpetual contracts. The platform is built on the Hyperliquid blockchain and is designed for capital efficiency by allowing traders to use Ethena's yield-bearing stablecoin, USDe, as margin collateral. This enables users to earn yield on their collateral while holding open trading positions. ^[1]​

Overview

HyENA was developed by a group identified as "the Based team" and is described as being "powered by Ethena." The exchange's core purpose is to provide a platform for perpetual swaps where the underlying collateral remains productive. By integrating USDe, traders can earn the native yield generated by the asset, in addition to any potential trading profits. This model aims to improve the capital efficiency of margin trading in a decentralized environment. ^[1]​

The platform operates on Hyperliquid's infrastructure, specifically utilizing its HIP-3 framework for builder-deployed perpetuals. This allows the HyENA team to independently launch and manage its own markets on the Hyperliquid L1, benefiting from the underlying chain's performance, order book, and security features. The developer, "the Based team," has been described as the largest application on Hyperliquid by revenue. ^[1]​

Technology and Architecture

HyENA's technical foundation is intrinsically linked to the Hyperliquid exchange, upon which it is built as a distinct application. This relationship provides HyENA with the security, performance, and core trading infrastructure of the Hyperliquid Layer 1 blockchain. ^[1]​

HIP-3 Framework

A central component of HyENA's architecture is its use of Hyperliquid’s HIP-3 (Hyperliquid Improvement Proposal 3) framework. This framework, titled "Builder-Deployed Perpetuals," enables third-party developers like "the Based team" to deploy their own perpetual markets directly onto the Hyperliquid L1. This provides several key advantages for the HyENA platform: ^[1]​

• Independent Market Deployment: HyENA can create and launch new trading pairs and markets without seeking direct approval or undergoing a governance process from the core Hyperliquid protocol.
• Agility and Speed: The framework facilitates the rapid introduction of new assets, including pre-market listings for tokens not yet officially launched.
• Customization: It allows for custom configurations of market parameters, giving the developers flexibility in how they structure their offerings.
• Inherited Performance: By building on Hyperliquid, HyENA leverages the parent chain's established order book infrastructure and execution speeds for its trading operations.

This architecture allows HyENA to function as a specialized front-end and market manager while relying on the proven and robust infrastructure of its foundational layer. ^[1]​

Key Features

HyENA incorporates several features centered around capital efficiency, user incentives, and flexible trading options. The platform combines standard perpetuals trading with a rewards system tied to its choice of collateral. ^[1]​

USDe Collateral System

The primary distinguishing feature of HyENA is its use of USDe, an asset from Ethena, as the primary form of margin collateral. When traders open and maintain positions, they deposit USDe. This structure allows the collateral to continue generating its native yield even while it is being used to back trading positions. This integration of a yield-bearing asset directly into the trading engine is central to the platform's value proposition of enhanced capital efficiency. ^[1]​

Multi-Layered Rewards System

HyENA offers a rewards system with multiple components designed to incentivize trading and liquidity provision on the platform. ^[1]​

• USDe Rewards: Users automatically earn the native yield generated by the USDe they have deposited as collateral.
• Boosted Rewards: The platform provides an additional layer of rewards on top of the native USDe yield, though the specific mechanics of this boost are not detailed.
• HyENA Points: A points-based system is in place to track user activity on the exchange. Such systems are often used to measure contributions for future benefits, such as airdrops or loyalty programs.

Trading Functionality

The exchange's main product offering is perpetual assets, which allow traders to speculate on the future price of an asset without an expiration date. In addition to standard perpetual markets, HyENA also supports premarket trading. This feature enables users to trade assets before their official token generation event (TGE) or public market launch, offering early price discovery and trading opportunities. The platform includes standard functionalities expected of a derivatives DEX, such as various order types and margin management tools. ^[1]​

Liquidity Provision

Users can participate in the platform's ecosystem by providing liquidity to its trading pools. In return for depositing assets, liquidity providers (LPs) receive a designated liquidity provider token called HLPe (HyENA Liquidity Provider). This token represents their share of the liquidity pool and entitles them to earn a portion of the trading fees generated by the exchange, along with other potential incentives. ^[1]​

Ecosystem and Partnerships

HyENA's operations are dependent on a set of key relationships with its foundational platform provider, technology partner, and development team. ^[1]​

• Hyperliquid: HyENA is built as an application-specific layer on top of the Hyperliquid L1 blockchain. It relies on Hyperliquid for its core infrastructure, including security, transaction processing, and its central limit order book.
• Ethena: The platform is described as "Powered By Ethena," a partnership centered on the integration of Ethena's USDe stablecoin as the primary collateral asset. This collaboration is fundamental to HyENA's yield-earning margin feature.
• the Based team: This group is cited as the developer responsible for creating, launching, and maintaining the HyENA exchange.

These partnerships collectively provide the technical foundation, core feature set, and ongoing development for the HyENA platform. ^[1]​