HIP-3 on Hyperliquid
HyENA has sunset.
Based contributed technical development to HyENA, a HIP-3 market on Hyperliquid built together with Ethena.
In its time, HyENA processed over $4 billion in cumulative volume and served more than 12,000 traders. Trading shut down as of 28 August 2026. The HyENA interface stays available until 30 September 2026 so users can withdraw.
$4B+
Cumulative volume
12,000+
Traders served
28 Aug 2026
Trading shut down
What it was
A USDe-margined perpetuals DEX, built on Hyperliquid.
HyENA was a HIP-3 deployment on Hyperliquid: trade any asset on earth 24/7 with USDe as collateral, including premarket perpetuals for assets that did not yet have spot listings.
Based built the technical stack with Ethena. HyENA combined Hyperliquid's high-performance matching and familiar trading features with USDe margin for capital efficiency.
Withdrawals
The UI stays open until 30 September 2026.
Trading has ended. If you still have funds on HyENA, use the existing interface to withdraw before 30 September 2026. After that date the UI will no longer be available.
Details from the HyENA team: announcement on X.