HyENA
Hyperliquid shaped what traders expect from on chain markets, delivering speed, depth and self custody in one place. For the first time, decentralized trading felt as sharp as using a top CEX ⚡
But while execution reached a new standard, margin capital sat idle. Traders needed a dollar that could keep pace with modern on chain markets — stable, scalable and productive.
Ethena introduced that missing layer with USDe and sUSDe: a synthetic dollar designed for capital efficiency, predictable behaviour and seamless integration across DeFi. It became the natural collateral choice for strategies, liquidity operations and derivatives trading 💵
HyENA is where these pieces meet. Built by Based on Hyperliquid’s HIP-3 standard, it introduces a decentralized USDe-margined trading engine where performance and incentives finally align.
Traders migrate seamlessly by converting their existing USDC margin into USDe directly within HyENA’s interface. Once their collateral is in USDe, they begin earning daily USDe rewards on their HyperCore balance and receive a share of the 100 million HyENA Points distributed every week for six months — all of which convert into Ethena Points at the end of the campaign 🎖️
In addition, their trading activity boosts their Based Gold standing, the on-chain rewards layer that powers Based One DEX and helps determine eligibility for future Based Airdrops 🪂
With Perps, Spot and the HLPe vault powered by Upshift, HyENA delivers a unified system where execution, collateral and liquidity move together. Trading, margin and rewards no longer live apart — HyENA turns them into one coherent engine for today’s on-chain markets 🚀
HyENA
Step by step guide HyENA Airdrop
Connect Wallet → Go to HyENA, connect your wallet and sign the message to access the HyENA trading interface.
Note: HyENA is invite-only at the moment. You can find access codes in their Discord or shared by early community members.
Convert USDC to USDe → Use the Migrate tab to convert your USDC margin into USDe, Ethena’s yield-bearing synthetic dollar that becomes your active margin collateral on HyENA.
📌 Once you hold USDe as margin, it begins earning daily USDe rewards. The base APR is around 4% and streams automatically to your HyperCore balance, while the initial month also offers an additional 8% boosted APR on eligible long positions held for more than one hour and paired with the minimum HyENA Points activity threshold. Rewards accrue continuously while positions qualify and can be claimed weekly.
Explore the HyENA Interface → You can trade Perps and Spot markets using USDe as margin, earn daily USDe rewards, accumulate HyENA Points toward Ethena Points, grow your Based Gold standing, swap assets through the Swap module and access the HLPe vault for liquidity strategies — all from the same unified interface.
Note: Trading fees follow Hyperliquid’s maker–taker model, and USDe conversions may include orderbook slippage. HLPe carries its own management and performance fees as documented in the vault section.
* Follow @HyENAtrade on 𝕏, and join the community on Discord to stay in sync.
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