Hyperhub

HyENA

USDeGrowth Mode · 1

Trade crypto and earn yield on your margin simultaneously

24h Volume
$10.8M
Total OI
$61.3M
Assets
25
Exclusive
20
Growth Mode Assets
1
Protocol Deep Dive

About HyENA

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

01

Protocol Overview & Architecture

Crypto-focused HIP-3 perps centered on USDe margin.

HyENA is a HIP-3 perpetual DEX built by the Based team and centered around USDe margin.

Official docs describe HyENA contracts as linear perps that use USDe for both margin and settlement, so traders keep USD-based exposure without any USDe/USD conversion layer. HyENA also emphasizes that users can earn Ethena / HyENA reward programs while holding USDe collateral.

02

Markets & Asset Directory

Three market types with leverage that varies by asset.

HyENA's live docs describe a crypto-focused venue, currently highlighting majors such as BTC/USDe, ETH/USDe, and HYPE/USDe, with more assets added over time.

  • Canonical perps — Established markets that follow standard Hyperliquid-style crypto perp behavior.
  • Direct spot perps — Assets where HyENA uses direct spot-driven pricing.
  • Premarket perps — Markets for pre-launch or newly launched tokens with dedicated market-resolution rules if supply assumptions or listing details change.
  • Leverage — Published leverage ranges from 3x to 40x, depending on the asset.
03

Pricing & Oracle Mechanics

Standard perp pricing for normal markets, Hyperp-style logic for premarkets.

  • Standard markets — HyENA's normal markets follow Hyperliquid-style perp pricing with oracle-driven mark prices and hourly funding.
  • Normal-market mark price — Current docs describe mark price as a blend of external exchange pricing and HyENA orderbook data.
  • Premarket markets — For premarket markets, HyENA says it follows a Hyperp-like design: the oracle is based on an 8-hour EMA of mark price, external perp prices are included when available, and extra clamp rules are applied to both mark price and oracle price.
04

Risk Controls & Liquidations

  • Margin mode — Current docs state that HyENA uses noCross Isolated margin and that DEX abstraction is enabled. Users can add or remove margin as long as maintenance requirements are respected, but cross margin is not supported for HIP-3 markets.
  • Liquidations — Liquidations are based on mark price, and large positions are partially liquidated in 20% chunks with a cooldown.
  • ADL — Because there is no backstop liquidation vault, failed liquidations go to ADL as the final solvency safeguard.
05

Fees & Funding Rates

  • Fees — HyENA docs say HIP-3 markets on the venue charge 1.11x standard Hyperliquid perp fees while preserving the normal rebate structure, and users can still reduce fees through HYPE staking discounts.
  • Regular-market funding — For regular markets, funding follows Hyperliquid's standard structure with fixed interest plus premium and a 4% per hour cap.
  • Premarket funding — For premarket markets, HyENA explicitly says funding is dampened to 1% of the normal calculation.
◆

Asset Coverage

Category distribution across HyENA's listed perpetual markets.

Crypto23
Commodities2
✦

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.

Markets

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

AssetCategoryPriceMax LevCrossTrade
BTC
BTC
Crypto$73,950.8$5.9M$45.6M+0.0009%40xYesTrade↗
ETH
ETH
Crypto$2,338.00$1.7M$7.2M-0.0000%25xYesTrade↗
HYPE
HYPE
CryptoExclusive
$44.6350$970.7K$1.6M+0.0000%10xYesTrade↗
SOL
SOL
CryptoExclusive
$84.198$667.9K$948.7K-0.0021%20xYesTrade↗
ZEC
ZEC
CryptoExclusive
$352.6200$438.0K$868.1K+0.0013%10xYesTrade↗
LINK
LINK
CryptoExclusive
$9.17655$165.3K$109.1K-0.0055%10xYesTrade↗
XRP
XRP
CryptoExclusive
$1.374300$164.6K$251.4K-0.0044%20xYesTrade↗
FARTCOIN
FARTCOIN
CryptoExclusive
$0.2025$137.8K$932.7K+0.0049%10xYesTrade↗
SUI
SUI
CryptoExclusive
$0.94864$125.7K$105.3K-0.0077%10xYesTrade↗
ADA
ADA
CryptoExclusive
$0.243690$108.0K$84.6K+0.0013%10xYesTrade↗
XPL
XPL
CryptoExclusive
$0.131151$98.7K$64.1K-0.0021%10xYesTrade↗
ENA
ENA
CryptoExclusive
$0.097287$65.6K$61.7K+0.0013%10xYesTrade↗
BNB
BNB
CryptoExclusive
$619.495$45.8K$1.1M+0.0013%10xYesTrade↗
PUMP
PUMP
CryptoExclusive
$0.001879$45.4K$1.3M-0.0089%10xYesTrade↗
1000PEPE
1000PEPE
CryptoExclusive
$0.003657$44.8K$23.3K-0.0086%10xYesTrade↗
BASED
BASED
CryptoExclusive
$0.079276$40.1K$69.4K0.0000%3xYesTrade↗
DOGE
DOGE
CryptoExclusive
$0.093831$34.9K$849.1K-0.0074%10xYesTrade↗
LIGHTER
LIGHTER
CryptoExclusive
$1.051400$13.8K$40.2K+0.0013%5xIsolated onlyTrade↗
BCH
BCH
CryptoExclusive
$434.71$13.1K$43.7K+0.0013%10xYesTrade↗
LTC
LTC
CryptoExclusive
$55.1665$4.4K$27.8K-0.0038%10xYesTrade↗
XMR
XMR
Crypto$345.590$2.0K$18.7K+0.0013%5xIsolated onlyTrade↗
IP
IP
CryptoExclusive
$0.49410$1.1K$32.5K-0.0010%3xYesTrade↗
LIT
LIT
CryptoExclusive
$3.37$0.00$0.000.0000%3xIsolated onlyTrade↗
SILVER
SILVER
Commodities$82.786$0.00$0.000.0000%25xYesTrade↗
GOLD
GOLD
Commodities$4,993.2$0.00$0.000.0000%25xYesTrade↗