Hyperhub
Hyperhub/DEXes/hyna
25 个活跃市场
DEX 详情

HyENA

Trade crypto and earn yield on your margin simultaneously

24小时成交量
$987.9K
市场
总 OI
$7.0M
未平仓
资产
25
已上线
独家
23
资产
Growth
1
市场
抵押品
USDe
保证金
01 /

实时市场

HyENA 上线的全部活跃市场。点击列标题可按成交量、未平仓量或资金费率排序。

资产类别价格Max Lev全仓交易
ETH
ETH
加密资产独家
$1,824.70$406.7K$1.5M+0.0013%25x支持交易↗
SOL
SOL
加密资产独家
$77.5070$249.7K$612.9K+0.0013%20x支持交易↗
HYPE
HYPE
加密资产独家
$67.7720$131.7K$1.6M-0.0023%10x支持交易↗
BTC
BTC
加密资产独家
$64,225.0$128.5K$2.2M+0.0013%40x支持交易↗
ZEC
ZEC
加密资产独家
$531.1600$24.5K$49.5K+0.0003%10x支持交易↗
1000PEPE
1000PEPE
加密资产独家
$0.002785$14.4K$48.8K-0.0081%10x支持交易↗
FARTCOIN
FARTCOIN
加密资产独家
$0.15040$10.6K$14.8K+0.0042%10x支持交易↗
BNB
BNB
加密资产独家
$580.300$4.3K$46.0K+0.0004%10x支持交易↗
SUI
SUI
加密资产独家
$0.74515$3.9K$40.7K+0.0013%10x支持交易↗
BASED
BASED
加密资产独家
$0.10013$3.7K$112.9K+0.0169%3x支持交易↗
XMR
XMR
加密资产独家
$328.120$3.3K$267.4K+0.0013%5x仅逐仓交易↗
XPL
XPL
加密资产独家
$0.092486$2.8K$37.9K+0.0100%10x支持交易↗
LIGHTER
LIGHTER
加密资产独家
$2.645200$2.7K$22.2K+0.0169%5x仅逐仓交易↗
XRP
XRP
加密资产独家
$1.102100$362.46$57.4K+0.0007%20x支持交易↗
PUMP
PUMP
加密资产独家
$0.001447$281.24$77.6K+0.0013%10x支持交易↗
DOGE
DOGE
加密资产独家
$0.073818$222.06$41.1K+0.0013%10x支持交易↗
LINK
LINK
加密资产独家
$8.08040$100.33$24.4K-0.0016%10x支持交易↗
ENA
ENA
加密资产独家
$0.081860$76.09$167.5K+0.0014%10x支持交易↗
LIT
LIT
加密资产独家
$3.37$0.00$0.000.0000%3x仅逐仓交易↗
LTC
LTC
加密资产独家
$44.8550$0.00$60.8K+0.0013%10x支持交易↗
IP
IP
加密资产独家
$0.2947$0.00$0.000.0000%3x支持交易↗
BCH
BCH
加密资产独家
$245.360$0.00$54.5K+0.0002%10x支持交易↗
ADA
ADA
加密资产独家
$0.165260$0.00$32.4K+0.0013%10x支持交易↗
SILVER
SILVER
大宗商品$85.97$0.00$0.000.0000%25x支持交易↗
GOLD
GOLD
大宗商品$4,993.2$0.00$0.000.0000%25x支持交易↗
02 /

关于 HyENA

系统了解资产覆盖、架构、定价、风险和费用。

01

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.

02

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.
03

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.
04

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.
05

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.
◆

资产覆盖

HyENA 上线永续合约市场的类别分布。

加密资产23
大宗商品2
✦
全仓保证金说明

HyENA 的全仓保证金范围。

全仓保证金范围取决于账户模式。标准账户：全仓保证金仅限同一 HIP-3 DEX。统一账户／投资组合保证金：使用相同抵押品的 DEX 可共享全仓保证金。DEX Abstraction 与全仓保证金不兼容。部署者按市场启用全仓保证金，并非所有市场都支持。

USDe 保证金在 HyENA 内共享。若其他 DEX 使用 USDe，统一账户下的范围可能扩大。 全仓保证金按市场启用，因此 HyENA 并非每个上线市场在发布时都一定支持。

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