HyENA
USDe-margined perpetual DEX on Hyperliquid via HIP-3, offering up to 20x leverage with Ethena Exchange Points rewards
Farming Overview
Key Statistics
How to Farm HyENA
- Points accrual is over — the 24-epoch program finished in late May 2026 and no Season 2 has been announced
- Watch Ethena for the points-to-ENA conversion and claim mechanics; nothing has been confirmed executed yet
- The exchange is still live and trading if you want to use it — just not for points
- Ignore docs.hyena.trade/hyena-points — it is 7 months stale and still reads as if the program is running
Why Farm HyENA?
- Early-stage protocol — 24-week points campaign just started
- Built on Hyperliquid via HIP-3 with sub-second settlement
- USDe collateral earns Ethena yield while trading
- 100M points/week is one of the largest ongoing reward programs
- Dual reward potential — HyENA token (TBA) + Ethena Exchange Points
- Growing rapidly with $700M+ cumulative volume
About HyENA
HyENA is a USDe-margined perpetual futures protocol built on Hyperliquid via HIP-3. Integrated with Ethena, HyENA allows traders to use USDe as collateral for trading perpetuals with up to 20x leverage. The platform distributes 100M Ethena Exchange Points per week over 24 weeks to active traders and liquidity providers. HyENA features institutional-grade order matching via Hyperliquid's on-chain order book with sub-second settlement.
Fee Structure
Key Features
- USDe-margined perpetual futures — trade with Ethena's yield-bearing stablecoin as collateral
- Built on Hyperliquid via HIP-3 — leverages Hyperliquid's on-chain order book infrastructure
- 12+ trading pairs with up to 20x leverage on major crypto assets
- Sub-second settlement through Hyperliquid's high-performance matching engine
- Integrated with Ethena ecosystem — USDe/sUSDe holders earn additional sats and rewards
Points & Rewards
- 100M Ethena Exchange Points distributed weekly for 24 weeks to active traders
- Points allocation proportional to trading volume — higher volume earns larger share
- Maker orders (limit orders) receive higher point multipliers than taker orders
- Liquidity providers in the HyENA vault earn passive rewards alongside trading points
- Referral program provides a share of referee trading fee contributions
- Dual reward potential: Ethena Exchange Points + future HyENA native token (TBA)
Farming Strategy
- Use limit orders (maker) instead of market orders for reduced fees and bonus point multipliers
- Provide liquidity to the HyENA vault for passive yield alongside active trading rewards
- Hold USDe/sUSDe on Hyperliquid to earn Ethena sats while farming HyENA points
- Trade consistently across multiple weeks — weekly distributions reward sustained activity
- Build a referral network to earn commission on referee trading volume
Similar Perp DEX Protocols
Frequently Asked Questions
What is HyENA and how does it work?
HyENA is a USDe-margined perpetual futures protocol built on Hyperliquid via HIP-3. Integrated with Ethena, HyENA allows traders to use USDe as collateral for trading perpetuals with up to 20x leverage. The platform distributes 100M Ethena Exchange Points per week over 24 weeks to active traders and liquidity providers. HyENA features institutional-grade order matching via Hyperliquid's on-chain order book with sub-second settlement.
How do I farm the HyENA airdrop?
To farm the HyENA airdrop, you should: Points accrual is over — the 24-epoch program finished in late May 2026 and no Season 2 has been announced. Watch Ethena for the points-to-ENA conversion and claim mechanics; nothing has been confirmed executed yet. The exchange is still live and trading if you want to use it — just not for points. Ignore docs.hyena.trade/hyena-points — it is 7 months stale and still reads as if the program is running. HyENA is currently in the concluded farming stage with speculative airdrop status.
What is the expected value of the HyENA airdrop?
The HyENA airdrop has an expected value rating of 3 out of 5 ($$$). The farming stage is concluded and the airdrop status is speculative. Expected value ratings on The Farmers Market consider factors like protocol TVL, funding, team quality, and token economics.
Why should I farm HyENA?
Early-stage protocol — 24-week points campaign just started Built on Hyperliquid via HIP-3 with sub-second settlement USDe collateral earns Ethena yield while trading