HyENARewards & Airdrop History
HyENA, Ethena's USDe-margined HIP-3 venue on Hyperliquid, streams 100M weekly points over 24 epochs into the Ethena rewards stack.
Independent research, not a token-access portal
PerpFinder is not HyENA and is not affiliated with or endorsed by it. We do not connect wallets, check eligibility, process token distributions, accept deposits, or distribute tokens. Never enter a password, seed phrase, or private key on PerpFinder. Historical distributions do not prove that a future airdrop will occur.
Documented HyENA program mechanics
Research snapshot reviewed 2026-07-05. This table describes published mechanics; it does not check eligibility or promise a distribution.
| Method | Points / $ | Multiplier | Details |
|---|---|---|---|
| Trading | — | 1x | 100,000,000 HyENA points are emitted weekly across 24 epochs for organic USDe-collateral trading; the scoring formula is unpublished and self-trades are excluded. |
| Referrals | — | 1x | Referral codes unlock at $50,000 trading volume; the split is unpublished. |
What HyENA has actually paid out
No distribution is recorded for this program. A future token distribution is not guaranteed.
Status note (2026-07-05): Live since 2025-12-09, invite-gated. Docs are explicit that no separate HyENA token will exist; points roll into Ethena Exchange Points, whose ENA conversion is reported for HyENA but not officially promised. The 24-epoch clock and Ethena's six-month framing imply the program ends between May and August 2026. Points may never convert to tokens. The team sets any conversion ratio at distribution time. Never trade solely to farm an airdrop.
FAQ
Is a new HyENA airdrop confirmed?
No token distribution is confirmed. HyENA has a separately tracked rewards or points program, but points may never convert to tokens. PerpFinder does not determine or verify eligibility.
What activity does the documented HyENA rewards program cover?
The Documented HyENA program mechanics table lists Trading, Referrals. This is research, not an eligibility check or a promise of future tokens.
What did earlier HyENA seasons pay?
No distribution is recorded for this program. A future token distribution is not guaranteed.
Other active programs
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.