HyENA review
Live HyENA stats updated every minute: 24h volume, open interest, fees (0.017% maker / 0.050% taker), and up to 40x leverage across 4+ pairs on Hyperliquid L1.
Verdict
6.0/10 · how we rankHyENA is a perp DEX on Hyperliquid L1. Taker fee 0.05% is above the DEX median of 0.04%.
Advantages
- Margin posted in USDe keeps earning Ethena yield while it collateralises positions
- Order flow settles on Hyperliquid's matching engine, so execution quality matches the main book
- Built by the team behind Based, a group that has already shipped a HIP-3 venue
- Points emissions are large and reporting suggests they convert to ENA at program end
Considerations
- No HyENA-specific audits published; the deployment layer above Hyperliquid is unreviewed
- USDe-only margin concentrates risk: an Ethena stress event would hit collateral and venue at once
- Core listings are only BTC, ETH, SOL and HYPE contracts so far
- Open interest near $6.8 million is workable for retail clips, thin for size
Last editorial review 2026-07-03 · live protocol stats refresh every minute — rating is our editorial assessment, not an objective fact.
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Live figures
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Taker fee vs other perp DEXes
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Published base-tier rates from each venue's fee page. A negative maker fee is a rebate. Volume tiers, referral discounts and token holdings can lower what you pay.
Rating breakdown
Key features
HyENA review 2026
A Hyperliquid book with Ethena economics
HyENA is a builder-deployed perp market on Hyperliquid, live since December 9, 2025. It was built by the team behind Based and is backed by the Ethena Foundation. The pitch is simple: trade on Hyperliquid's order book, but post margin in USDe, Ethena's synthetic dollar.
Contracts are quoted against USDT prices while margin sits in USDe. That one design choice drives everything else worth knowing about this venue.
What is not audited here
HyENA has published no audits of its own. Matching and settlement run on Hyperliquid's engine, which carries the base layer's security record. But the deployment parameters, market configs and points plumbing are HyENA's own work to get right. That split is why the security score lands mid-table: proven rails, unreviewed venue layer.
Fees on the 1.11x schedule
Pricing runs at 1.11 times Hyperliquid's validator-market base rates. That works out to 0.0167% maker and 0.05% taker. Two levers soften it. Makers holding a large share of the book earn rebates that reach 0.003% at the deepest tier.
And staking HYPE trims the schedule further, the same way it does on the main book. Put your own numbers through the fee calculator before assuming the multiplier prices you out.
Yield-bearing margin changes the carry math
On almost every perp venue, idle margin earns nothing. On HyENA, the USDe you post keeps earning Ethena's native yield while it backs your positions. For funding-rate farmers and basis traders, that is a real edge: the same dollar works two jobs at once.
The main risk is concentration. Funding an account means holding USDe, so an Ethena stress event would hit your collateral value and trading venue at the same time. Trading on HyENA also exposes you to the synthetic-dollar design.
Markets and leverage
The core set is BTC, ETH, SOL and HYPE contracts, with further listings arriving. Leverage runs from 3x to 40x depending on the asset. Daily volume sits near $3.4 million against about $6.8 million of open interest, and cumulative volume has passed $4 billion. Depth is fine for retail clips and thin for size.
Points that reportedly become ENA
HyENA emits 100 million points per week across 24 weekly epochs. There is no separate HyENA token planned; reporting points to balances converting to ENA when the program closes. Treat that as reported, not promised. A referral program exists, but the percentage splits are unpublished, so we do not quote them.
Verdict for July 2026
HyENA makes sense for Ethena-aligned traders who already hold USDe and want margin that earns while they trade. It also fits points farmers betting on the ENA conversion. Traders who just want the cheapest BTC perp should use the validator-run book directly instead: same matching engine, lower multiplier.
Compare both side by side on the live rankings.
Frequently asked questions
What collateral does HyENA accept?
USDe only.
Contracts are quoted in USDT terms, but every account is margined in Ethena's synthetic dollar, which keeps earning its native yield while posted. The trade-off is that your collateral carries USDe mechanism risk on top of normal market risk.
What are HyENA's trading fees?
The schedule is 0.0167% maker and 0.05% taker, set at 1.11 times the base Hyperliquid validator-market rates.
Maker rebates kick in for accounts with a large share of book volume, and HYPE staking discounts apply as on the main book.
Do HyENA points convert to a token?
HyENA emits 100 million points per week over 24 weekly epochs and has no separate token planned.
Reporting suggests points convert to ENA when the program ends, but that outcome is reported rather than officially guaranteed.
Is HyENA audited?
No HyENA-specific audits have been published.
Matching runs on Hyperliquid's engine, which is battle-tested, but the builder deployment itself — market parameters, configs and points systems — has no third-party review.
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