HyENA ends USDe perpetual markets after $4 billion run
The USDe based perpetual platform said all markets will be delisted between August 31 and September 2, with user positions settling automatically.
HyENA is winding down its perpetual trading platform and will delist all of its markets between August 31 and September 2, citing Hyperliquid’s growing alignment with USDC.
The platform, built by the Based team using Hyperliquid’s HIP-3 standard and powered by Ethena’s USDe, was designed to allow traders to earn rewards on stablecoin margin while keeping capital available for trading.
HyENA said it processed more than $4 billion in cumulative trading volume and served over 12,000 traders during its operation. Users earned nearly 2.5 million USDe in rewards on deposited margin.
The project launched as several stablecoins, including USDT, USDe and USDH, competed for adoption across Hyperliquid. HyENA said that environment has changed following Hyperliquid’s deeper alignment with USDC.
The team said the shift makes sense for Hyperliquid and its community, but reduces what USDe based margin can achieve on the platform and weakens the case for continuing HyENA.
Markets will be delisted sequentially between August 31 and September 2 at a rate of one market per hour. When a market is removed, its mark price will converge toward the one hour time weighted average of the oracle price before final settlement.
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Users do not need to manually close their positions. Positions will settle automatically at the final mark price, with remaining margin returned to users’ spot balances.
HyENA said HLPe deposits can also be claimed and withdrawn at a one to one rate alongside accrued rewards through Upshift. Withdrawals are subject to a one day redemption period.
Final reward issuance took place on August 27, while the final affiliate payout is scheduled for September 9.
The Ethena Exchange Rewards program ended in June 2026, and HyENA said all HyENA Points are now final. The points have no monetary value and will not be converted or distributed through any future snapshot.
The team also confirmed that there is no HyENA token and said it has no plans to launch one.
HyENA said no user funds are at risk during the shutdown. Its interface and documentation will remain available through at least September 30, while its Discord community will remain open throughout the process.