HyENA to shut down trading markets after $4 billion in volume

HyENA, a perpetual trading platform built by the Based team, has announced it will shut down all markets between August 31 and September 2. The platform cited changes in Hyperliquid’s stablecoin setup, specifically its increased alignment with USDC, as the reason for the closure, noting that this shift reduces the viability of USDe-backed margin products.

During its operation, HyENA processed over $4 billion in cumulative trading volume and served more than 12,000 users. The platform utilized Hyperliquid’s HIP-3 system and Ethena’s USDe to allow traders to earn rewards on stablecoin margin, generating nearly 2.5 million USDe in rewards for its users.

To facilitate an orderly wind-down, HyENA will delist markets sequentially at a rate of one per hour. Open positions will settle automatically, with mark prices converging toward a one-hour weighted average of the relevant oracle price. The team stated that user funds are safe and that margin will be returned to users’ spot balances. HLPe depositors can redeem holdings and rewards through Upshift at a 1:1 rate. The platform also confirmed it has no HyENA token and does not plan to launch one.