HyENA Crypto DEX (N/A)

HyENA is a perp DEX built by the Based development team. It delivers performance, innovation, and capital efficiency within a single interface.

It is powered by Hyperliquid’s Builder-Deployed Perpetuals framework, HIP-3, which allows builders to use Hyperliquid infrastructure to create their own perpetual DEXs while opting into custom price oracles, trading pairs, and fee structures. As a result, HyENA Trade offers users the following features:

• USDe trading pairs: Powered by the pioneering HIP-3 framework, the app integrates $USDe as the primary collateral for its markets, addressing up to $6.4B in potential demand. As of January, it supports over 12 trading pairs, with more tokens to be added soon.
   
• HyENA rewards: Through its partnership with Ethena, the app offers users yield on their full spot and perpetual margin balances. The platform also provides a yield boost for users who hold long positions on the DEX for more than one hour.
   
• HLPe: HyENA, similarly to the Hyperliquid Liquidity Provider pool, allows users to add liquidity to share with the DEX part of the revenue generated. As of January 2026, the vault APY is ~12%.

Read more about HyENA’s features in its docs.

🪙 HyENA token: As of January 2026, the platform has not yet confirmed plans to launch a native token or conduct a HyENA airdrop. However, it is running an active points-farming campaign that rewards users who trade and provide liquidity most actively on the platform.
 

Such campaigns often suggest upcoming token launches or airdrops in the near future. With this in mind, the CoinLaunch team conducted a HyENA Hyperliquid protocol overview and identified the most notable pros and cons:
 

✅ HyENA pros:

• An interesting product concept and design that combines stablecoin yield and perpetual DEX narratives;
• Over $600M in trading volume and $48M+ in open interest achieved since launch in December 2025;
• A self-hosted bug bounty program;
• Above-average SMM, influencer, and growth marketing scores;
• Partnerships with Hyperliquid and Ethena;
• One core team member with prior work experience at Alibaba.
   

❌ HyENA cons:

• No available information on tokenomics;
• No audits conducted by third-party security firms;
• Below-average SEO score;
• Very weak PR performance;
• No disclosed information about backers.