Super interesting interview I just went over with Ethena founder @gdog97_ hosted by Bidcast on potential Hyperliquid x Ethena integrations. Guy Young sees a big opportunity in using Hyperliquid’s HIP-3, which lets builders launch new markets with different stablecoin pairs or entirely new assets. For Ethena, that could mean redenominating Hyperliquid’s markets into USDe instead of USDC pairing perps trading with a yield bearing dollar in one venue. HIP-3 shares 50% of market fees with the deployer. If USDe captured just ~25% of Hyperliquid’s trading flow, at a 50% take rate this could bring in $110~$120M in cost-free annual revenue! Ethena wouldn’t build an in-house exchange. Instead, external teams could spin up a HIP-3 frontend using USDe as collateral. Why would builders do this? - USDC is dead collateral, USDe is yield-bearing. Holding margin in USDe earns the embedded Ethena funding rate (10~12% in current conditions). - Hyperliquid handles the backend. Setup is minimal, and the deployer can choose how to split their fee share with partners like Ethena. - Ethena has one of the largest active defi LP/trader user bases. Its endorsement can bring massive liquidity quickly. For perps markets, this is a huge carrot for LPs: - Market making spread & funding from trading activity. - Passive yield from holding USDe as collateral. Other Hyperliquid related ideas from the discussion: - Launch a tokenized product isolating Hyperliquid risk/return (like sUSDe, but backed solely by Hyperliquid positions). Hyperliquid funding rates have historically been 250–300 bps above the broader market. - Ethena has already secured the HUSD ticker for potential use - Could be EVM compatible and integrated into Ethena’s systems, but kept separate from USDe to give users risk choice. This would be a massive win-win for both teams, with insane synergy potential. HYENA.