For those who're thinking whats HyENA. Here is the explanation👇 > It's a HIP-3 perpDEX built by @ethena_labs on Hyperliquid's infra > Uses USDe as the main collateral for trading > One has to hold USDe as margin & earn yield on it automatically, around 6%+ APY > This happens whether your trades are winning or losing > The yield comes from Ethena's protocol revenue, not from your position's funding rate > HyENA runs under 20ms latency & handles around 1M orders/sec In a bull market, longs usually pay funding to shorts. But with @hyenatrade, you still earn yield on your USDe collateral even if you're long. The rewards are separate from position funding. USDe is treated as $1 collateral for margin calculations, similar to how USDT works on CEX perps. You can mint USDe with USDC through Ethena's contracts. 1. USDe supply hit ~$14.5B in September 2. Fees crossed $574M cumulative 3. Fee switch is active, distributing revenue to ENA stakers (at 4.5-15% APR projected) If you trade on @BasedOneX, you get extra rewards on top. Some mention of blindboxes % additional points. But trading directly on Hyena has lower fees. The key advantage of HyENA here is earning yield on collateral while trading perps. Most platforms don't do this.

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