Quick Breakdown
- •Hyena flips traditional perpetual markets, paying traders to hold long positions and improving capital efficiency.
- •Integration with Hyperliquid’s HIP-3 enables instant transfers and supports delta-neutral strategies for advanced traders.
- •Platform boosts liquidity and institutional access, while Ethena’s USDe and USDtb stablecoins challenge established dollar-pegged assets.
Hyena, a new perpetual trading platform built by Based and powered by Ethena on the Hyperliquid network, officially launched this week, introducing a first-of-its-kind model for crypto traders. Using USDe as collateral, the platform allows users to earn native yield on their perpetual positions, fundamentally changing the dynamics of crypto derivatives trading.
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— Based (@BasedOneX) December 10, 2025
Positive Yield Transforms Crypto Perpetual Markets
Traditionally, perpetual contracts in the crypto market involve paying funding to maintain long positions, a negative carry that can erode gains over time. Hyena reverses this model, paying traders to go long, allowing for more prolonged position holding and improved capital efficiency. The integration with Hyperliquid’s HIP-3 infrastructure enables near-instant cross-account transfers, reducing risk and delays typical of multi-platform crypto trading. This opens opportunities for delta-neutral strategies, where traders can hedge long Hyena positions with shorts on USDC perpetual contracts on Hyperliquid, earning funding on both sides.
Boosting Crypto Market Liquidity and Institutional Access
Hyena’s innovative collateral and yield structure aims to increase open interest and trading volume across Hyperliquid’s crypto ecosystem. By embedding native yield directly into the platform, the launch not only enhances retail trading efficiency but also creates scalable, capital-efficient strategies for institutions. The platform is expected to catalyze a new builder ecosystem, enabling developers to innovate on top of its infrastructure and expand the functionality of the crypto market.
The launch highlights a growing trend in crypto derivatives markets toward improved capital efficiency and more sophisticated trading strategies. Hyena’s combination of native yield, on-chain collateral, and rapid settlement positions it as a transformative tool for both retail and institutional participants in the crypto trading space.
Ethena Emerges as a Stablecoin Contender
Notably, Ethena, the protocol behind USDe, is gaining traction in the stablecoin market. With USDe and the newly launched asset-backed coin USDtb, Ethena is positioning itself as a strong alternative to leading stablecoins like Circle’s USDC, reshaping discussions around dollar-pegged assets in crypto.