HyENA Shuts Down All Markets, Says User Funds Safe

HyENA is winding down. The perpetuals project, built on Hyperliquid, announced it will cease operations and close all markets. The team stressed that user funds are unaffected. The platform was constructed on Hyperliquid's HIP-3 standard alongside Ethena's USDe, a design that let traders earn yield while posting USDe as margin for perpetual contracts. Over its run, HyENA processed more than $4 billion in cumulative trading volume, served over 12,000 traders and paid out nearly 2.5 million USDe in rewards to margin users. The reason for the shutdown: Hyperliquid is moving more in line with USDC. As that alignment deepens, the team said, the scope for USDe-backed margin on the platform has changed, a shift that led to the decision to terminate HyENA. Delistings run from Aug. 31 through Sep. 2, with one market removed each hour. Open positions are automatically settled at the final mark price, and margin returns to the spot balance. HLPe deposits can be claimed at a 1:1 ratio, together with accumulated rewards, and withdrawn via Upshift. The final reward payout date is Aug. 27; the last affiliate commission payment goes out Sep. 9. Separately, the Ethena exchange rewards program ended in June 2026. HyENA points are now in their final state — no snapshot, conversion or distribution will follow, and the points carry no monetary value. The team also emphasized that HyENA has no token and no plans to issue one.