@hyenatrade

HyENA

HyENA is a perpetual trading platform built on Hyperliquid infrastructure that uses USDe (Ethena's stablecoin) as collateral, allowing traders to earn native staking yields while trading. The platform has reached $3B in total volume with 10K+ users and has distributed over $2M in USDe rewards since launch. While it shows real traction and technical substance, it appears to be already established rather than early-stage, with significant volume metrics and a mature product offering multiple perp markets.

𝕏 @hyenatrade ↗ t.coDeFineutral🔇 quiet 25d

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AI Analysisneutral

Confidence

72%

HyENA is a perpetual trading platform built on Hyperliquid infrastructure that uses USDe (Ethena's stablecoin) as collateral, allowing traders to earn native staking yields while trading.

The platform has reached $3B in total volume with 10K+ users and has distributed over $2M in USDe rewards since launch.

While it shows real traction and technical substance, it appears to be already established rather than early-stage, with significant volume metrics and a mature product offering multiple perp markets.

Green flags: Real product with measurable traction ($3B volume, 10K users) · Built on credible infrastructure (Hyperliquid, Ethena) · Over $2M in rewards distributed to users demonstrates real economic activity · Active development with market listings/delistings and feature rollouts

Red flags: Already established with $3B volume and 10K users - not early-stage discovery · Account created June 2025 but already showing mature metrics by early 2026 · Relatively high engagement for a supposedly early project

Token

No · pre-launch

Chain

Hyperliquid

Stage

mainnet+live