Based on the Hyperliquid HIP-3 standard, the USDe margin perpetual platform HyENA has announced it will cease operations and close all its markets. The team claims that user funds are not at risk.

HyENA was built by the Based team, with margin and pricing anchored to Ethena's USDe. The product logic is to allow idle margin on perpetual positions to continue earning interest and return the profits that would have been retained by stablecoin issuers back to traders. The official operational results state that it has accumulated over $4 billion in transactions, served over 12,000 traders, and issued nearly 2.5 million USDe rewards for USDe margin. At launch, alternative stablecoins on Hyperliquid were still in open competition, with USDT, USDe, and USDH all vying for margin share.

The reason for the shutdown is described as a change in the anchor of the liquidation layer. The team stated that after Hyperliquid and USDC formed further strategic synergy, the expansion space for USDe margin on this execution layer was compressed, making it no longer cost-effective to maintain an independent deployer, thus opting to exit rather than switch to other collateral. The official sunset guide specifies: traders can close positions themselves from August 28 to 30; from August 31 to September 2, 18 markets will be sequentially delisted, six per day, one per hour, from 10:00 UTC to 15:00 UTC.

The delisting order has been arranged for specific assets. On August 31, the order will be XPL, SUI, BNB, ADA, LINK, FARTCOIN; on September 1, it will be XRP, DOGE, 1000PEPE, LTC, BASED, ZEC; and on September 2, it will conclude with PUMP, ENA, SOL, HYPE, ETH, BTC. After the market enters the delisting pricing phase, the marked price will converge to the one-hour time-weighted average of the oracle price and settle, with positions automatically liquidated at the final marked price, and margin returned to the spot balance, requiring no manual operation from users.

HLPe deposits have stopped being accepted since August 26, but withdrawal channels remain open, with principal and accumulated rewards redeemable at a 1:1 ratio via Upshift, with a redemption period of one day. The final reward distribution date is August 27, and the final alliance rewards will be distributed on September 9. Ethena Exchange Rewards ended in June 2026; HyENA Points are set to a final state, with no snapshots, conversions, or airdrops, and points have no monetary value. The official also stated: HyENA has no tokens and no issuance plans.

Mechanically, this is a forced deleveraging driven by events, not a secondary market scramble. The sellers are the soon-to-be automatically settled long and short positions and HLPe shares, while buyers are absent, leading to liquidity thinning hour by hour during the delisting window. Funds will flow from USDe margin and interest-bearing positions back to Hyperliquid's spot balance, which users can then convert to USDC or withdraw. The beneficiaries are the USDC ecosystem and main site order book that gain pricing power in the liquidation layer, while the pressured parties are the USDe deployers who treat idle margin earnings as customer acquisition subsidies, and traders who still leave positions in the later market.

In supplementary data, in the recent public snapshot of the HIP-3 deployer order book, HyENA had approximately $21.4 million in open positions and about $4.5 million in 24-hour transactions, with a share in the deployer ecosystem far lower than Trade.xyz; the 18 markets will be cleared within three days. The unified margin account's USDe will be directly returned to the spot balance, while non-unified accounts must first transfer the HyENA DEX balance to the spot before converting.

Source: Public Information