HyENA has announced plans to close every market between Aug. 31 and Sept. 2 after processing more than $4 billion in trades for over 12,000 users.
Key Takeaways
HyENA will close all markets between Aug. 31 and Sept. 2, delisting one per hour
The platform processed over $4 billion in cumulative volume across 12,382 users
Hyperliquid's USDC alignment reduced room for USDe-based margin products
HLPe depositors can redeem holdings 1:1 via Upshift with no HyENA fee
HyENA Will Remove Markets Over Three Days
HyENA said in an Aug. 28 shutdown announcement that it would stop operating after changes in Hyperliquid's stablecoin setup reduced the opportunity for USDe-backed margin products. The platform will begin delisting markets on Aug. 31 and complete the process on Sept. 2, removing one market per hour over the three-day shutdown window. Open positions will settle automatically as each market closes, with remaining margin returning directly to users' spot balances.
The shutdown follows $4.01 billion in cumulative volume across 12,382 users since launch. HyENA operates as an independent perpetual protocol built on Hyperliquid under the network's HIP-3 framework, allowing it to supply custom margin assets and oracle infrastructure. This connects to the broader Hyperliquid ecosystem covered in Hyperliquid Strategies doubling HYPE holdings and Hyperliquid's AQAv2 activation.
Hyperliquid's USDC Alignment Reduced Room for USDe
At launch, HyENA operated during a period when several dollar-linked assets were competing for a larger role within Hyperliquid. Hyperliquid's closer relationship with USDC later changed the conditions supporting HyENA's model. In May, Coinbase became Hyperliquid's official USDC treasury deployer under an agreement that also made USDC an aligned quote asset across the ecosystem. Hyperliquid held about $5 billion in circulating USDC at the time.
By June 11, USDC had become Hyperliquid's preferred stablecoin, according to a JPMorgan research note. The bank estimated Hyperliquid held about $6 billion in USDC, equal to roughly 8% of the stablecoin's circulating supply. JPMorgan also said Coinbase would return 90% of reserve income earned from USDC held on Hyperliquid to the protocol. This connects to the USDC powering 99% of x402 AI agent payments and broader stablecoin developments.
HIP-3 Leaves Settlement Duties With Market Deployers
HyENA's closure shows how HIP-3 market operators can manage contracts built on Hyperliquid without the core protocol directly running each product. Under HIP-3, independent teams may introduce perpetual markets while using Hyperliquid's order books, margin tools and liquidation system. Deployers choose the contract, oracle, leverage limits, and settlement terms. HIP-3 went live in October 2025 and requires teams to stake HYPE before creating perpetual contracts.
For its shutdown, HyENA said each final mark price would converge with the one-hour weighted average of the oracle price before settlement. The method matters for traders holding leveraged positions because the final mark price determines the value at which outstanding contracts close.
HLPe Withdrawals and Reward Distribution
HLPe depositors can claim principal and accumulated rewards through Upshift at a 1:1 rate, with no withdrawal charge from HyENA and a one-day redemption period. The final regular reward distribution took place on Aug. 27, one day before the shutdown announcement. Affiliate rewards are scheduled for their last payment on Sept. 9. Ethena ended its exchange reward program in June 2026. HyENA Points are frozen with no point conversion, no airdrop, and no token creation. The team stated HyENA has no token and no plans to issue one.