HyENA has introduced plans to shut each market between Aug. 31 and Sept. 2 after processing greater than $4 billion in trades for over 12,000 customers.
HyENA will take away markets over three days
HyENA mentioned in an Aug. 28 shutdown announcement that it might cease working after modifications in Hyperliquid’s stablecoin setup decreased the chance for $USDe-backed margin merchandise.
The platform will start delisting markets on Aug. 31 and full the method on Sept. 2. Reasonably than closing each contract without delay, HyENA will take away one market per hour all through the scheduled interval.
Customers don’t have to shut their positions manually earlier than every delisting, in line with the announcement. As soon as a market is eliminated, its mark value will transfer towards the one-hour weighted common of the related oracle value earlier than the remaining positions settle robotically.
Margin launched by that course of will return to every dealer’s spot stability. HyENA mentioned person funds are usually not in danger in the course of the closure, though merchants should select to exit positions earlier than their respective markets attain the settlement stage.
“Person funds are secure,” the workforce mentioned, including that the deliberate course of is designed to let prospects withdraw their property with out requiring guide settlement.
HyENA has dealt with greater than $4 billion in cumulative buying and selling quantity since launch, in line with the workforce. Over 12,000 merchants used the platform, whereas holders of $USDe margin obtained nearly 2.5 million $USDe in rewards.
Constructed by the Based mostly workforce, HyENA used Hyperliquid’s HIP-3 system to supply perpetual contracts with Ethena’s $USDe serving as margin. The design allowed merchants to maintain margin in $USDe and obtain rewards whereas utilizing the identical capital to assist open derivatives positions.
Hyperliquid’s $USDC alignment decreased room for $USDe
At launch, HyENA operated throughout a interval when a number of dollar-linked property have been competing for a bigger position inside Hyperliquid. The workforce recognized USDT, $USDe, and USDH among the many property in search of use throughout the buying and selling community.
Hyperliquid’s nearer relationship with $USDC later modified the situations supporting HyENA’s mannequin, the announcement mentioned. Whereas the workforce described stronger $USDC integration as an affordable course for Hyperliquid, it additionally mentioned the association left much less room to increase $USDe-based margin.
In Could, Coinbase grew to become Hyperliquid’s official $USDC treasury deployer underneath an settlement that additionally made $USDC an aligned quote asset throughout the ecosystem. As crypto.information beforehand reported, Hyperliquid held about $5 billion in circulating $USDC on the time, roughly twice the quantity recorded a 12 months earlier.
$USDC gained one other outlined position underneath the settlement, with Circle supplying cross-chain infrastructure by its Cross-Chain Switch Protocol and Coinbase dealing with treasury deployment. The association additionally gave Coinbase buying rights for USDH-branded property by Native Markets.
By June 11, $USDC had grow to be Hyperliquid’s most well-liked stablecoin, in line with a July JPMorgan analysis be aware. The financial institution estimated that Hyperliquid held about $6 billion in $USDC, equal to roughly 8% of the stablecoin’s circulating provide.
JPMorgan additionally mentioned Coinbase would return 90% of the reserve revenue earned from $USDC held on Hyperliquid to the protocol. The financial institution lower earnings estimates for Coinbase and Circle after assessing how the revenue-sharing phrases may have an effect on the 2 corporations’ stablecoin revenue.
The settlement offers a direct U.S. connection as a result of Coinbase and Circle are publicly traded American corporations. JPMorgan’s evaluation tied Hyperliquid’s stablecoin setup to the earnings outlook for each companies, though the financial institution nonetheless anticipated $USDC-related revenue to develop by 2027 primarily based on its interest-rate forecast.
HIP-3 leaves settlement duties with market deployers
HyENA’s closure additionally exhibits how HIP-3 market operators can handle contracts constructed on Hyperliquid with out the core protocol straight working every product.
Underneath HIP-3, unbiased groups might introduce perpetual markets whereas utilizing Hyperliquid’s order books, margin instruments and liquidation system. Deployers select the contract, oracle, leverage limits, and settlement phrases, giving every operator accountability for managing its markets.
A Could report on HIP-3 famous that the framework went reside in October 2025 and requires groups to stake HYPE earlier than creating perpetual contracts. Merchandise launched underneath the framework have included artificial markets tied to commodities, listed shares, and personal corporations.
Newer protection of a pointy transfer in an SK Hynix-linked perpetual defined {that a} HIP-3 deployer provides oracle costs, exterior perpetual costs, and as many as two extra mark-price inputs. Hyperliquid then combines the submitted figures with native buying and selling knowledge to calculate the contract’s mark value.
The identical HIP-3 market controls permit deployers to halt buying and selling, alter open-interest limits or settle contracts. HyENA is utilizing that settlement authority to shut its remaining markets in line with the printed schedule.
For its shutdown, HyENA mentioned every last mark value would converge with the one-hour weighted common of the oracle value earlier than settlement. The strategy issues for merchants holding leveraged positions as a result of the ultimate mark value will decide the worth at which excellent contracts shut.
HLPe withdrawals will proceed by Upshift
Alongside the market closures, HyENA mentioned customers with HLPe deposits can declare their principal and collected rewards by Upshift. Deposits will likely be redeemable at a 1:1 charge, with no withdrawal cost from HyENA and a one-day redemption interval.
The ultimate common reward distribution befell on Aug. 27, at some point earlier than the shutdown announcement. Affiliate rewards are scheduled for his or her final fee on Sept. 9, after the market-removal course of has completed.
Ethena ended its change reward program in June 2026, in line with HyENA. With that marketing campaign already closed, the platform will go away HyENA Factors of their last recorded state as an alternative of taking one other snapshot.
No level conversion or distribution will happen, and the factors carry no financial worth, the announcement mentioned. Addressing doable expectations of an eventual airdrop, the workforce additionally acknowledged that HyENA has no token and no plans to concern one.
