HyENA Airdrop
About HyENA
HyENA is a USDe-margined perpetuals DEX built on Hyperliquid’s HIP-3 standard. It allows users to trade perpetual futures like BTC-USDe and ETH-USDe using USDe as collateral, while earning native yield on their margin balances. Instead of leaving margin idle or incurring unproductive funding fees, HyENA turns USDe collateral into a yield-bearing asset. Launched on mainnet on December 9, 2025, it integrates with Ethena and offers rewards and a Points program to active traders.
Why we choose HyENA?
We selected HyENA because it combines perpetual futures trading with native yield on USDe margin, positioning itself as a capital-efficient alternative to traditional perps DEXs. The platform is backed by Hashed and features an integration partnership with Ethena, adding ecosystem relevance. With base APR on margin, boosted rewards, fee rebates for early adopters, and a large HyENA Points distribution for organic activity, it creates strong incentives for early and active users on Hyperliquid.
HyENA Airdrop Guide
Airdrop Eligibility
Complete the tasks below in the How To section to maximize airdrop eligibility
How to get HyENA Airdrop?
1. Acquire USDC
– Buy USDC on a centralized exchange such as Binance, or bridge existing USDC from another chain to Arbitrum using a bridge like Rhino.
2. Connect to Based
– Go to the Based platform website.
– Log in with your email or connect your crypto wallet as prompted.
3. Deposit USDC to Based on Arbitrum
– In the Based interface, choose the option to deposit.
– Select Arbitrum as the network and USDC as the token.
– Confirm and complete the deposit from your wallet to Based.
4. Swap USDC to USDe
– On Based, open the spot markets section.
– Select USDC as the token you are selling and USDe as the token you want to receive.
– Execute the swap so your collateral is now in USDe, the margin asset for HyENA.
5. Trade USDe-margined perpetuals on HyENA
– Navigate to the HyENA trading interface.
– Choose a perpetual contract such as BTC-USDe, ETH-USDe, or other listed pairs.
– Open positions using your USDe as margin. Your USDe margin will automatically earn base APR while you trade.
– As you trade, you will also accumulate HyENA Points, Ethena Points, and Based Gold/points.
6. Open and maintain qualifying positions for boosted rewards
– For boosted rewards, open long or short positions on USDe-margined perpetuals.
– Keep these positions open for more than one hour.
– Eligible USDe margin on these qualifying positions will earn 12% APR during the initial month.
7. Claim weekly USDe rewards
– Visit the HyENA rewards dashboard (e.g., app.hyena.trade/hyena/rewards).
– Check your accumulated base and boosted USDe rewards.
– Claim your USDe rewards weekly to realize and potentially compound your earnings.
8. (Optional) Provide liquidity to the HLPe vault
– Access the HLPe vault via Upshift on HyperEVM.
– Deposit funds to provide liquidity to the HLPe vault.
– By holding HLPe YT, earn 70x Ethena Points until mid-January, 5x Upshift Points, and USDe rewards from the vault, in addition to any trading-related returns.
9. Optimize for HyENA Points and rewards
– Maintain active positions for more than one hour to qualify for boosted APR.
– Trade consistently with organic volume to maximize HyENA Points from the weekly 100 million points distribution.
– If you are migrating positions, do so within your first 7 days of trading on HyENA (and before December 25, 2025) to benefit from fee rebates.
– Set reminders to claim your USDe rewards weekly through the rewards dashboard.
