HyENA

How to Participate in HyENA Rewards Programs

Step 1: Acquire USDC

Purchase USDC from Binance or bridge existing USDC to Arbitrum using Rhino.

Step 2: Visit Based Platform

Navigate to HyENA and login with your email or connect your wallet.

Step 3: Deposit USDe

Use the platform’s spot markets to swap your USDC or other tokens to USDe. This converts your collateral into the margin asset required for perpetuals trading.

Step 4: Trade USDe-Margined Perpetuals

Select a perpetual contract (BTC-USDe, ETH-USDe, or others) and open positions. Your USDe margin automatically earns base APR while trading. As well as earning HyENA points and Ethena points, you’ll also earn Based Gold/points.

Step 5: Open Qualifying Long/Short Positions

For boosted rewards, open and maintain long/short positions for over one hour. These positions qualify for 12% APR on eligible USDe margin during the initial month.

Step 6: Claim Weekly Rewards

Claim your USDe rewards weekly. Rewards accumulate based on your margin balances and trading activity.

Step 7: Share Referral Link

Trade more than $50K in all-time volume to unlock referrals. Go to ‘Referrals’, create your code and share your referral link with friends to earn 50% in ENA commissions from direct referrals.

Step 8: Provide Liquidity to HLPe Vault

Access the HLPe vault through Upshift to provide liquidity. This combines trading returns with basis yields for additional earning opportunities, including revenue share from the exchange.

Tips for Maximizing HyENA Points & Rewards

• Maintain Active Positions: Keep qualifying long positions open for over one hour to access boosted rewards at 12% APR
• Claim Weekly: Set reminders to claim USDe rewards every week to compound your earnings
• Migrate Early: Take advantage of fee rebates by migrating positions within your first 7 days of trading (available until December 25, 2025)
• Focus on Volume: Points distribution favors organic trading volume, so consistent trading activity matters more than position size alone

Frequently Asked Questions

Is there a HyENA token airdrop?

No. HyENA has explicitly stated there will never be a HyENA token. The Points program tracks participation but does not represent future token claims, although the points may play a role in any future Ethena airdrop.

How do I qualify for boosted rewards?

Open and maintain long positions for over one hour on USDe-margined perpetuals. Eligible USDe margin earns 12% APR during the initial month, claimable weekly.

When can I claim my USDe rewards?

Rewards are claimable weekly through the rewards dashboard at app.hyena.trade/hyena/rewards. Set a reminder to claim regularly.

Do I need to trade to earn base APR on USDe margin?

No. All USDe margin balances earn base APR regardless of trading activity. However, boosted rewards require qualifying long positions.

What’s the difference between HyENA and the HLPe vault?

HyENA is the perpetuals trading platform. The HLPe vault (accessed via Upshift) is a separate liquidity provision opportunity that combines trading returns with basis yields.

How long are fee rebates available?

Fee rebates for position migration are available for your first 7 days of trading per account, with the program ending December 25, 2025.

Conclusion

HyENA offers multiple earning opportunities for perpetuals traders on Hyperliquid through its USDe rewards programs and Points system. While the platform has explicitly stated there will never be a HyENA token, users can earn confirmed USDe yields on margin balances, access boosted rewards through qualifying positions, and accumulate Points based on organic trading activity. The combination of base APR, boosted rewards, and fee rebates makes early participation potentially valuable for active traders on Hyperliquid L1.