HyENA Airdrop » Claim free crypto today

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TRADE PERPS
Chain: Hyperliquid

Ended

HyENA Airdrop Details

HyENA has explicitly stated there will never be a HyENA token. Instead, the platform offers multiple reward mechanisms for early users.

The HyENA Points program distributes 100 million points weekly to users based on organic trading volume and activity. While these points don’t represent a future token, they serve as a participation tracking mechanism within the ecosystem.

Active reward programs include:

Base USDe Rewards: All USDe margin balances earn native APR
Boosted Rewards: 12% APR on eligible USDe margin for qualifying long positions during the initial month (claimable weekly)
Fee Rebates: Position migration fee rebates available for the first 7 days of trading per account (until December 25, 2025)

Users can claim USDe rewards weekly through the rewards dashboard. The boosted rewards program specifically targets users opening and maintaining long positions for over one hour, incentivizing active trading rather than passive farming.

Latest Update: hyENA Winding Down

hyENA is sunsetting all of its markets, with sequential delisting running from 31 August to 2 September, one market per hour. No user funds are at risk and no action is required to exit. On delisting, each market’s mark price converges to the one-hour time-weighted average of the oracle price and settles shortly after, closing positions automatically at the final mark and returning margin to your spot balance. HLPe deposits can be claimed and withdrawn 1:1 with accrued rewards at no cost anytime through Upshift, subject to a one-day redemption period, with the final affiliate payout on 9 September. The Ethena Exchange Rewards programme ended in June 2026, so HyENA Points are final with no snapshot, conversion, or monetary value, and there is no HyENA token. The full schedule and per-account steps are in the hyENA docs, which stay available through at least 30 September

How to Participate in HyENA Rewards Programs (Ended)

Step 1: Acquire USDC

Purchase USDC from Binance or bridge existing USDC to Arbitrum using the bridge widget below.

Bridge funds

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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.

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.

HyENA Red Packets Campaign (Ended)

HyENA is distributing Red Packets from February 14 to 28 to celebrate Lunar New Year, with daily drops ranging from 0.8 to 888 USDe. Higher-tier HyENA points users have increased chances of receiving larger packets.

Daily Red Packet Claims

Three timed claim windows occur each day. To be eligible, you must meet at least one condition in the past 24 hours: held a position open for more than 1 hour, traded more than $10,000, or maintained more than $5,000 USDe margin. Each wallet can claim a maximum of one Red Packet per window and two per day.

Create Your Own Red Packets

You can fund custom Red Packets by selecting a total USDe amount, splitting it into multiple packets, and adding a personal message and cover image. Generate a shareable link or QR code to distribute. Recipients must have traded at least $100 in USDe volume on HyENA in the past 24 hours to claim. If claimants don’t already have a referral code attached, yours applies automatically.

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.

TRADE PERPS

What is HyENA?

HyENA is a USDe-margined perpetuals DEX built on Hyperliquid‘s HIP-3 standard. The platform enables trading of perpetual futures contracts using USDe as collateral, allowing users to earn native rewards on their margin balances while trading. Unlike traditional perpetuals platforms where margin sits idle, HyENA turns that capital into a productive asset without incurring unproductive funding fees.

The platform launched on mainnet December 9, 2025, backed by Hashed with an integration partnership from Ethena. HyENA offers USDe-margined perpetuals across major pairs like BTC-USDe and ETH-USDe, combining trading functionality with yield-generating opportunities through its rewards programs.

Key features include base APR on all USDe margin balances, boosted rewards for qualifying positions, fee rebates for early adopters, and a Points program distributing 100 million points weekly based on organic trading activity.