# Table of Contents

- [HyENA Overview | HyENA](#hyena-overview-hyena)
- [How HIP-3 Works | HyENA](#how-hip-3-works-hyena)
- [USDC to USDe Conversion | HyENA](#usdc-to-usde-conversion-hyena)
- [USDe Rewards | HyENA](#usde-rewards-hyena)
- [Boosted Rewards | HyENA](#boosted-rewards-hyena)
- [No Cost Migration from Any Exchange | HyENA](#no-cost-migration-from-any-exchange-hyena)
- [Migrating Existing Positions to HyENA | HyENA](#migrating-existing-positions-to-hyena-hyena)
- [HyENA Points | HyENA](#hyena-points-hyena)
- [HLPe | HyENA](#hlpe-hyena)
- [USDe on HyENA | HyENA](#usde-on-hyena-hyena)
- [Oracle Price and Mark Price | HyENA](#oracle-price-and-mark-price-hyena)
- [Margin Management | HyENA](#margin-management-hyena)
- [Perpetual Assets | HyENA](#perpetual-assets-hyena)
- [Fees | HyENA](#fees-hyena)
- [Contract Specs and Margining | HyENA](#contract-specs-and-margining-hyena)
- [API | HyENA](#api-hyena)
- [Funding Rates | HyENA](#funding-rates-hyena)
- [Order Types | HyENA](#order-types-hyena)
- [Liquidation | HyENA](#liquidation-hyena)
- [Terms and Conditions | HyENA](#terms-and-conditions-hyena)

---

# HyENA Overview | HyENA

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![](https://docs.hyena.trade/~gitbook/image?url=https%3A%2F%2F626677188-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fq49aq8klQ9iW4TNdA2n7%252Fuploads%252FDBN3pCuuEkjRpp1d8evY%252Fimage.png%3Falt%3Dmedia%26token%3Dcaca7b68-e081-44b2-9da9-e9dea35f03e8&width=768&dpr=4&quality=100&sign=81dc54cb&sv=2)

**Introducing HyENA**

HyENA is the most capital-efficient perpetual DEX with USDe margin, built on Hyperliquid.

**Earn Rewards on Your Positions**

Trade perpetual contracts using USDe collateral/margin and earn rewards as you open and maintain positions.

**Built by the Based Team, Powered by Ethena**

HyENA is developed by the [Based](https://x.com/BasedOneX)
 team, the largest Hyperliquid app by revenue.

**Built on HIP-3: Builder-Deployed Perpetuals**

HyENA leverages Hyperliquid’s HIP-3 Builder-Deployed Perpetuals framework. HIP-3 allows HyENA to independently deploy and manage perpetual markets, introduce new pairs faster, and experiment with custom configurations, all while maintaining performance, security, and transparency through Hyperliquid.

HyENA combines performance, innovation, and capital efficiency in one platform.

[NextHow HIP-3 Works](https://docs.hyena.trade/how-hip-3-works)

Last updated 4 minutes ago

---

# How HIP-3 Works | HyENA

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#### 

[](https://docs.hyena.trade/how-hip-3-works#what-is-hip-3-and-how-it-powers-hyena)

What is HIP-3 and How It Powers HyENA

HyENA is built on HIP-3, the Builder-Deployed Perpetuals framework introduced by Hyperliquid. HIP-3 enables independent teams to launch and operate their own perpetual DEXs directly on the Hyperliquid network, without relying on centralized listings or manual approvals.

Under HIP-3, builders stake HYPE tokens to gain deployment rights and responsibility for their markets. This stake ensures accountability: if a builder behaves maliciously or violates protocol standards, their stake can be slashed by validators through governance.

Each builder-deployed DEX — including HyENA — has full control over its own market configurations, such as oracle sources, leverage parameters, fee rates, and open-interest caps. Builders can also halt or settle markets safely when needed, ensuring flexible but secure operations.

HyENA participates in Hyperliquid’s shared Dutch auction system, which regulates deployment costs and maintains fairness across all builder DEXs. Traders on HIP-3 DEXs pay standard protocol fee, a portion of which is shared with the deployer to align long-term incentives (see: [Fees](https://docs.hyena.trade/trading/fees)
)

By leveraging HIP-3, HyENA can:

*   Launch new USDe-based perpetual pairs quickly
    
*   Introduce new trading and reward mechanisms to Hyperliquid
    
*   Operate transparently on-chain while maintaining protocol-level security
    

In short, HIP-3 decentralizes perpetual market creation, allowing trusted builders like Based with support from ecosystem stakeholders like Ethena to bring innovative products — such as HyENA — directly to the Hyperliquid ecosystem.

[PreviousHyENA Overview](https://docs.hyena.trade/)
[NextUSDe on HyENA](https://docs.hyena.trade/usde-on-hyena)

Last updated 1 month ago

---

# USDC to USDe Conversion | HyENA

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HyENA supports bridging of USDC from Hypecore onto USDe onto HyENA HIP-3 directly through our user interface via our margin transfer function. This leverages HyperCore USDe/USDC spot market. Note that trading fees and slippage may apply.

![](https://docs.hyena.trade/~gitbook/image?url=https%3A%2F%2F626677188-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fq49aq8klQ9iW4TNdA2n7%252Fuploads%252FJ40SEfbMxxvh2v5yCR2V%252Fimage.png%3Falt%3Dmedia%26token%3D15f3cb8d-8c50-4feb-84da-bddade432a43&width=768&dpr=4&quality=100&sign=9eec2c49&sv=2)

HyENA has set a max slippage of 0.5% to prevent users from incurring extreme price impact. If liquidity is not sufficient for 1-click USDC->USDE conversion, please visit [Transferring USDe to HyENA](https://docs.hyena.trade/usde-on-hyena#transferring-usde-to-hyena)
 for options on manually transferring USDe to HyENA.

[PreviousUSDe on HyENA](https://docs.hyena.trade/usde-on-hyena)
[NextUSDe Rewards](https://docs.hyena.trade/usde-rewards)

Last updated 7 days ago

---

# USDe Rewards | HyENA

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All users on HyENA automatically earn native USDe rewards on their full spot and perps margin balance powered by Ethena.

USDe rewards program update on a weekly basis (every Thursday).

Published USDe APY will be applicable to all USDe held, including both idle balances and balances used to margin positions. Rewards from our rewards program are distributed on a daily cadence to user's HyperCore balances, based on rolling average user balances.

[PreviousUSDC to USDe Conversion](https://docs.hyena.trade/usdc-to-usde-conversion)
[NextBoosted Rewards](https://docs.hyena.trade/boosted-rewards)

Last updated 7 days ago

---

# Boosted Rewards | HyENA

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Boosted Rewards offer users 12% APY on eligible USDe margin during HyENA’s initial month. Users earn boosted rewards only while a qualifying long position is open, and only if it remains open for more than one hour.

Rewards accrue pro-rata during the time the position is open and stop accruing immediately when it is closed. At any moment, the eligible amount is the smaller of a user’s total USDe on HyENA and net long notional amount.

Eligibility also requires meeting a minimal weekly HyENA points threshold to better target the program to real users, which all organic, active users should be able to meet.

Rewards are claimable weekly alongside the points update on Hyperliquid.

[PreviousUSDe Rewards](https://docs.hyena.trade/usde-rewards)
[NextNo Cost Migration from Any Exchange](https://docs.hyena.trade/no-cost-migration-from-any-exchange)

Last updated 18 hours ago

---

# No Cost Migration from Any Exchange | HyENA

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To celebrate launch, HyENA is turning the first 7 days of any user’s trading into a “fee-free migration window” for HyENA perps.

During this period, new users trading USDe-margined perp positions on HyENA’s HIP-3 markets will be eligible for a trading fee rebate on new positions that are intended to be migrated from CEXs/DEXs. Rebates are sized to approximate the trading fees incurred from closing elsewhere and reopening on HyENA. Rebates are expected to be processed retroactively around one month after the end of each account’s 7-day fee-free migration window.

This promotion will last for two weeks.

This program is designed to offset the trading costs of rotating positions from other venues to HyENA, without requiring direct fee or position tracking on those venues. HyENA reserves the right, at its sole discretion, to reduce or deny rebates for users or strategies deemed to be gaming or abusing the program (including activity inconsistent with normal trading behavior).

To help existing Hyperliquid users transition to HyENA, the HyENA app also includes a Position Migrator for eligible positions. If your position qualifies, you’ll see a migration prompt, or you can click “Migrate Position” in the top-right of the HyENA interface.

Note: Users with existing positions that partially migrate may see maintenance margin decrease on Hypercore’s validator-operated perps (Hyperliquid’s main perps), which can reduce liquidation buffer. Please monitor validator-operated perps positions and margin accordingly.

[PreviousBoosted Rewards](https://docs.hyena.trade/boosted-rewards)
[NextMigrating Existing Positions to HyENA](https://docs.hyena.trade/migrating-existing-positions-to-hyena)

Last updated 18 hours ago

---

# Migrating Existing Positions to HyENA | HyENA

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Users can also easily migrate their Hyperliquid positions onto HyENA HIP-3 in few simple steps. Follow the tutorial linked below which will guide you through closing your positions on Hyperliquid, transferring USDC to USDe and reopening positions on HyENA, all within minutes.

[PreviousNo Cost Migration from Any Exchange](https://docs.hyena.trade/no-cost-migration-from-any-exchange)
[NextHyENA Points](https://docs.hyena.trade/hyena-points)

Last updated 7 days ago

---

# HyENA Points | HyENA

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HyENA is launching with HyENA points, a six-month program rewarding organic trading activity using USDe as core collateral on HyENA.

Each week, 100,000,000 HyENA points are distributed across eligible users, with results posted to leaderboards and account dashboards after each epoch. There will be 24 epochs, with each epoch lasting a week. For the sake of clarity:

*   There will not be a separate “HyENA token”
    
*   “Ethena Exchange Points” are separate and additive to Ethena’s ongoing Season 5 points program
    

To preserve integrity, anti-gaming protections exclude self-trades, circular volume, and other manipulative patterns; per-account caps and post-distribution reviews may apply. Ethena may refine parameters, apply filters, or claw back awards to ensure the program continues to favor genuine usage as market conditions evolve.

[PreviousMigrating Existing Positions to HyENA](https://docs.hyena.trade/migrating-existing-positions-to-hyena)
[NextHLPe](https://docs.hyena.trade/hlpe)

Last updated 10 hours ago

---

# HLPe | HyENA

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Trading provides three main sources of revenue: funding rates, market making, and liquidations. HyENA Liquidity Provider Vault (HLPe) delivers the whole stack in a single primitive.

HLPe is created to help users participate in fee streams generated from HyENA. Depositors share in the vault PnL and receive a portion of HyENA trading fees, alongside rewards on USDe held in the vault.

HLPe is managed through a HyperEVM vault deployed by [Upshift](https://www.upshift.finance/)
. User deposits on HyperEVM are routed to HyperCore where the vault strategist executes trades via a Fordefi MPC wallet.

Deposited funds are subject to a 7-day redemption period, enabling the vault strategist to optimize for vault performance while managing liquidity requirements.

#### 

[](https://docs.hyena.trade/hlpe#launch-timing)

Launch Timing

HLPe will launch in phases. The first phase will be a guarded launch with conservative deposit caps, allowing the team to validate execution, risk controls, and fee capture before scaling. During this period, performance may be more muted as the vault address scales into higher fee tiers and liquidity builds. Subject to performance and a cautious risk review, HLPe will then progress into subsequent phases with progressively higher caps and broader access, ultimately opening to the public while preserving a focus on stability and performance.

#### 

[](https://docs.hyena.trade/hlpe#rewards)

Rewards

Holding HLPe is rewarded with 5x Upshift points and 70x Ethena Points for Ethena’s [Season 5 points program](https://app.ethena.fi/overview)
. For the first month following HLPe launch, Ethena is applying 70x Ethena Points to HLPe.

#### 

[](https://docs.hyena.trade/hlpe#fees)

**Fees**

The vault strategist accrues management and performance fees:

*   The vault strategist shall receive a management fee of 0.2% annually of the TVL under management, capped at USD500,000 per annum.
    
*   The vault strategist shall receive 20% of net trading profits above a hurdle rate of 8% annualized, calculated, and paid monthly with a high-water mark provision. Performance fees are subject to clawback provisions for risk limit breaches.
    

#### 

[](https://docs.hyena.trade/hlpe#co-investment)

**Co-investment**

Vault strategists are required to co-invest in HLPe to align incentives. At launch, the vault strategist will invest $5M in HLPe, with co-investment scaling up alongside TVL.

#### 

[](https://docs.hyena.trade/hlpe#vault-strategist)

**Vault Strategist**

The chosen vault strategist for HLPe is Qualia, a trading firm active across other chains and backed by a large Chicago trading firm.

#### 

[](https://docs.hyena.trade/hlpe#addresses-and-audits)

**Addresses and Audits**

HLPe is an ERC-20 deployed on HyperEVM.

[Token address](https://hyperevmscan.io/address/0x54a98ff45a7dbdf30c54e32fd330d3ea582a5559)
: `0x54a98ff45a7dbdf30c54e32fd330d3ea582a5559`.

The vault infrastructure is deployed by Upshift. View relevant [Upshift smart contract audits here](https://docs.upshift.finance/architecture/smart-contract-audits)
.

[PreviousHyENA Points](https://docs.hyena.trade/hyena-points)
[NextPerpetual Assets](https://docs.hyena.trade/trading/perpetual-assets)

Last updated 10 hours ago

---

# USDe on HyENA | HyENA

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#### 

[](https://docs.hyena.trade/usde-on-hyena#about-usde)

**About USDe**

Ethena's synthetic dollar (USDe) provides the crypto-native, scalable solution for money achieved by delta-hedging Bitcoin, Ethereum and other governance-approved spot assets using perpetual and deliverable futures contracts, as well as holding liquid stables such as USDC and USDT. One of HyENA's core innovations lies in how it uses USDe — Ethena’s synthetic dollar — as collateral for trading on HIP-3 builder-deployed perpetuals. USDe perpetuals are linear derivatives that use USDe for margin and settlement. The oracle prices are quoted in USD, with no conversion between USDe and USD applied. As a result, the contracts provide USD-based exposure. Learn more about USDe [here](https://docs.ethena.fi/how-usde-works)
.

* * *

#### 

[](https://docs.hyena.trade/usde-on-hyena#transferring-usde-to-hyena)

**Transferring USDe to HyENA**

USDe on ETH: [0x4c9EDD5852cd905f086C759E8383e09bff1E68B3](https://etherscan.io/token/0x4c9edd5852cd905f086c759e8383e09bff1e68b3)

USDe on HyperCore: [0x2e6d84f2d7ca82e6581e03523e4389f7](https://app.hyperliquid.xyz/explorer/token/0x2e6d84f2d7ca82e6581e03523e4389f7)

Users may deposit to HyENA via HyENA's front-end. HyENA accepts deposits via crypto (across major tokens and networks), exchanges, and card. The front-end will display estimated price impact, slippage, and processing time.

Alternatively, users may manually transfer USDe to HyENA:

1\. From Ethereum Mainnet

*   Use Stargate to transfer to Hyperliquid directly
    
*   Note that the destination should be Hyperliquid and not HyperEVM
    
*   Note that Hypercore accounts need to be activated in advance, which can be done by transferring at least 1 USDC or USDT0 to the account
    
*   Transfer USDe from Hyperliquid spot to HyENA
    

2\. From HyperCore USDC

*   The most cost-efficient route will likely be to bridge USDC back to mainnet, to mint/swap into USDe, and bridge back into Stargate
    
*   For smaller sizes, USDe/USDC on HyperCore spot will be available. USDe liquidity also exists on HyperEVM
    

Users are required to onboard with Ethena to mint & redeem USDe. Minting & redemption of USDe is only available on Ethereum. Ethena operates an on-demand 24/7/365 minting & redemption facility with atomic settlement and manual intervention required.

[PreviousHow HIP-3 Works](https://docs.hyena.trade/how-hip-3-works)
[NextUSDC to USDe Conversion](https://docs.hyena.trade/usdc-to-usde-conversion)

Last updated 7 days ago

---

# Oracle Price and Mark Price | HyENA

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**Oracle Provider**

\[Redacted until public announcement\] is the primary oracle updater for HyENA perps. HyENA is also running with a backup oracle provider as failsafe.

**Oracle Price**

Oracle price is used to compute funding rates and is also a component of the mark price calculation. On Hyperliquid, the oracle price is a weighted median of CEX prices. Oracle prices are updated by the validators approximately once every three seconds.

HyENA will re-use published oracle prices from Hyperliquid. i.e. the oracle price for the BTC-USD perp on HyENA will match the oracle price of the BTC-USD perp on Hyperliquid.

**Mark Price**

HyENA will be mirroring Hyperliquid’s mark price calculation logic.

Mark price for each perp market is the median of the following prices:

*   Oracle price plus a 150 second exponential moving average (EMA) of the difference between HyENA’s mid price and the oracle price
    
*   The median of best bid, best ask, last trade on HyENA
    
*   Median of Binance, OKX, Bybit, Gate IO, MEXC perp mid prices with weights 3, 2, 2, 1, 1, respectively
    

The mark price calculation is subject to change over time. Up to date details will be maintained on the HyENA website and docs, and with advanced notice.

[PreviousContract Specs and Margining](https://docs.hyena.trade/trading/contract-specs-and-margining)
[NextMargin Management](https://docs.hyena.trade/trading/margin-management)

Last updated 1 month ago

---

# Margin Management | HyENA

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DEX abstraction is enabled for HyENA. As a result, users can trade HyENA perps from their existing perps and spot balances.

HyENA currently only supports Strict Isolated Margin, meaning users cannot withdraw from open positions. Cross Margin will be introduced after launch if HyENA perpetual markets demonstrate sufficient, sustained liquidity and the HyENA team determines that enabling Cross Margin is safe and appropriate from a risk-management perspective.

USDe is currently available on: HyperCore spot, HyperEVM, and all major blockchains.

[PreviousOracle Price and Mark Price](https://docs.hyena.trade/trading/oracle-price-and-mark-price)
[NextLiquidation](https://docs.hyena.trade/trading/liquidation)

Last updated 7 days ago

---

# Perpetual Assets | HyENA

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HyENA currently supports trading major pairs including BTC/USDe, ETH/USDe, and HYPE/USDe. Assets are added according to community input. Additional assets will be added overtime. USDe is used as the quote asset and as margin.

Maximum leverage depends on the asset and can range from 3x up to 40x, although HyENA may initially launch pairs with lower leverage to safely introduce pairs to Hyperliquid. The maintenance margin is set at half of the initial margin at maximum leverage. For example, if the maximum leverage is 20x, the maintenance margin would be 2.5%.

[PreviousHLPe](https://docs.hyena.trade/hlpe)
[NextOrder Types](https://docs.hyena.trade/trading/order-types)

Last updated 7 days ago

---

# Fees | HyENA

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**Hyperliquid Protocol Fees**

Fees are determined based on your rolling 14-day trading volume and are recalculated daily at UTC midnight. All sub-account volume contributes to the master account’s tier, and all sub-accounts share the same rate. Vault trading volume is calculated separately.

Maker rebates are paid instantly on each trade directly to your wallet.

Fee tiers are shared between perpetuals and spot markets, but spot volume counts double toward tier progression:

> 14-day weighted volume = (perps volume) + 2 × (spot volume)

**HIP-3 Fees**

There is one unified fee tier across all markets - including perps, HIP-3 perps, and spot. HIP-3 perps charge 2× fees but maintain the same rebate structure.

HyENA, as a HIP3 market, incorporates the usual sources of trading fee discounts, including staking discounts and referral rewards. From the user perspective, fees are 2x the usual fees on validator-operated perp markets (i.e., Hyperliquid's traditional USDC-margined crypto perps). User rebates are unaffected, and do not interact with the deployer.

For spot-to-spot pairs (where both assets are quote assets, which is practically stable-swaps such as USDe/USDC), taker fees, maker rebates, and tier contribution are all reduced by 80%. **Fee tiers (following Hyperliquid's fee table)**

TIER

14D weighted volume ($)

Taker (Perp)

Maker (Perp)

Taker (Spot)

Maker (Spot)

0

0.045%

0.015%

0.070%

0.040%

1

\>5M

0.040%

0.012%

0.060%

0.030%

2

\>25M

0.035%

0.008%

0.050%

0.020%

3

\>100M

0.030%

0.004%

0.040%

0.010%

4

\>500M

0.028%

0.000%

0.035%

0.000%

5

\>2B

0.026%

0.000%

0.030%

0.000%

6

\>7B

0.024%

0.000%

0.025%

0.000%

**Maker rebates (following Hyperliquid's maker rebates)**

Tier

14d weighted maker volume market share

Maker fee

1

\>0.5%

\-0.001%

2

\>1.5%

\-0.002%

3

\>3.0%

\-0.003%

**Staking tiers (following Hyperliquid's staking tiers)**

Tier

HYPE staked

Trading fee discount

Wood

\>10

5%

Bronze

\>100

10%

Silver

\>1,000

15%

Gold

\>10,000

20%

Platinum

\>100,000

30%

Diamond

\>500,000

40%

[PreviousOrder Types](https://docs.hyena.trade/trading/order-types)
[NextContract Specs and Margining](https://docs.hyena.trade/trading/contract-specs-and-margining)

Last updated 1 month ago

---

# Contract Specs and Margining | HyENA

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Hyperliquid has one main style of margining for perpetual contracts: USDC margined, USDT denominated linear contracts. That is, the oracle price is denominated in USDT terms, but the collateral is USDC. Note that no conversions with the USDC/USDT exchange rate are applied, so these contracts are technically quanto contracts where USDT PNL is denominated in USDC.

HyENA will have a similar contracts and style of margining, only with margin collateral in USDe rather than USDC. The oracle price is still denominated in USDT, but the collateral is USDe, also with no USDE/USDT conversion applied.

[PreviousFees](https://docs.hyena.trade/trading/fees)
[NextOracle Price and Mark Price](https://docs.hyena.trade/trading/oracle-price-and-mark-price)

Last updated 1 month ago

---

# API | HyENA

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#### 

[](https://docs.hyena.trade/trading/api#placing-orders)

**Placing Orders**

API traders can execute trades via Hyperliquid [exchange](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/exchange-endpoint#place-an-order)
 endpoints with Based builder code and client id.

In order to successfully track trades that happen for each wallet that trades on HyENA, HyENA is implementing the use of Builder Code to scope down the number of wallets to track trades for.

Simply, approve a minimal amount of builder fee to builder code 0x1924b8561eeF20e70Ede628A296175D358BE80e5 and add 0 builder fee with the builder code in each order.

This effectively allows HyENA to track trades that qualify for Ethena Points. Makers who do not apply usage of builder code may not qualify for incentives.

For full clarity, **applying the builder fee code to API orders will not charge additional fees**, and are merely for tracking purposes. Based API doc: [https://basedapp.gitbook.io/docs/developers/api-traders](https://basedapp.gitbook.io/docs/developers/api-traders)

(Note: Addition of `cloid` is not required. Only builder code is required.)

Based builder wallet:

Copy

    0x1924b8561eeF20e70Ede628A296175D358BE80e5

_Sample perp order:_

Copy

    {
      "action": {
        "type": "order",
        "orders": [\
          {\
            "a": 0,\
            "b": true,\
            "p": "111951",\
            "s": "0.0012",\
            "r": false,\
            "t": {\
              "limit": {\
                "tif": "Gtc"\
              }\
            },\
            "c": "0xba5ed113124c5008ba5ed10000ba5ed1"\
          }\
        ],
        "grouping": "na",
        "builder": {
          "b": "0x1924b8561eef20e70ede628a296175d358be80e5",
          "f": 0
        }
      },
      "nonce": ..,
      "signature": {
        ...
      }
    }
    

#### 

[](https://docs.hyena.trade/trading/api#modifying-orders)

**Modifying Orders**

`modify` function calls do not allow for `builder` config. Only `OrderRequests` require `builder` config settings. After an order is placed, any future modifications or adjustments will apply the same builder code settings.

* * *

#### 

[](https://docs.hyena.trade/trading/api#api-limits)

**API Limits**

HyENA API limits tracks Hyperliquid’s API limits. Additional information on Hyperliquid’s API limits: [https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/rate-limits-and-user-limits](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/rate-limits-and-user-limits)

[PreviousFunding Rates](https://docs.hyena.trade/trading/funding-rates)
[NextTerms and Conditions](https://docs.hyena.trade/misc/terms-and-conditions)

Last updated 7 days ago

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# Funding Rates | HyENA

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#### 

[](https://docs.hyena.trade/trading/funding-rates#funding-rate-on-hyena)

Funding Rate on HyENA

HyENA's funding rate mechanism replicates Hyperliquid's native funding rate mechanism.

Funding rates keep perpetual prices aligned with spot prices through peer-to-peer payments between longs and shorts. No platform fees are taken.

Funding has two parts:

*   Interest rate: fixed at 0.01% every 8 hours (≈11.6% APR paid to shorts).
    
*   Premium: varies based on how far the perp price deviates from the oracle spot price.
    

If the perp trades above spot, longs pay shorts. If it trades below, shorts pay longs.

Funding is calculated hourly (1/8 of the 8-hour rate) using the formula:

> F = P + clamp(Interest − P, −0.0005, 0.0005)

Funding is capped at 4% per hour, preventing extreme swings.

This system ensures HyENA's perpetual prices stay stable, fair, and consistent with the underlying market.

[PreviousLiquidation](https://docs.hyena.trade/trading/liquidation)
[NextAPI](https://docs.hyena.trade/trading/api)

Last updated 1 month ago

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# Order Types | HyENA

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![](https://docs.hyena.trade/~gitbook/image?url=https%3A%2F%2F626677188-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fq49aq8klQ9iW4TNdA2n7%252Fuploads%252FA3x8T3rzjJdGOrjxNRhg%252Fimage.png%3Falt%3Dmedia%26token%3D32fe9924-74d2-42aa-9a9c-d3eff4ae53b8&width=768&dpr=4&quality=100&sign=72642445&sv=2)

#### 

[](https://docs.hyena.trade/trading/order-types#order-types-on-hyena)

Order Types on Hyena

Hyena provides a wide range of order types to give traders maximum flexibility and control over their execution. Each order type serves a different trading purpose, from simple entries to advanced automation.

* * *

**1\. Market Order**

A Market Order executes immediately at the best available price in the order book.

*   Best for traders who prioritize speed of execution over exact entry price.
    
*   Example: If you place a market buy for ETH/USDe, it fills instantly at the current best ask price.
    
*   Note: Market orders can experience slippage in low-liquidity conditions.
    

* * *

**2\. Limit Order**

A Limit Order allows you to set a specific price at which you want to buy or sell. The order only executes if the market reaches your chosen price.

*   Best for traders who want price precision and are willing to wait.
    
*   Example: You place a buy limit order for BTC/USDe at $60,000 — the order only fills once the price drops to that level.
    
*   This order type helps avoid slippage but might not execute if the market never reaches your price.
    

* * *

**3\. Stop Market Order**

A Stop Market Order triggers a market order once a specific stop price is hit.

*   Commonly used for stop-losses or breakout trades.
    
*   Example: You hold a long ETH position and set a stop market sell at $2,900 — if ETH falls to $2,900, your sell executes immediately at the best market price to prevent further loss.
    
*   Prioritizes execution certainty over price control.
    

* * *

**4\. Stop Limit Order**

A Stop Limit Order combines the logic of a stop order and a limit order. Once the stop price is reached, a limit order (not a market order) is placed.

*   Best for traders who want to control their exit price even after a trigger condition.
    
*   Example: You set a stop at $2,900 and a limit at $2,880. When the stop triggers, your sell limit order is placed at $2,880.
    
*   Offers more control but might not fill during fast-moving markets.
    

* * *

**5\. Scale Order**

A Scale Order lets you place multiple limit orders at predefined intervals (price ladder).

*   Useful for averaging into or out of positions over a range of prices.
    
*   Example: You want to buy ETH between $2,900 and $2,700 in increments of $50 — Hyena automatically places limit orders at each step.
    
*   Ideal for DCA strategies or liquidity provisioning.
    

* * *

**6\. TWAP Order (Time-Weighted Average Price)**

A TWAP Order breaks a large order into smaller chunks and executes them gradually over time to achieve an average entry or exit price.

*   Helps minimize market impact and slippage for large trades.
    
*   Example: You want to buy $100,000 worth of BTC over 2 hours — TWAP executes smaller orders periodically to blend into market volume.
    
*   Perfect for institutional-sized orders or strategic accumulation.
    

* * *

**7\. Scalp Order**

A Scalp Order is optimized for short-term, rapid trades that aim to capture small price movements.

*   Often used in high-frequency trading or volatile conditions.
    
*   Can be combined with tight stop-losses and take-profits for quick, automated execution.
    
*   Example: You buy BTC expecting a small move from $60,000 to $60,200, then immediately sell to lock in quick profits.
    
*   Designed for speed and efficiency, not long-term holds.
    

* * *

[PreviousPerpetual Assets](https://docs.hyena.trade/trading/perpetual-assets)
[NextFees](https://docs.hyena.trade/trading/fees)

Last updated 1 month ago

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# Liquidation | HyENA

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A liquidation occurs when a trader’s position moves against them enough that their account equity drops below the maintenance margin — which is set at half of the initial margin at maximum leverage (ranging from 1.25% at 40x to 16.7% at 3x, depending on the asset).

When this threshold is breached, the system attempts to close the entire position via market orders. If the liquidation succeeds (fully or partially) and the equity rises back above maintenance margin, any leftover collateral stays with the trader.

If equity continues falling to below two-thirds of the maintenance margin and liquidation through the order book fails, a backstop liquidation occurs through the Liquidator Vault.

*   For cross-margin positions, all positions and collateral are transferred to the vault, reducing account equity to zero.
    
*   For isolated positions, only that specific position and its margin are taken, leaving other funds untouched.
    

The maintenance margin isn’t returned in backstop events — it serves as a buffer ensuring that liquidations remain profitable for the vault. To avoid this, traders can set stop-loss orders or manually exit before hitting their liquidation price.

Liquidations are based on the mark price, a blend of CEX spot prices and HyENA's internal book data, which offers a fairer, more stable reference during volatility.

In the HyENA system, liquidations go directly to the order book — allowing open participation, avoiding clearance fees, and letting traders retain remaining margin. Large positions are partially liquidated (20%) first, with a 30-second cooldown before full liquidation attempts. HLPe will look to democratize backstop liquidations - its profits go to the community rather than centralized operators.

Liquidation prices are shown when a position is opened, though they may vary slightly with funding changes or PnL fluctuations.

The formula for calculating the liquidation price is:

> liq\_price = price − side × margin\_available / position\_size / (1 − l × side)

where

*   l = 1 / maintenance leverage
    
*   side = 1 for long, −1 for short
    
*   margin\_available depends on whether the position is cross or isolated.
    

In short, HyENA HIP-3 liquidation model leverages Hyperliquid's native liquidation engine, prioritizing transparency, fairness, and trader protection - allowing market-driven liquidations first, and community-driven backstops only as a last resort.

[PreviousMargin Management](https://docs.hyena.trade/trading/margin-management)
[NextFunding Rates](https://docs.hyena.trade/trading/funding-rates)

Last updated 1 month ago

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# Terms and Conditions | HyENA

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[PreviousAPI](https://docs.hyena.trade/trading/api)

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